The Asset Management Corporation of Nigeria (AMCON) on Monday said it has taken over two choice properties of a former minister, Ademola Seriki.
The debt recovery body said its was based on the order of the Federal High Court, Lagos.
Seriki is a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development.
The dispute between Seriki and AMCON had lingered for some time over debt valued at almost N1bn before the matter was brought to the court for settlement and Seriki’s non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye Banks.
Several attempts by the corporation to explore a peaceful resolution of the outstanding obligation were said to have failed.
“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,” AMCON said in a statement by its spokesperson, Jude Nwauzor.
“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain
After a review of the claims and counter-claims by the legal counsel representing all the parties, the court presided by Justice Chuka Austine Obiozor ordered AMCON to take over the two properties located in Lagos and Abuja.
Pursuant to the court order, the AMCON, through Oak Partners, who works for the corporation as one of its Asset Management Partners (AMPs) said on it took custody of the two properties.
AMCON said it also received protective orders from the court to take possession of the properties.
The corporation said the two properties include those located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.