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AMCON seizes properties of former Kwara governor over refusal to pay N5bn debt



1min read

SEVERAL properties belonging to former Kwara State Governor Abdulfatah Ahmed have been taken over by the Asset Management Corporation of Nigeria (AMCON) over indebtedness of nearly N5 billion.

AMCON Spokesperson Jude Nwazor, who revealed this in a statement on Wednesday, said the debt was personal.

He stated that the seizure was consequent upon an order by Justice A.M Liman of the Federal High Court, Lagos.

He also noted the judge had ordered the freezing of the bank accounts of the former governor and his two companies, including Trans Properties and Investment Limited and Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021.

Before going to court, AMCON said that all previous efforts to resolve the loan peacefully had been frustrated by the former governor, who remained recalcitrant.

According to the statement, the former governor’s house located at No. 9A Abdulrazaq Street, GRA, Ilorin, had been seized.

Other properties belonging to Ahmed in Kwara, Lagos and Abuja, seized by AMCON included: “houses at 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, 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; and Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja.”

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AMCON has also taken 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.

The development comes barely 24 hours after Ahmed, alongside a former Chairman of the Independent National Electoral Commission Attahiru Jega and foremost Nigerian Professor of Political Economy Pat Utomi unveiled the Rescue Nigeria Project ahead of the 2023 elections.


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