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AMCON seizes 72 luxury flats, shopping complex over N4.8bn debt

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The Asset Management Corporation of Nigeria (AMCON) has confiscated properties belonging to 12 debtors in Lagos over a debt of N8.4 billion

The body seized the properties in Lekki, Apapa, Ikeja, Somolu and Kosofe areas of the states.

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The affected properties are: Elegant Court on Mobil Road Lekki. It houses 12 three-storey blocks of 72 luxury apartments, a tennis court and other facilities on 1.802 hectares.

A three-storey shopping complex on Mobil Road, Lekki, was also sealed.

Its occupants, including three churches –Redeemed Christian Church of God (RCCG), Dominion City and Living Word Arena – were also affected.

AMCON is also mandated to recover land measuring 1668.740 square metres along Kirikiri Road, Olodi Apapa, land measuring 4939.122 square metres on 98 Kudirat Abiola Way, Oregun, lkeja and land at No. 21, Adaranijo Street, Bariga, Somolu.

Others are: a property at No. 1 Cortex Drive, off Kosofe Street, Ketu; a property at 2, Hilton Close, Off Allen Avenue, Ikeja and a property at 24, Medoyin Street, Kosofe,Ketu (Cortex House).

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AMCON enforcement units and sheriffs of the Federal High Court protected by policemen sealed up the properties in execution of an April 11, 2019 order of Justice Rilwan Aikawa.

Gbenga Dosunmu, AMCON receiver manager’s counsel, said the debtors had refused to liquidate their debts despite all efforts and consultations to get them to do so.

Dosunmu said in addition to the pending action, AMCON also appointed a Receiver/Manager, Mr Lanre Olaoluwa, to run Cortex Ltd’s operations.

“The order further attached the funds and other assets “of the debtor, its directors, shareholders and guarantors pending the determination of the Suit”, Dosunmu stated.

He explained that the properties were, “bank eligible assets of Cortex Nigeria Ltd” and the court order permitted AMCON to “move into the properties and recover the assets.”

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According to him, AMCON was moving in as a result of the fact that Cortex was indebted to one of the banks to the tune of about N8.4 billion, as the bank loan still stood unpaid.

He said the body naturally bought the loans and AMCON went to court and obtained court orders to move into some of the assets, to try to see how the facility could be liquidated.

Aside Cortex Ltd, the others named in the suit marked FHC/L/CS/521/19, are: a law firm, Succedant Solicitors, Evang. (Mrs) Adebimsola Olufunmilade Odunaiya, Mr Olufemi Kehinde Odunaiya, Dr (Mrs) Olushola, Taiwo Odunaiya Mrs Ololade Ososami, and Dr (Mrs) Tolulope Solola, Mr Akin Thomas, Mr Wole Odubanjo, ASCO Quarry Nigeria Ltd, Basorun Rotimi Obeisun, Chief (Mrs) Bosede Obeisun, Mr Oluwamayowa Ayokunle Obeisun, Murufudeen Olabode Abu, Kehinde Afeez Abu, Abdullahi Kamar, Juliet Kesiena David, Adeyemi Olufunmilade Adekoya, Olufunmilade Moses Adeyemi, Sani Fatima Dabai, and Michael Ayodele Ewuosho.

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