Debt Recovery: AMCON Takes Over Victory Park Estate, Lekki

Pursuant to its mandate of recovering bad debt for the federal government of Nigeria, the Asset Management Corporation of Nigeria (AMCON) on Tuesday sealed Victory Park Estate at Lekki, Lagos, in the enforcement of a court judgment issued by a Federal High Court in Ikoyi. AMCON is taking possession of the luxurious estate having been used as collateral in multiple banks by its owners.

AMCON had earlier notified residents of the estate of the court judgment and its plan to take possession. The statement sent to the residents, which our reporter sighted read: “AMCON hereby notifies all occupiers, residents and all persons laying claim to any portion of land comprised within the Victory Park Estate, Lekki, Lagos that on 3rd June 2019, the Court of Appeal (Lagos Division) in the Appeal No: CA/L/146/18 dismissed the appeal filed by Rev Olajide Awosedo against the Judgment of the Federal High Court delivered on 3rd October 2017 in the Suit No: FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Limited & Ors, by which a judgment sum of c. N12,966,510,191.00 (Twelve Billion, Nine Hundred and Sixty-Six Million, Five Hundred and Ten Thousand, One Hundred and Ninety-One Naira) was cumulatively awarded in favour of AMCON against Knight Rook Limited, Grant Properties Limited, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Limited, which Judgment also specifically foreclosed the Defendants’ right to the assets of Knight Rook Limited comprised within Victory Park Estate, Lekki, Lagos, among other assets, in satisfaction of the Judgment, which Judgment has been executed by AMCON.”

The Statement further directed all persons affected by the Judgment and enforcement to contact AMCON through its Solicitors or its Receiver/Manager.

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