How AMCON bought our N26m loan for N8.3bn, Lagos businessman shouts

  • Lagos businessman, Edward Akinlade accuses Asset Management Corporation of Nigeria (AMCON) of breaching court order
  • The businessman said the agency flouted several court injunctions against him and proceeded to repossess his property.
  • He said their N26 million performing loan was sold to AMCON by a bank for N8.3 billion and they won all cases against the agency.

A Lagos property developer and Chairman of the Suru Group of Companies, Edward Akinlade, has sent a Save our Souls (SoS) to the Federal and Lagos State Governments to intervene in a dispute between his company and the management company of assets of Nigeria, AMCON .

The duo have for several years locked horns on the property of the Best Western Hotel, located on Allen Avenue, Ikeja, Lagos.

The man cries over the seizure of assets by AMCON Credit: Edward Akinlade
Source: UGC

The beginning of a long legal battle

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Addressing a press conference in Lagos, Akinlade challenged AMCON for alleged impunity and warping of the structure of the hotel, which he forcibly seized and is still in his possession, against the law.

Akinlade traced the protracted crisis back to 2010, when his company did business with Ecobank.

He said:

“Our N13 billion fund was canceled after we drew N10 billion. At that time, we had already purchased our properties from GRA, Opebi and Best Western Hotel.

“We were servicing our loan until our performing loan was sold to AMCON. AMCON was not supposed to buy management loans.

“So we sued Ecobank for selling our loan, and that case is still in the Federal High Court.

We have had no cases with AMCON

Akinlade says AMCON filed a counterclaim and said it owed N26 million. It was later discovered that Ecobank had sold the loan to AMCON for N8.3 billion without informing them.

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He said:

“We want it on record that we never took AMCON to court. This is because we believe we have nothing to do with AMCON but with the bank that sold our active loan to the agency. .

“As we speak, all of the cases we have had and won have been filed by AMCON and the three different lawsuits have all been won by Suru Group.”

Not above the law

According to the businessman, they are particularly upset with the blatant disregard for the rule of law displayed by a much revered government agency like AMCON, and Ahmed Kuru being a mechanism in the temple of justice who should respect and uphold the principles of law. rather than disrespecting the court.

He said his company had won all the lawsuits brought against it by AMCON, which also appealed its loss to the Court of Appeals at the Supreme Court, but questioned why it was in a rush and not waiting. let the Supreme Court rule on the matter. brought before her.

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He further stated

“While the case is in the Supreme Court, you can see what they are doing; illegality upon illegality. They cannot sell the property; they can’t renovate it because it’s against the law.

Akinlade, who is not averse to a peaceful resolution of the case, lamented that in addition to flouting court rulings, the government agency has also ignored interventions, even from the country’s attorney general and the House. representatives, and went ahead to rebuild the hotel building.

Akinlade said

“Over the past year, the Attorney General has been involved, the House of Representatives Public Hearing has been involved, AMCON has ignored them all. They didn’t come. And when a resolution was reached by the attorney general’s office, AMCON said no,” Akinlade said.

“This hotel is supposed to be sealed. No work should take place here, but AMCON is in its possession. So I came here to state our position. Our position is very clear. AMCON said we owed them money and we claimed we owed them nothing.

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“They sued us in the Federal High Court before Judge Hassan. We won the case. They appealed to the Court of Appeal; we also won in the Court of Appeal. They then appealed to the Supreme Court. The case arrives in September.

“No construction is planned here. But AMCON seems to have demolished a large part of the hotel, windows, floors and all. Also, Lagos State has said the building is at risk of collapse.

Akinlade accused AMCON of killing businesses and impoverishing people.

He said the agency misrepresented his hotel which was worth more than 6 billion naira and reduced the value to 500 million naira, saying that more than 500 people worked in this hotel until December 2017, when AMCON l invaded with firearms without a court order.

Akinlade said he was confused as to what was going on at the hotel and pleaded for intervention by the Federal and Lagos State governments and lamented how AMCON turned out to be above of the law and continued to act with impunity.

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He said:

“Are they the ones who work at the hotel?” The question now is who owns the hotel? Did they sell the hotel? Who works there? What purpose? If we got the Court of Appeal’s judgment in our favour, why are they here? AMCON must provide answers to all these questions.

“I appeal again to the Attorney General of Nigeria, I appeal to President Muhammadu Buhari to call Ahmed Kuru to order because if this hotel falls and people die, I will not be held responsible. “

AMCON set to dishonor 7,912 Nigerians who are notorious Bank debtors, posing as wealthy men and women

Remind that Legit.ng reported that the Asset Management Corporation of Nigeria is set to release the names of 7,912 chronic debtors who have defaulted on loans taken from banks for over N4.4 trillion.

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This decision follows the expiry of the 30-day ultimatum given by the National Assembly to debtors to regularize their debt situation with the bad debt manager.

The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani, had told AMCON in December 2020 that after a month the names of all debtors including senior Nigerians should be published.

Source: Legit.ng

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