Former Governor Reacts, Explains His Side of the Story as AMCON Seizes Properties Worth Billions of Naira

Former Governor Reacts, Explains His Side of the Story as AMCON Seizes Properties Worth Billions of Naira

  • Former Kwara governor, Abdulfatah Ahmed, has reacted to the seizure of some of his properties by AMCON
  • The asset management company had taken over some of Ahmed's properties over his failure to repay N5 billion debt
  • The former governor, however, said the reported seizure of his properties was unnecessary, explaining that he was already in talks with AMCON

Ilorin, Kwara state - Abdulfatah Ahmed, a former governor of Kwara state, says the takeover of his mansion in Ilorin and other properties by the Asset Management Corporation of Nigeria (AMCON) was unnecessary.

Legit.ng reports that the Federal High Court in Lagos on Wednesday, September 22, empowered AMCON to seize the former governor’s properties over a N5 billion debt.

Former Kwara Governor Abdulfatah Ahmed Reacts as AMCON Seizes His Properties Worth Billions of Naira
Abdulfatah Ahmed, a former governor of Kwara state, says the takeover of his house by the Asset Management Corporation of Nigeria (AMCON) was unnecessary. Photo credit: Afolabi Gambari
Source: Facebook

AMCON had said all efforts to recover the debt from the former governor proved abortive making the corporation go to court.

Read also

BREAKING: AMCON takes over prominent former governor's properties over N5bn debt

Takeover unnecessary, overzealous

However, reacting through Wahab Oba, his media aide, the former governor said the take over of his properties was unnecessary, The Cable reported.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

He also described the move as overzealous, noting that there were ongoing talks to resolve the issues.

Ahmed said the dispute was based on a loan he secured from two defunct banks in 2009 for the purchase of shares which was then lumped with other unrelated loans allegedly obtained by "others”.

He explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.

According to him, the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.

Ahmed said he was already in talks with AMCON, adding that he had agreed to meet any outstanding obligations once the loans are disaggregated, Leadership also reported.

Read also

Woeful predictions released as Gani Adams sends message to Buhari's govt

AMCON seizes Senator Buhari’s properties

In a similar development, AMCON recently took over assets belonging to Senator Abdulfatai Buhari over an alleged N600m debt taken by his company, Abadat Ventures Limited.

The corporation said Senator Buhari who is representing Oyo North senatorial district in the National Assembly took the loan from a first-generation bank and refused to offset it despite repeated reminders.

It explained that the decision to seize Senator Buhari’s assets was sequel to the order of Justice I. E Ekwo of the Federal High Court in Abuja.

AMCON accused of demolishing property worth over N400m

In other related news, the founder of the United Network of Youth for Peace and Diplomacy, Mojisola Ogundiran, has alleged that AMCON seized her family's property business by deceiving the court.

Ogundiran said the property, situated in Durban, Wuse 2, Abuja, was seized following a debt issue involving her late father and a first-generation bank. She stated her dad obtained a loan of N40 million from the lender, out of which he later paid N5 million.

The debt was later bought over by AMCON at N20 million. The debt issue has been on before her father passed away in 2015. Ogundiran stated she filed a lawsuit against the government agency to stop it from forcefully taking over their property which has become a source of livelihood for her.

Source: Legit

Online view pixel