Seizure Of Nwankwo Kanu’s Hotel Followed Due Process, AMCON Finally Respond

Subsequent to the  insinuations that he is being victimized, the Asset Management Company of Nigeria (AMCON), on Wednesday said its takeover of Ha...

Subsequent to the insinuations that he is being victimized, the Asset Management Company of Nigeria (AMCON), on Wednesday said its takeover of Hardley Apartments, promoted by ex-international footballer, Kanu Nwankwo, was based on order of the Federal High Court.
A statement by Jude Nwuzor, spokesman of the corporation said the property located at No. 46 Waziri Ibrahim Crescent, Off Elsie Femi – Pearse Crescent, Off Adeola Odeku Street, Victoria Island in Lagos State, was pledged as collateral for a loan acquired by the corporation during the Nigerian banking crisis.
AMCON was set up by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, to acquire toxic bank loans running into trillions of Naira and in exchange, the banks which were then able to carry on their normal business were given Federal Government guaranteed bond notes.
Nwuzor said the action became inevitable after the corporation had “exhausted all avenues of peaceful resolution as a result of the huge debt.”
These, he continued, included extending so many invitations for discussion to the obligor, “which were turned down,” following which “AMCON in 2015 obtained an order from the Federal High Court, which granted the Corporation possession of The Hardley Apartments.”
The corporation lamented the resort to whipping up media sentiments by the former Super Eagles player, recalling “that similar clarification was made by the Corporation in 2017, when the debtor claimed that AMCON had illegally taken over his hotel.”
As a law abiding recovery agency of the Federal Government, he said AMCON “would continue to act accordingly irrespective of obligor’s social, political or economic status.” He stressed that the action was carried out “with the Court bailiff and inventory of property was taken, which did not include any medals as claimed. This order still subsists, pending the determination of the substantive matter. The public should therefore please disregard these misrepresentations as we await the pronouncement of the court on the matter.”