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Firm’s MD laments AMCON takeover


Edward Akinlade

The Group Managing Director Of Suru Worldwide Ventures Nigeria, Edward Akinlade has cried out over the illegal takeover attempt of one of his properties by officials of the Asset Management Corporation of Nigeria (AMCON).

Akinlade explained that AMCON attempted confiscating Best Western Plus Hotel, located at 12, Allen Avenue, Ikeja Lagos State, in the early hours of Wednesday, August 30, 2017 for allegedly owing Oceanic Bank (now Ecobank) the sum of N13.4 Billion.

According to him, the company secured a five-year revolving facility loan of N12.5 billion from Ecobank, which they used as payment for land acquisition in GRA and to build two hotels in Ikeja.


Akinlade narrated that AMCON unlawfully took over the company’s performing loan in Oceanic Bank and they sued them (Oceanic Bank) for selling a performing loan.

He added that AMCON attempt to take-over is illegal, because the case was adjourned to October 3rd, 2017 after the last sitting a month ago, but due to the recent development with AMCON, the company’s management has been resisting all attempts by AMCON to take over the Hotel since last Wednesday.

Speaking, Barrister Oladele Ojogbede one of the lawyers representing the company, told newsmen that they have been challenging Oceanic Bank in court since 2011 for mismanagement of the account and selling a performing account.All efforts to speak with AMCON have been abortive as their spoke person said, “We don’t have anything to say regarding the issue”.

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