N12.9bn debt: AMCON clears air on Victory Park Estate

The Assets Management Corporation of Nigeria (AMCOM) has said that it did not flout any law in taking over several multi-billion properties in Victory Park Estate in Lekki, Lagos, following a N12.9 billion judgment debt it won at the Court of Appeal. The corporation also said it was applying human face in the implementation of […]

The Assets Management Corporation of Nigeria (AMCOM) has said that it did not flout any law in taking over several multi-billion properties in Victory Park Estate in Lekki, Lagos, following a N12.9 billion judgment debt it won at the Court of Appeal.

The corporation also said it was applying human face in the implementation of the judgement by trying to reach amicable resolution with property owners affected by the judgement.

Daily Trust reports that AMCON had on June, 2019, taken over the properties which included assets of Knight Rook Limited situated within Victory Park Estate.

AMCON’s move followed the dismissal of an appeal filed against an October 3, 2017 judgement of a Federal High Court in a suit marked FHC/L/CS/744/17 – Asset Management Corporation of Nigeria V. Knight Rook Limited & Ors.

Addressing a press conference at the weekend, Partner, Matrix-Solicitors LLP, Mr. Jide Olasite, counsel to AMCON, said the takeover of the properties in the estate was in line with the order of the Court of Appeal which awarded it a N12.9bn judgement.

Mr. Olasite stressed that going by the N12.9bn judgement it obtained from the Federal High Court in October, 2017, as affirmed by the Court of Appeal on June 3, 2019, AMCON owned the properties in Victory Park Estate 100 per cent.

He said, “As of today that property belongs to the Federal Government of Nigeria because the court has said so. Those facts are never going to change.  What can change it is the people engaging with AMCON to resolve the issue.”