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

The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON)
The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON)

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

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

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

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

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

He recalled 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.

According to him, as collateral for the debt, the banks transferred to AMCON, 100 per cent of the shares of the Knight Rook Ltd and designated 14 hectares of land within the Estate.

He 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 3rd June 2019, AMCON owned the properties in Victory Park Estate 100 per cent.

 

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