AMCON Vows to Recover N12.97bn Debt

As litigations brew over the ownership of Victory Park Estate, Lekki, Asset Management Corporation of Nigeria (AMCON) has vowed to recover N12.97 billion debt in line with court judgment and foreclosure of property rights in favour of the agency.

This is coming as an occupier of the estate, Mr. Muminu Shittu, has approached the Lagos High Court to obtain a letter of injunction against AMCON.

Speaking with journalists yesterday, the solicitor on behalf of AMCON, Mr. jide Olatise, said that AMCON in accordance with a judgment by the Federal High Court on June 25, 2019 owned 100 per cent share of the property of the parent company of Victory Park Estate, Knight Rook Limited. This, he said, gave AMCON possession to the property.

“The court made an order forfeiting all the rights of those debtors to AMCON. And as being procedure, the Receiver Manager, which was already holding the assets of the debtor, was served with the judgment of the court.

“In compliance, he handed over all the assets of Knight Rook Limited, including Victory Park Estate to AMCON. AMCON has a judgment, which has been confirmed for the sum of N12.97 billion in debt owe by Knight Rook Limited, which must be recovered.”

Olatise also noted that the sum is the result of a debt which was acquired from the acquisition and development of land owned by Knight Rook Limited and known as Victory Park Estate from a consortium of banks made up of Sterling Bank, Skye Bank, Wema Bank, and Unity Bank, pursuant to the Asset Management Corporation of Nigeria Act, 2010.

While adding that upon court ruling of June 25, 2019, AMCON enforcement department had initiated possession, he said that occupants had duly signed the inventory showing that execution of the court judgment had taken place.