The Asset Management Corporation of Nigeria has taken over two properties belonging to former Minister of State for Defence, Ademola Seriki, in Lagos and Abuja, over an outstanding indebtedness of nearly N1bn.
The affected properties are those located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a highbrow area of Wuse 2, Abuja.
AMCON said in a statement that it did not in the first instance resort to the court except when the obligor defiled all overtures from the corporation for a peaceful resolution of an obligation.
It added that the non-performing loans of Ademola Seriki were sold to AMCON by the defunct Oceanic Bank and Skye Bank.
The corporation stressed that when all efforts to amicably resolve the loans were frustrated by the former minister, prominent member of the ruling All Progressive Congress, it was left with no other choice than to refer the matter to the court.