N9.8bn debt: AMCON seizes Fagbems fuel station, other properties

28th June 2020

The Asset Management Corporation of Nigeria (AMCON) has moved against debtors owing the Federal Government a total of N9.8billion by seizing their properties on the Lagos-Ibadan Expressway, Isheri, Ogun State.

The properties included several buildings owned by them including a Fagbems Petrol Station sitting on 30 hectares of prime land near OPIC Estates.

The debtors, according to a suit marked: FHC/L/CS/537/2020, are Knight Rook Ltd (under AMCON Receivership), Fibigboye Estates Ltd, and Grant Properties Ltd.

AMCON’s representative, Adedeji Aniyikaye-Quadri Esq, said the move followed a June 18, 2020 ex parte order granted in the corporation’s favor by Justice Saliu Saidu. The order attached the respondents’ properties for the satisfaction of the N9,866,510,191.00 (billion) debt. The property is delineated on Survey Plan No. LC10320G of July 30, 2004.

Aniyikaye-Quadri said AMCON executed the judgment following the respondents’ failure to settle the debt after losing at the Court of Appeal. He added: “The land is about 30 hectares and we are executing the order now. The order is permanent and it includes everything fixed on the land – buildings, a filling station – everything fixed on the land.

“The judgment debtors appealed the Federal High Court judgment at the Court of Appeal, but the appeal was in AMCON’s favor and sequel to that judgment is why this order was needed, because the defendants, even after the Appeal Court verdict, refused to offset the debt. “There is no pending appeal at the Supreme Court.”