AMCON takes over guest house tied in multi-billion naira debt

Asset Management Corporation of Nigeria (AMCON) has secured a federal high court injunction to take take over Mustasons Guest House, Ajose Adeogun Street, Victoria Island, Lagos

Babs Kuewumi, justice of the federal high court Lagos division, via the court order, also restrained Mustapha Wushishi, the promoter of Mustasons Guest House Limited from the assets and properties of the guest house and another property situated at Plot 1111B, Amichi Close, Victoria Island, Lagos.

Wushishi and Mustasons Guest House Limited have been in court with AMCON over huge indebtedness of nearly half a billion naira.

Kuewumi, the presiding judge while granting the order on the application of Idowu Ibrahim, counsel to AMCON, “restrained Mustasons Guest House Limited and Wushishi, their directors, staff, management, employers, agents, officers, privies or any other person or group of persons whatsoever under the respondents’ authority or any other authority (however derived or sourced) from tampering with, selling, leasing, removing from the jurisdiction of the court or dealing in whatsoever manner with the respondents’ assets/properties situate at Mustasons Guest House Plot 91, Ajose Adeogun Street, Victoria Island Lagos and Plot 1111B, Amichi Close, Victoria Island respectively owned by the respondents”.

“The court therefore granted AMCON (claimant/applicant) the powers to take possession of the assets/properties of Mustasons Guest House Limited and Wushishi as listed in the order paper,” a statement by AMCON reads.

“Justice Kuewumi also ordered the freezing of all the identifiable and/or traceable accounts of the respondents either current, savings, fixed deposit, domiciliary, howsoever tagged with various banks and financial institutions both in Nigeria and abroad and a consequential order, mandating all the banks and financial institutions to furnish AMCON (through its solicitors) details of the respondent’s accounts domiciled with them within seven days of the service of the court order,” the statement added.

Jude Nwauzor, head of corporate communications at AMCON, confirmed that the bad-debt bank has taken over the Guest House.

He said having exhausted all avenues of peaceful resolution, there was no other option available to us than to commence enforcement action against Mustasons Guest House Limited and its promoter as provided under Section 49-52 of the AMCON Act.