N1bn debt: AMCON takes over ex-minister’s Abuja property

The Asset Management Corporation of Nigeria says it has taken over Sigma Apartments owned by Sigma Engineering & Construction Limited being promoted by a former Minister of Sports and Social Development, Samaila Sambawa. The takeover followed an order by Justice B.F.M. Nyako of the Federal High Court, Abuja Division, according to a statement by the corporation on Friday, which came upon the application of AMCON after it claimed that it had exhausted all avenues of peaceful resolution with the obligor regarding the N1bn debt. Information on the website of Sigma Apartments described the estate as an epitome of refined living featuring 48 fully furnished serviced luxury apartments designed for those accustomed to the finer things in life. The estate is located in the heart of Abuja metropolis midway between the northern and southern retail hub and downtown of Wuse ll. The website describes it as a hospitality brand that provides extended stay accommodation for sojourners in Abuja. The directors of Sigma Apartments have had running battles with AMCON over their inability to settle the N1bn debt. The corporation said in the statement, “But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters have remained recalcitrant, thus pushing AMCON to seek legal solution to the issue. Accordingly, the corporation appointed Mr Babatunde Alabi as the Receiver Manager to take immediate possession of the expansive property situated at Plot No. 1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory, Abuja. “In compliance with the court order, and with the support of the Inspector General of Police and his deputies as well as the court bailiffs, AMCON, through its receiver, Mr Babatunde Alabi, took possession of the assets of Sigma Apartments, its right and in compliance with lawful authority.” The Managing Director/Chief Executive Officer, AMCON, Ahmed Kuru, maintained that there would be no sacred cows in its bid to recover the N4.8tn in the hands of a few Nigerians]]>