The Asset Management Company of Nigeria (AMCON) has taken over 30 hectares of land located along the Lagos/Ibadan Expressway.

The multi-billion naira property includes Fagbems Petrol Station, which is situated on one of the lands, in the OPIC-Isheri area of Ogun State.

A team of AMCON officials, some of its lawyers, and the court bailiff accompanied by police officers carried out the enforcement order which saw AMCON moving against debtors owing the Federal Government the sum of N9.8 billion.

The debtors, according to the court suit, are Knight Rook Ltd (under AMCON Receivership), Fibigboye Estates Ltd, and Grant Properties Ltd.

AMCON’s move followed an ex-parte order granted in the agency’s favour by Justice Saliu Saidu of the Federal High Court on June 18, 2020.

The order attached the respondents’ properties for the satisfaction of the N9,866,510,191.00 debt.

The property is delineated on Survey Plan No. LC10320G of July 30, 2004.

AMCON’s representative, Adedeji Aniyikaye-Quadri told Channels Television that the agency executed the judgment following the respondents’ failure to settle the debt after losing at the Court of Appeal.

“The land is about 30 hectares and we are executing the order now. The order is permanent, and it includes everything fixed on the land – buildings, a filling station – everything fixed on the land,” he said.

Aniyikaye-Quadri added, “The judgment debtors appealed the Federal High Court judgment at the Court of Appeal, but the appeal was in AMCON’s favour and sequel to that judgment is why this order was needed, because the defendants, even after the Appeal Court verdict, refused to offset the debt.

“There is no pending appeal at the Supreme Court.”