Economy

Seriki, Nigeria’s Ambassador-Designate, Settles N1.0bn AMCON Debt Ahead Of Senate Clearance

In an apparent bid to ensure seamless screening by the Nigerian Senate, the Asset Management Corporation of Nigeria (AMCON), on Tuesday said Ademola Seriki, former Minister of State for Defence and former Supervising Minister for Mines and Steel Development, has fully settled his obligation (READ MORE).

The AMCON (Amendment No. 2) Act, 2019 forbids those on the corporation’s list of debtors from holding public office

This followed series of negotiations, eventual restructuring, and final settlement of the N1.0bn debt sold to AMCON by the defunct Oceanic Bank and Skye Bank., ahead of his appearance before the Senate for confirmation of his nomination as Ambassador-designate to Spain, having collected his letter of non-indebtedness.

Confirming the development, the Head Corporate Communications, AMCON, Jude Nwauzor said the former minister negotiated with the corporation and both parties eventually reached a settlement term, which has also been fulfilled.

“So, having met all conditions as agreed in the terms of settlement he (Seriki) is no longer indebted to AMCON,” Nwauzor stressed.

He said the gesture is a demonstration that although AMCON may be in court with a good number of its obligors, it is ever ready to listen to the voice of reason especially for responsible debtors who genuinely wants to settle their debt amicably without going through a lengthy and unnecessary judicial process.

Recall that AMCON had in November 2019 moved against Seriki, a chieftain of the ruling All Progressives Congress (APC), and Lagos socialite, resulting in the seizure of his properties identified as No. 1a & 1b, Jalupon Close, Surulere, Lagos, and No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

This followed an order by Justice Chuka Austine Obiozor of the Federal High Court, Lagos.

The case with Seriki, AMCON had explained, “eventually ended up in court because all efforts made… to have the issue resolved peacefully did not yield the desired result.

“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.”

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