The Asset Management Corporation of Nigeria (AMCON) has said that the taking over of Victory Park Estate in Lekki area of Lagos State was done legally.
AMCON’s Receiver Manager, Lanre Olaoluwa, who disclosed this on Wednesday, said the asset recovery body took possession of the property through a lawful court order since 2017.
He said “we are currently working with the residents of the estate to ratify their titles”, adding the current legal case with one of them would soon be resolved.
On his part, one of the corporation’s lawyers, Mr. Jide Olasite, said AMCON took possession of the estate to recover N12.9 billion debt which arose from the acquisition and development of the property by the former owner.
Olasite said AMCON acquired the debt owed by Knight Rook Limited known as Victory Park Estate. “As an eligible bank asset consortium made up of Sterling Bank, Skye Bank, Wema Bank and Unity Bank, we came in to recover the money borrowed from the banks by the estate owner when he couldn’t repay the money.
“As a collateral for the debt, the banks transferred to AMCON 100 per cent of shares of Knight Rook Limited and designated 14 hectares of land within the estate to us.
“It is important to note that AMCON is also a victim of fraudulent activities, which gave rise to the issues and we stand to lose over N12.9 billion which is judgement debt which belongs to all Nigerians.
“We can for the understanding and support of all even as we, AMCON, continue to engage with all relevant stakeholders in resolving the issues”.
