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Kwara ex-governor faults AMCON action on property seizure

By News Desk

The immediate past Governor of Kwara State, Abdulfatah Ahmed, has faulted the reported take over of his Ilorin property by the Asset Management Corporation of Nigeria (AMCON), saying the purported action was against the agreement between the parties involved.

the former governor noted that the action carried out by a lawyer purporting to represent AMCON was unnecessary and overzealous due to ongoing talks to resolve previous transactions with two defunct banks.

Ahmed, through a statement by his media aide, Wahab Oba, clarified that the dispute was based on a margin loan he secured from Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with unrelated loans obtained by others.

Reacting to a viral video depicting the takeover of his residence by an individual who claimed to represent the company, Ahmed explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.

Instead, he said, the banks passed the loans to AMCON rather than selling the shares to recover the loan amount.

The former governor said that he was in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despite knowing the loan amount was in dispute and that reconciliation talks were ongoing.

The former governor gave a firm commitment to meet any outstanding obligations once the loans were disaggregated.

The Guild had earlier reported that AMCON disclosed that it took tookover a mansion belonging to the immediate past Governor of Kwara State, Abdulfatah Ahmed, over his alleged five billion naira debt.

The asset management body explained that the seizure of the property located at Abdulfatah Street, GRA, Ilorin, the Kwara state capital, was sequel to an order by Justice A.M Liman of the Federal High Court, Lagos State.

The AMCON Head, Corporate Communications Department, Jude Nwauzor, said that aside the property currently in its possession, the agency has also traced nine other properties belonging to the ex-governor in Kwara, Lagos and Abuja

According to hi, the properties include houses at 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; and Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja.

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