Abdulfatah Ahmed
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Few days after announcing new political movement, ex-Kwara Governor’s property sealed by AMCON over N5bn debt

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“Other assets of the former Governor, which the Honourable Court granted AMCON possession over include: No 13, Alhaji Masha Road, Surulere; No. 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”

Barely a week after former Kwara Governor Abdulfatah Ahmed announced the formation of a new political movement as an alternative to PDF and APC, the Asset Management Corporation of Nigeria (AMCON) has gone after him, taking over his house in Ilorin and other property across the country over N5 billion indebtedness.

The takeover followed an order of Justice A.M. Liman of a Federal High Court, Lagos.

It also ordered the freezing of the bank accounts of the former governor and his two companies including Trans Properties and Investment Ltd and Trans It Consulting Ltd.

Persecondnews had reported that Abdulfatah, who is one of the founders of the newly established “third force” known as the Rescue Nigeria Project (RNP).

According to AMCON, the former governor is one of its high-profile obligors.

Commenting on the seizure of ex-governor’s property, the Head, Corporate Communications of AMCON, Mr Jude Nwauzor, said:“Early today 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 mansion belonging to the former Governor situate at Abdulfatah Street, GRA, Ilorin, Kwara State.

“AMCON had taken over the Non-Performing Loans of the former governor and his companies, Trans Properties and Investment Limited and Trans IT Consulting Limited, 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. All efforts to peacefully resolve the loan had been frustrated by the former governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

“AMCON had to commence asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise, which further revealed nine (9) properties of the obligor situate in Kwara, Lagos State and the Federal Capital territory (FCT), Abuja, which the Corporation has plans to enforce upon.

“This action is in line with Section 49 (1) of the AMCON Act 2019 (As Amended), which states that: 49 (1)Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bona fide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of action for debt recovery or other like action or at any time after the filing of action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.

“Other assets of the former Governor, which the Honourable Court granted AMCON possession over include: No 13, Alhaji Masha Road, Surulere; No. 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.”

Meanwhile, the former governor has described the take over through a lawyer purporting to represent AMCON as unnecessary and overzealous.

He said there was ongoing talks to resolve previous transactions with two defunct banks.

He explained 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.

The former governor claimed that the banks held the shares as collateral to sell and recover the loans in the event of a default.

“The banks passed the loans to AMCON instead of selling the shares to recover the loan amount.

“I was 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,” he said, promising to meet any outstanding obligations once the loans were dis-aggregated.

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