Former Governor of Kwara State, Abdulfatah Ahmed

Federal Government’s public debt recovery agency; the Asset Management Corporation of Nigeria AMCON has given more insights why it decided to seize mansion and several other landed property belonging to former Governor of Kwara State, Alhaji Abdulfatah Ahmed, saying he remained recalcitrant over the repayment of his obligation.

The former governor, who is one of the founders of the newly established political party, Rescue Nigeria Project RNP and nicknamed the Third Force, has remained one of the highest obligors of AMCON, and refused either to discuss with corporation or settle his indebtedness, despite holding one of the highly exalted political offices in the land.

According to the Head, Corporate Communications of the corporation, Jude Nwauzor, the former governor resisted all entreaties to him for an amicable resolution of the staggering N5billion debt burden without involving the courts, an indication that he was reluctant to pay back the loans.       

The seizure of the mansions and other landed assets followed an order of a Federal High Court, Lagos Division, presided over by Hon. Justice A.M. Liman. AMCON, sequel to this order on Wednesday September 22, 2021, in Ilorin, the Kwara State capital, took over the palatial mansion of the embattled former governor.

The presiding Justice had while delivering order in a suit no: FHC/L/AMC/01/2021, also ordered the freezing of the bank accounts of the former governor and seizure of his two companies including Trans Properties and Investment Limited and Trans IT Consulting Limited.

Consequent upon the court order, AMCON through the law firm of Chief Robert Ohuoba of Robert Ohuoba & Co, one of the leading Asset Management Partners AMPs of AMCON who also received protective orders from the court, took possession of the mansion belonging to the former governor situated at Abdulfatah Street, GRA, Ilorin, Kwara State.

While describing the enforcement as successful, Nwauzor confirmed that AMCON took over the Non-Performing Loans of the former governor and his companies, Trans Properties and Investment Limited and Trans IT Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act.

“All efforts to peacefully resolve the loan had been frustrated by the former governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

“AMCON had to commence asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise, which further revealed nine property belonging to the obligor situated in Kwara, Lagos State and the Federal Capital Territory FCT, Abuja, which the corporation is also planning to enforce upon.

“This action is in line with section 49 (1) of the AMCON Act 2019 (as amended), which states that: 49 (1)where the corporation has reasonable cause to believe that a debtor or debtor company is the bona fide owner of any movable or immovable property, it may apply to the court, before or at the time of filing of action for debt recovery or other like action or at any time after the filing of action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action”, Nwauzor also said..

Records provided by the corporation also indicate that other choice assets of the former governor, which the court granted it possession over include: one located at no 13, Alhaji Masha Road, Surulere; no. 9 Wharf, Apapa, both in Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 719, Cadastral Zone E23 of Kyami, Abuja; and any other landed property in any place that may be found within the country.