Ex-Minister Loses Properties Over N1bn Debt Owed Defunct Oceanic, Skye Banks

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has taken over two properties belonging to Mr Ademola Seriki in Lagos and Abuja over outstanding debts of about N1 billion.

This followed the order by Justice Chuka Austine Obiozor of the Federal High Court sitting in Lagos.

According to a statement signed by the Head of Corporate Communications, AMCON, Mr Jude Nwauzor, “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.”

The statement further noted that the corporation pursued justice in court and in compliance with the order of the court of competent jurisdiction, it had to take over the properties of Mr Seriki, a one-time Minister of State for Defense.

It was gathered that the takeover was done by Oak Partners, one of the corporation’s Asset Management Partners (AMPs) having also received protective orders from the court.

“The affected properties include the 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.

“The Non-Performing Loans (NPLs) of Ademola 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), 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,” the statement read.

AMCON was created in 2009 to do everything within its powers to tackle Nigeria’s high Non-Performing Loans which include recovering the N5 trillion debt incurred by some Nigerians and organisations.