- As Court Orders AMCON To Seize Property
A Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to seize a property of former Cross River State governor, Donald Duke over an alleged outstanding debt of N537,334,360.77.
In the interim, the vacation judge, Justice Chuka Obiozor also authorised AMCON and UBA to take possession of funds in the accounts of Duke and others in any bank.
The judge made the order pursuant to AMCON and UBA’s August 8, 2019 ex parte application, marked FHC/L/CS/1373/2019.
The applicants listed Stonehedge Investment Ltd, Duke and his wife, Owanari Bob-Manuel Duke, as first to third defendants in the suit.
The applicants had prayed the court for “an order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”
According to them, the property was mortgaged by Duke “as collateral in securing the first (1st) respondent’s indebtedness to the applicants.”
They therefore urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the AMCON Act 2010 (as amended).”
They also prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”
Aside granting the prayers, Justice Obiozor also issued an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.
Similarly, he ordered AMCON and UBA to ensure service of substantive originating processes on the respondents within 20 days of the making of the order.
The proceedings were thereafter adjourned to Monday, September 2, 2019 for further hearing.
