Bad Debt: AMCON Seizes Former Governor’s Mansion

The Asset Management Corporation of Nigeria, AMCON, has said that it has seized a mansion in Ilorin belonging to the immediate past Governor of Kwara State, Abdulfatah Ahmed, over his alleged indebtedness to the tune of N5bn.

AMCON added that it had traced nine other properties belonging to the ex-governor in Kwara, Lagos and Abuja some of which include: houses at 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; and Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja.

The development comes barely 24 hours after Ahmed, alongside a former Chairman of the Independent National Electoral Commission, Prof. Attahiru Jega; and foremost Nigerian Professor of Political Economy, Pat Utomi, unveiled the Rescue Nigeria Project ahead of the 2023 elections.

AMCON said this in a statement on Wednesday titled, ‘N5bn Debt: AMCON Takes over Mansion of Governor, Abdulfatah Ahmed’ which was signed by its Head, Corporate Communications Department, Jude Nwauzor.

The agency said the seizure was sequel to an order by Justice A.M Liman of the Federal High Court, Lagos.

The statement read in part, “AMCON on Wednesday, September 22, 2021, in Ilorin, the Kwara State, capital took over the palatial mansion of Alhaji Abdulfatah Ahmed, the former two-time governor of Kwara State over a staggering indebtedness of nearly N5bn.

“Justice Liman also ordered the freezing of the bank accounts of the former governor and his two companies including Trans Properties and Investment Limited and Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021.

The former governor who is one of the founders of the newly established third force in Nigerian politics known as the Rescue Nigeria Project is one of the high-profile obligors of AMCON.

“Despite holding one of the highly exalted political offices in the land, he remained recalcitrant over the repayment of his obligation,” AMCON mused on Wednesday.

The agency stated that it took possession of the mansion belonging to the former governor located at Abdulfatah Street, GRA, Ilorin, Kwara State.

AMCON said it had taken over the non-performing loans of the former governor and his companies, Trans Properties and Investment Limited and Trans IT Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act.

AMCON said, “All efforts to peacefully resolve the loan had been frustrated by the former governor who remained recalcitrant, which left AMCON no other choice but to seek justice in court.” 

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