AMCON Seizes N8.4bn Properties In Lagos


The Asset Management Corporation of Nigeria (AMCON) has seized several multi-billion Naira properties across Lagos.

AMCON enforcement units and sheriffs of the Federal High Court protected by policemen sealed up the properties in the execution of a 2019 order of Justice Rilwan Aikawa of the Federal High Court, Lagos.

According to AMCON’s receiver manager’s counsel, Gbenga Dosunmu, the debtors had refused to liquidate their debts despite all efforts and consultations to get them to do so.

As to the fate of tenants of the properties and others who may have bought from the debtors, the lawyer said “it is unfortunate, but the law must take its course,” advising them to approach AMCON and seek to ratify their title.

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The properties belong to about 12 debtors who are said to owe the Federal Government N8.4billion.

The seizure lasted hours and took place simultaneously in Lekki, Apapa, Ikeja, Somolu and Kosofe areas of Lagos.

The affected properties include Elegant Court on Mobil Road Lekki. It houses 12 three-storey blocks of 72 luxury apartments, a tennis court and other facilities situated on 1.802 hectares of land.

A three-storey shopping complex on Mobil Road, Lekki, housing three different churches were also sealed.

By the court’s judgment, AMCON is also mandated to recover land measuring 1668.740 square metres along Kirikiri Road, Olodi Apapa, land measuring 4939.122 square metres on 98 Kudirat Abiola Way, Oregun, Ikeja, and land at No. 21, Adaranijo Street, Bariga, Somolu.

Others are a property at No. 1 Cortex Drive, off Kosofe Street, Ketu; a property at 2, Hilton Close, Off Allen Avenue, Ikeja and another at 24, Medoyin Street, Kosofe, Ketu (Cortex House).

Last August, the Federal Government inaugurated an inter-agency committee to recover the N5 trillion debts owed AMCON.

See photos of the exercise below: