A former Governor of Kwara State, Abdulfatah Ahmed, has berated the Asset Management Corporation of Nigeria (AMCON) over the takeover of his Ilorin property.
Naija News reported that the federal agency took over the mansion located at Abdulrazaq road, GRA, Ilorin, over an N5 billion debt.
According to the AMNCON spokesman, Jude Nwazor, Justice A.M. Liman of the Federal High Court, Lagos Division, gave the agency the order on Wednesday.
He added that the court also ruled that AMCON should take possession of any other landed property owned by Abdulfatah within Nigeria.
But in a statement on Wednesday by his media aide, Wahab Oba, the former governor described the takeover of his property as unnecessary and overzealous.
Ahmed explained that AMCON’s action was needless because there are “ongoing talks to resolve previous transactions with two defunct banks.”
He 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 shares which was then lumped with unrelated loans obtained by others.”
The former governor explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.
Instead, Ahmed explained that the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.
“Alhaji Ahmed said he was in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despite knowing the loan amount was in dispute and that reconciliation talks were ongoing.
“The former governor gave a firm commitment to meet any outstanding obligations once the loans were disaggregated,” the statement said.