Former Minister of State for Defence, Demola Seriki.

The Asset Management Corporation of Nigeria AMCON has taken over two landed properties located in Lagos and Abuja belonging to Mr. Ademola Seriki, a chieftain of the ruling All Progressives Congress APC over an outstanding indebtedness of nearly N1billion in the books of the corporation.

Seriki,  a Lagos Island born Nigerian politician, was teacher, businessman, accountant and public administrator, having worked with the Lagos City Council, City Hall Lagos and International Bank for West Africa Ltd(IBWA)now defunct Afribank, among several others.

The affected landed property include that is located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

This follows an order of a Federal High Court sitting in Lagos, presided over by Hon. Justice Chuka Austine Obiozor.

The case between AMCON and Seriki, a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development had been lingering for a while now.

This is in line with AMCON’s policy and practice of not first resorting to the courts except when the obligor defies all overtures by the corporation for a peaceful resolution of any debt obligation.

It was however gathered that the case between AMCON and Ademola Seriki eventually ended up in court because all efforts made by the corporation to have the issue resolved peacefully did not yield the desired result.

According to the head, Corporate Communications of AMCON Jude Nwauzor, who confirmed the seizure of the assets, this development left the corporation with the only choice of approaching the court, which is also in compliance with the AMCON Act, which is the enabling law setting up the corporation.

AMCON had therefore Monday through Oak Partners, one of its Asset Management Partners AMPs, which has also received protective orders from the court, took possession of the said properties belonging to the former minister.

Investigations show that the Non-Performing Loans NPLs of the embattled former Minister was sold to AMCON by the defunct Oceanic Bank and Skye Bank.

“When all efforts to amicably resolve the loan were frustrated by the former minister and a prominent member of the ruling APC, the corporation was left with no other option than to refer the matter to the court. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain.

“AMCON therefore pursuant to its mandate earlier today Monday, November 18, 2019 carried out the order as directed by the Federal High Court, Lagos and presently has the assets under its hold”, Nwauzor also said.

Recall that the corporation had sworn that it would deploy all legal means to recover the over N5.4trillion debt still in its books before its sunset in 2022.