The Asset Management Corporation of Nigeria (AMCON) has taken possession of the residence of a former Kwara State Governor, Abdulfatah Ahmed.
A federal high court in Lagos had on Wednesday ordered AMCON to seize the former’s governor’s properties over a N5billion debt.
Jude Nwauzor, AMCON’s spokesperson, said the former governor, who is one of the founders of the Rescue Nigeria Project (RNP), is a high-profile obligor of AMCON.
Nwauzor said despite holding “one of the highly exalted political offices” in the country, Abdulfatah remained recalcitrant over the repayment of his obligation.
Asides from the residence, the order also granted AMCON the possession of all movable and immovable assets of the defendants in nine locations in Abuja, Lagos, and Ilorin.
Reacting to the development, the former governor explained that the take over of his Ilorin property was unnecessary due to ongoing talks to resolve previous transactions with two defunct banks.
He stated that his issue with AMCON 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.”
The former governor explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.