The Asset Management Corporation of Nigeria (AMCON) has taken over two properties owned by Ademola Seriki in Lagos and Abuja after the order of Hon. Justice Chuka Austine Obiozor of the Federal High Court, Lagos over an outstanding staggering debt of about N1 billion.

The Non-Performing Loans (NPLs) of Seriki was sold to AMCON by the defunct Oceanic Bank and Skye Bank when all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC).

Head, Corporate Communications, AMCON, Jude Nwauzor, explained that 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.

He said, “The case between AMCON and the former Minister of State for Defence have been lingering for a while now. 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 work for the corporation as one of the Asset Management Partners (AMPs) having also received protective orders from the court, took possession of the said properties belonging to the former minister. The affected properties include the one 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.”

Nwauzor added that the agency pursuant to its mandate carried out the order as directed by the Federal High Court and presently have the assets under its hold.