Former Kwara State governor loses properties to AMCON over N5bn debt


The Asset Management Corporation of Nigeria (AMCON) has taken over a mansion and other properties belonging to Abdulfatah Ahmed, former governor of Kwara state, over a N5 billion debt.

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

According to Jude Nwauzor, AMCON’s spokesperson, “Early today and in compliance with the court order, AMCON through the Law firm of Chief Robert Ohuoba of Robert Ohuoba & Co, one of the leading Asset Management Partners (AMPs) of AMCON who also received protective orders from the court, took possession of the mansion belonging to the former Governor situate at Abdulfatah Street, GRA, Ilorin, Kwara State”.

AMCON also noted that it had 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.

Read also: Five takeaways from Nigeria’s biggest banks’ half-year results

“All efforts to peacefully resolve the loan had been frustrated by the former Governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court,” a statement from AMCON said.

AMCON said announced the commencement of asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise, which further revealed nine properties of the obligor situate in Kwara, Lagos State and the Federal Capital Territory (FCT), Abuja, which the Corporation has plans to enforce upon.

Other assets of the former governor which the court granted AMCON possession over include properties on: No 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; Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 719, Cadastral Zone E23 of Kyami, Abuja.

The court also ruled that AMCON should take possession of any other landed property owned by Abdulfatah within Nigeria.

Get real time updates directly on you device, subscribe now.