Modupe Gbadeyanka
By Modupe Gbadeyanka
The Assets Management Corporation of Nigerian (AMCON) has taken over Best Western Hotel in Lagos believed to be owned by Senator Buruji Kashamu.
Officials of AMCON, accompanied by some police officers and officials of the Federal High Court in Lagos storm premises of the hospitality centre to take over its management.
It was gathered that the move was made because it allegedly owes Oceanic Bank (now Ecobank) the sum of N13.4 billion.
Best Western Hotel is said to be operated by Suru Worldwide Ventures Nigeria Limited and the Group Managing Director of the parent firm, Mr Edward Akinlade, confirmed that this was not the first time officials of AMCON were storming the hotel.
According to the Head of Communication at AMCON, Mr Jude Nwaisor, Best Western Hotel owed Oceanic Bank N27 billion and only paid just N1.7 billion.
AMCON said it was working according to a court order, dated August 4, 2017 granted by Justice M.B Idris, which confirmed that the corporation had sued the Inspector General of Police, Commandant General of the Nigeria Security and civil defence corps and the Lagos State Commandant of the Corps as defendants and AMCON which gave it as a government agency, the mandate to take over possession of a non performing loan.
The judgment stated that due to the default of the debtor to liquidate its indebtedness to the plaintiff (AMCON) the powers and rights of the plaintiff as a secured creditor under the three Deeds of Legal Mortgage registered as 32/32/2033, 88/88/2032 and 89/89/2028 in respect of the properties earlier listed have arisen and therefore become exercisable.
But Mr Akinlade explained that in 2011, AMCON took over the company’s performing loan in Oceanic Bank and the lender was sued for selling the loan, saying in accordance with the Law, AMCON can only takes over a non performing loan.
“We sued Oceanic Bank for N39 billion for mismanaging our account, AMCON now took us to court before Justice Idris who dismissed the case on the basis that it was a performing loan, AMCON now needs to go on appeal but it did not, instead joined the case with Oceanic Bank, and the case has been going on for six years we have sued Oceanic Bank since 2011, so we are still on the matter.
“AMCON decided to join the case as co-defendants, the last time that case came up in court was about a month ago.
“They have been sitting on this Judgment since last Wednesday and we were not invited as defendants.
“This AMCON take-over is illegal, we were still waiting to go back to court on October 3, 2017 for a case we filed against AMCON at the Federal High Court.”
