N1 billion Debt: AMCON takes over former Minister's assets
Nigeria, Nov. 18 -- The Asset Management Corporation of Nigeria (AMCON) on Monday said it carried out the order of the Federal High Court, Lagos, to take over two choice properties belonging to Ademola Seriki.
Mr Seriki is a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development.
The dispute between Mr Seriki and AMCON had lingered for some time over debt valued at almost N1 billion before the matter was brought the court for settlement.
Mr Seriki's non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye Banks.
Several attempts by the corporation to explore a peaceful resolution of the outstanding obligation failed.
But the case was eventually brough...
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