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AMCON Takes Over Properties In Lagos, Ogun Over N4.68bn Debt

The Asset Management Corporation of Nigeria today took possession of some multi-billion naira properties in Lagos and Ogun states from three property firms and eight others due to an alleged N4.68bn bank debt.

The assets including land, houses, cars and generators were seized in execution of a Federal High Court order authorising the receiver/manager, Lanre Olaoluwa, to take possession pending the determination of the suit.

AMCON obtained the court orders against 11 respondents, including Havilah Villas Limited, Grant Properties Limited, and one Rev. Olajide Awosedo.

The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, and Goshen Beach Estate, both in Lekki.

They also included land at River View Estate, Isheri, Ogun State and a residential estate at Okun Owa in Odogbolu Local Government Area also in Ogun State.

According to AMCON, it acquired the N4.68bn non-performing loan that Havilah Villas Limited secured in 2006 from the defunct Intercontinental Bank Plc (now Access Bank), by a Loan Purchase and Limited Servicing Agreement.

AMCON said it also advanced a further loan of N300 million to Havilah Villas Limited. Both loans have so far not been settled by the debtors.

Considering the effect of the huge indebtedness on the economy, AMCON wants the public and all financial institutions to refrain from any prejudicial dealings in respect of the properties and other assets of the respondent as any breach may constitute contempt of Court and be punishable as such.

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