N1b Debt: AMCON Takes Over Houses Of Former Minister, Demola Seriki

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N1b Debt: AMCON Takes Over Houses Of Former Minister, Demola Seriki


The Asset Management Company of Nigeria on Monday secured Court orders to take over priced properties of former Minister, Demola Seriki over a N1bn debt gone bad.

BlackBox Nigeria reliably gathered that the court action was as a result of unserviced loans by the prominent Lagos politician. It was learnt that efforts by AMCON to resolve the non-performing loans which were given by defunct Oceanic Bank and Skye Bank before it was later sold to AMCON were futile before being taken to the court.

In his judgement, Justice Chuka Obiozor of Federal High Court, Lagos empowered the Corporation to seize the properties located in Lagos and Abuja. The houses are located in Jalupon close, Surulere, Lagos and Djibouti crescent, Wuse 2, Abuja.

AMCON’s Head of Corporate Communication, Jude Nwauzor disclosed that the case with the former Minister of State for Defense has lingered for a while before the Court gave verdict on Monday.

He said, “Ideally, AMCON doesn’t in the first instance resort to the Courts except when the obligate defiles all overtures from the Corporation for a peaceful resolution of an obligation. But the case between AMCON Vs Demola Seriki eventually ended up in Court because a efforts made by the Corporation to have the issue resolved peacefully didn’t yield the desired result.”

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