N1bn Debt: AMCON Impounds Lagos, Abuja Properties Of Seriki, Former Minister

In line with a firm resolve to recover the outstanding N5.4tr debt before its sunset, the Asset Management Corporation of Nigeria (AMCON), on Monday moved against Ademola Seriki, a chieftain of the ruling All Progressives Congress (APC), and Lagos socialite, following his nearly N1.0bn lingering debt.
AMCON said seizure of the properties identified as No. 1a & 1b, Jalupon Close, Surulere, Lagos and No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja, belonging to Seriki, former Minister of State for Defence, as well as a former Supervising Minister for Mines and Steel Development, followed an order by Justice Chuka Austine Obiozor of the Federal High Court, Lagos.
The takeover of the properties is coming as a birthday gift to Seriki, who is 59 on November 30.
A statement by the corporation said in compliance to the order of the court of competent jurisdiction, AMCON on Monday through Oak Partners… one of its Asset Management Partners (AMPs), having also received protective orders from the court, took possession of the said properties belonging to the former minister.”
The debt in question, the corporation stressed, had been lingering for a while, noting that it does not resort to the courts as first move, except when the obligor defies all overtures for a peaceful resolution of an obligation.
The case with Seriki, AMCON explained further, “eventually ended up in court because all efforts made… to have the issue resolved peacefully did not yield the desired result.”
The Non-Performing Loans (NPLs) of Ademola Seriki, the corporation, in the statement by Jude Nwauzor, Head, Corporate Communications, AMCON, 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), the corporation was left with no other choice than to defer the matter to court.”
Nwauzor confirmed that the corporation presently has the assets under its hold, in line with the court order.