Court orders AMCON to seize Donald Duke’s property
Business & Economy section is provided to you by Jiji.ng — #1 Nigerian online marketplace
Visit website

Court orders AMCON to seize Donald Duke’s property

- A property of former Cross River state governor Donald Duke has been marked for seizure

- The former governor is said to be owing a debt of over N500million

- A federal high court in Lagos ordered AMCON and UBA to seize the property

A federal high court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to seize a property of former Cross River state governor Donald Duke over an alleged N537,334,360.77 debt.

The Nation reports that Justice Chuka Obiozor also authorised AMCON and UBA to, in the interim, take possession of funds in the accounts of Duke and others in any bank.

According to the report, the judge made the order pursuant to AMCON and UBA’s Thursday, August 8 ex parte application.

The applicants listed Stonehedge Investment Limited, Duke and his wife, Owanari Bob-Manuel Duke, as first to third defendants in the suit.

Afe Babalola makes stunning revelation, says DSS not empowered by law to arrest

The applicants had prayed the court for “an order of interim attachment, possession and custody of the property being Number 3, Temple Road, Ikoyi, Lagos.”

They averred that the property was mortgaged by Duke “as collateral in securing the first respondent’s indebtedness to the applicants.”

The applicants 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 AMCON Act 2010 (as amended).”

They also prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and 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.

Revealed: Army Captain who ordered police killings had 191 phone chats with wanted kidnapper

He then adjourned further proceedings till Monday, September 2.

Six months ago, the federal government announced that since the commencement of AMCON operations in 2010, it has recovered about N1trillion from debtors of banks whose loans were taken over by the corporation.

AMCON is an agency set up by the federal government through the Central Bank of Nigeria to bail out banks through the purchase of non-performing loans and to recover loans from debtors.

Stay with Legit and keep track of the latest news in Nigeria!

Minister of industry says economy is improving; Nigerians disagree | Legit TV

Source: Legit.ng

Mailfire view pixel