The former governor of Kwara State, Abdulfatah Ahmed has reacted to the Asset Management Corporation of Nigeria (AMCON)’s takeover of his estate in Ilorin.
The agency, during the week took over the large property wiorth over N5 billion, located at Abdulrazaq Road GRA, Ilorin.
AMCON spokesperson, Jude Nwazor revealed that Justice A M Liman of the Federal High Court, Lagos Division gave the agency the order on Wednesday.
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He added that the court also ruled that AMCON should take possession of any other landed property owned by the former governor anywhere in Nigeria.
Speaking on behalf of Former Governor Ahmed, his media aide, Wahab Oba described the takeover of his principal’s property as unnecessary and overzealous.
He explained that AMCON’s action was needless because there are, “Ongoing talks to resolve previous transactions with 2 defunct banks.
Ahmed also 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 the shares which was then lumped with unrelated loans obtained by others.”
He explained that the banks held the shares as collateral to sell and recover the loans in case of a default.
Governor Ahmed added that the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.
According to the media aide, “Alhaji Ahmed said he was in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despited knowing the loan amount was in dispute.
Oba added that “The former governor gave a firm gave a firm commitment to meet outstanding obligations once the loans were disaggregated.”
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