N12.9bn Debt Judgement: No Law Was Flouted-AMCON

Temitope Adebayo

The Assets Management Corporation of Nigeria (AMCON) has said no law was flouted in taking over several multi-billion properties in Victory Park Estate in Lekki, Lagos following N12.9billion judgment debt it won at the Court of Appeal.

The Corporation added that efforts are being made through the application of human face in the implementation of the judgement by trying to reach an amicable resolution with property owners affected by the consequence of the judgement.

It would be recalled that AMCON had in 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.

While addressing the press on Thursday in Lagos, counsel to AMCON, Partner, Matrix-Solicitors LLP, Mr. Jide Olasite said the asset takeover was in consonance with the order of the Appeal Court which awarded it a N12.9billion 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.

Olasite said that 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 collateral for the debt.

He noted 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.