Court Orders Takeover of Donald Duke’s Property over N539.3m Debt

N537.3mn Debt: Court Orders AMCON to take over Donald Duke’s Ikoyi home
A Federal High Court in Lagos ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa to immediately take over the Ikoyi property of a former Governor of Cross River State, Donald Duke, over an alleged debt of N537,334,360.77.

Justice Chuka Obiozor, tmade the order following an ex-parte application, marked FHC/L/CS/1373/2019, and brought before the court by AMCON and UBA.

Listed as respondents in the suit were Stonehedge Investment Limited, Donald Duke and Owanari Bob-Manuel Duke.

The applicants had prayed the court for “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s (Stonehedge Investment Limited) indebtedness to the applicants.”

They urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the Asset Management Corporation of Nigeria Act 2010 (as amended).”

They also prayed the court for an interim injunction to take possession of funds in the accounts of Mr Duke and the others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.

The judge ordered AMCON and UBA to ensure service of substantive originating processes on the respondents within 20 days of the making of the order.

He adjourned the case till September 2, 2019.

Author: News Editor

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