* The action is unnecessary as talks are ongoing, argues Ahmed
The Asset Management Corporation of Nigeria (AMCON), on Wednesday, took over the mansion of former governor of Kwara State, Abdulfatah Ahmed, in Ilorin, over N5billion debt.
This followed an order of Justice A. M. Liman of the Federal High Court in Lagos.
The judge also ordered the freezing of the bank accounts of the former governor and his two companies, Trans Properties and Investment Limited and Trans It Consulting Limited.
Other assets of the former governor, which the court allowed AMCON to take over include: 13, Alhaji Masha Road, Surulere; 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; Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 719, Cadastral Zone E23 of Kyami, Abuja; and any other landed property in any place that may be found within the Federal Republic of Nigeria.
Ahmed is one of the high-profile obligors of AMCON.
Despite holding one of the highly exalted political offices in the land, the ex-governor allegedly remained recalcitrant over the repayment of his obligation.
Early yesterday and in compliance with the court order, AMCON, through the law firm of Chief Robert Ohuoba of Robert Ohuoba & Co., one of the leading Asset Management Partners (AMPs) of AMCON, who also received protective orders from the court, took possession of the former governor’s mansion at Abdulfatah Street, GRA, Ilorin.
Head of Corporate Communications Department of the government’s debt recovery agency, Jude Nwauzor, confirmed the story in a statement.
He described the enforcement as successful.
AMCON had taken over the Non-Performing Loans of the former governor and his companies 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.
Efforts to peacefully resolve the loan had allegedly been frustrated by the former governor, prompting AMCON to seek justice through the court.
Meanwhile, the embattled former governor said the reported takeover of his Ilorin property by a lawyer purporting to represent AMCON is unnecessary and overzealous, considering the ongoing talks to resolve previous transactions with two defunct banks.
Ahmed, through his media aide, Wahab Oba, clarified that the dispute was based on a margin loan he secured from Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with unrelated loans obtained by others.
Ahmed further explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.
Instead, he said, the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.
Alhaji Ahmed said he is in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despite knowing the loan amount was in dispute and that reconciliation talks were ongoing.
The former governor gave a firm commitment to meet any outstanding obligations once the loans are disaggregated.