General

AMCON: Why we took over Victory Park Estate in Lagos

November 21, 2019 12:57 am

The Asset Management Corporation of Nigeria (AMCON) says it is a victim of fraudulent activities, vowing to recover the N12.9billion debt on Victory Park Estate, Lagos.

Speaking at a press conference in Lagos, Jide Olasite, solicitors to AMCON, said the takeover of the properties in the estate was in line with the order of the appeal court which awarded a N12.9 billion judgement.

Olasite said AMCON needed to set the record straight as a result of “incessant falsehood, fabrications, and half-truths being bandied about”.

He added that AMCON acquired a debt which arose from the acquisition and development of land owned by Knight Rook Limited and known as Victory Park Estate, as an eligible bank asset from a consortium of banks.

As collateral for the debt, the banks transferred to AMCON, 100 percent of the shares of the Knight Rook Ltd and designated 14 hectares of land within the estate.

He added that following the N12.9 billion judgement it obtained from the court in October 2017, affirmed by the court of appeal on June 3, 2019, AMCON took over the properties in Victory Park Estate 100 percent.

“For the avoidance of doubt, please note that from the time the receiver/manager initially took possession of Victory Park Estate on 16th June 2017 pursuant to an interim order of the federal high court, AMCON magnanimously offered to ratify the invalid titles of purported assignees in the estate. However, some of the purported assignees who felt aggrieved even by the gesture decided to take out proceedings in court against AMCON and its receiver/manager and have continued to engage in various malign publications against AMCON’s receiver/manager, his associates and AMCON itself based on false and distorted facts and allegations,” he said.

“We stand to lose over N12.9billion which belongs to all Nigerians as we are currently a victim of fraudulent activities which gave rise to the issue at hand, we will continue to engage with necessary stakeholders in resolving the issues and realising the debts.”