APC chieftain loses 2 properties to AMCON over N1bn debt
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APC chieftain loses 2 properties to AMCON over N1bn debt

- The Asset Management Corporation of Nigeria said it has seized two properties belonging to an ex-minister, Ademola Seriki,

- The asset management agency said it took over the properties over Seriki’s failure to settle an outstanding debt of about N1 billion

- The two properties are located in Lagos and Abuja

The Asset Management Corporation of Nigeria (AMCON) has taken possession of two properties belonging to a former supervising minister for mines and steel development, Ademola Seriki, in Lagos and Abuja.

The asset management agency said it took over the properties over Seriki’s failure to settle an outstanding debt of about N1 billion.

The government agency, according to a report filed by ThisDay, seized the properties following an order by the Federal High Court in Lagos.

The seized properties belonging to Seriki who was also a former minister are located at:

1. No. 1a & 1b, Jalupon Close, Surulere, Lagos

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2. No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja

AMCON explained that it resolved to go to court after all efforts to amicably resolve the issue with the former minister failed.

AMCON was established in 2010 by a National Assembly act, tagged the AMCON Act. It was created to stabilise and revitalize Nigeria’s financial system by resolving the non-performing loan assets of the country’s banks.

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Meanwhile, Legit.ng previously reported that the federal government took a bold step in its bid to recover over N5trillion outstanding debts owed to AMCON.

To underscore its seriousness, the government has inaugurated an inter-agency committee to speedily resolve the challenges in recovering the debts.

Prominent Nigerian politicians and businessmen are on the AMCON debt list as published by the corporation a few months ago.

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