AMCON Seals Lekki Victory Park In Lagos Over Unpaid Loans

Lagos was woken up today to rumours of enforcement of a Court Judgment at Victory Park Estate, Lekki, Lagos and our newsmen quickly mobilized to the location to confirm the story. However, our findings disclosed that the execution was a lawful exercise in pursuance of realisation of valid judgments of Courts of competent jurisdiction.

When we visited the Estate, we saw the Sheriffs of the Federal High Court and a detachment of Police officers who were on ground to provide security for the Court officials and prevent a breakdown of law and order. The Sheriffs confirmed that they were on lawful duty to execute the Judgment of the Federal High Court against the assets of certain entities who were indebted to a consortium of banks which debt was since taken over by the Asset Management Corporation of Nigeria (AMCON).

Some of the residents who spoke to our men on the condition of anonymity confirmed the development, particularly, that they are aware of series of court actions taken regarding the debt and the collateral land as well as the Judgment; and that many of the residents who had earlier acquired titles from the debtors are affected by the judgment.

Other residents also informed us that they were in receipt of an Official Statement by AMCON to the Residents of Estate notifying them of the recent separate Judgments of the Court of Appeal Lagos which upheld the Judgment of the Federal High Court. Our source was able to obtain a copy of the said Statement issued by AMCON on 25th June 2019. The Statement reads in part “AMCON hereby notifies all Occupiers, Residents and all persons laying claim to any portion of land comprised within the Victory Park Estate, Lekki, Lagos that on 3rd June 2019, the Court of Appeal (Lagos Division) in the Appeal No: CA/L/146/18 dismissed the Appeal filed by Rev Olajide Awosedo against the Judgment of the Federal High Court delivered on 3rd October 2017 in the Suit No: FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Limited & Ors, by which a Judgment sum of c. N12,966,510,191.00 (Twelve Billion, Nine Hundred and Sixty-Six Million, Five Hundred and Ten Thousand, One Hundred and Ninety-One Naira) was cumulatively awarded in favour of AMCON against Knight Rook Limited, Grant Properties Limited, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Limited, which Judgment also specifically foreclosed the Defendants’ right to the assets of Knight Rook Limited comprised within Victory Park Estate, Lekki, Lagos, among other assets, in satisfaction of the Judgment, which Judgment has been executed by AMCON.” The Statement further directed all persons affected by the Judgment and enforcement to contact AMCON through its Solicitors or its Receiver/Manager.

Some other residents who volunteered anonymous information to our source confirmed that they are aware of these Judgments and that while some of the affected residents have since resolved with AMCON by ratification, others were only about taking steps to do same in furtherance of which they have only last week, engaged a Senior Advocate of Nigeria who has their mandate to approach AMCON for negotiation in a bid to secure their interests and find an amicable solution to the legal snarl affecting their titles.