AMCON: Why We Took Over Ex-Minister’s Property Despite Intervention By Prominent APC Chieftain

The Asset Management Corporation of Nigeria (AMCON) Monday evening explained why it took over the property of a former minister of state for defence, Ademola Seriki despite the intervention of a prominent chieftain of the All Progressives Congress, APC.

AMCON said Seriki despite the mediation of the prominent APC chieftain failed to address his indebtedness to AMCON amounting to nearly N1 billion.

The debt allegedly owed to AMCON were purchased from two banks that were originally owed by Seriki.

Explaining the circumstances that led to the takeover of the former minister’s property in Lagos and Abuja, AMCON in a statement issued by Jude Nwauzor, Head, Corporate Communications, AMCON, said:

“Ideally, AMCON does not in the first instance resort to the courts except when the obligor defiles all overtures from the corporation for a peaceful resolution of an obligation. But the case between AMCON vs Ademola Seriki eventually ended up in court because all efforts made by AMCON to have the issue resolved peacefully did not yield the desired result.

“Therefore, the corporation pursued justice in court and in compliance to the order of the court of competent jurisdiction, AMCON on Monday through Oak Partners, who works for the corporation as one of the Asset Management Partners (AMPs) has also received protective orders from the court, took possession of the said properties belonging to the former minister.

“The affected properties include the that is located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

“The Non-Performing Loans (NPLs) of Ademola Seriki was sold to AMCON by the defunct Oceanic Bank and Skye Bank. When all efforts to amicably resolve the loan were frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC), the corporation was left with no other choice than to defer the matter to court. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain.”

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