N12.9bn debt: AMCON takes over Victory Park Estate, Lekki luxury homes

The Asset Management Corporation of Nigeria (AMCON) Tuesday took over several multi-billion naira properties in Victory Park Estate, Lekki, Lagos, following a N12, 966,510,191 judgment debt it won at the Court of Appeal in Lagos.

The properties included assets of Knight Rook Ltd situated within Victory Park Estate, among other assets.

AMCON’s move followed the dismissal of an appeal filed by Rev Olajide Awosedo against an October 3, 2017 judgment of the Federal High Court in a suit marked FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Limited & Ors.

The appellate court also awarded a cumulative sum of N12, 966,510,191 in favour of AMCON against Knight Rook Ltd, Grant Properties Ltd, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.

AMCON officials and Sheriffs of the Federal High Court, Lagos, were protected by a detachment of Police officers as they enforced the June 3, 2019 judgment.

The Sheriffs told residents of the estate that they were on lawful duty to execute the Federal High Court judgment against the assets of certain entities, who were allegedly indebted to a consortium of banks, but which debt was taken over by AMCON.

Some residents, who spoke to The Nation on the condition of anonymity, confirmed the development.

They noted that they were aware of a series of court actions regarding the alleged debt and the collateral land, as well as the judgment, adding that many of the residents who had earlier acquired titles from the alleged debtors were affected by the judgment.

Others stated that they were in receipt of an official statement by AMCON to residents, notifying them of the appellate court judgments, upholding the lower court judgment.

The statement, seen by The Nation, reads in part: “AMCON hereby notifies all Occupiers, Residents and all persons laying claim to any portion of land comprised within the Victory Park Estate, Lekki, Lagos that on 3rd June 2019, the Court of Appeal (Lagos Division) in the Appeal No: CA/L/146/18 dismissed the Appeal filed by Rev Olajide Awosedo against the Judgment of the Federal High Court delivered on 3rd October 2017 in the Suit No: FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Ltd & Ors, by which a Judgment sum of N12,966,510,191 was cumulatively awarded in favour of AMCON against Knight Rook Ltd, Grant Properties Limited, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd .

“Which judgment also specifically foreclosed the Defendants’ right to the assets of Knight Rook Limited comprised within Victory Park Estate, Lekki, Lagos, among other assets, in satisfaction of the Judgment, which Judgment has been executed by AMCON.”

The statement further directed all persons affected by the judgment and enforcement to contact AMCON through its Solicitors or its Receiver/Manager.

It was gathered that Sosome of the affected residents had since resolved with AMCON by ratification, while others were about taking steps to do same.

In furtherance of that, they last week, engaged a Senior Advocate of Nigeria (SAN) and gave him their mandate to approach AMCON for negotiation in a bid to secure their interests and find an amicable solution.