The Federal High Court in Lagos has ordered the takeover an Ikoyi, Lagos property owned by former Governor of Cross River State, Donald Duke, over an alleged debt of N537,334,360.77.



The court made the takeover order in an August 8, 2019 ruling by Justice Chuka Obiozor, ordering the Asset Management Corporation of Nigeria, AMCON and the United Bank for Africa, UBA to take possession.

The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA.

Listed as first to third defendants were Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.

The applicants had prayed the court for “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”



According to them, the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”

The applicants also urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the Asset Management Corporation of Nigeria Act 2010 (as amended).”

They prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.

The judge ordered AMCON and UBA to ensure service of substantive originating processes on the respondents within 20 days of the making of the order.



He adjourned the case until September 2, 2019, PUNCH reports.

https://www.pmnewsnigeria.com/2019/08/21/n537-3m-debt-court-orders-takeover-of-donald-dukes-ikoyi-property/amp/

This people just wan finish us for this country....

Just milking the country anyhow via every opening..

Mouth oo!
Ears oo!
Nostrils o!
Butt hole oo!
Vjay hole oo!
Sweat pore holes o!

ND I see no mercy in sight!!....lots of vultures ND hyenas everywhere..!

N537.3m debt??

The rich keep getting rich while the poor gets poorer...

Nigeria jagajaga2

Ewo! Hope he can sort it out...

I wonder though, does cross river not pay him ex-governor retirement benefits? He should have set up a payment plan and avoided judicial escalation/embarrassment.

Imagine the level at which this nation is being milk dried by our politicians

kk

See the person who want to become Nigeria's President. He will just use debt to kill us finish

Them don collect Ben Bruce #11bn?

Thieves everywhere

Good way forward.............

As e don get issue with federal government ......

Is OK like that. All those people living large on public funds should watch their back.

Handsome thief.

Hope the property is worth the money.

The Federal High Court in Lagos has ordered the takeover an Ikoyi, Lagos property owned by former Governor of Cross River State, Donald Duke, over an alleged debt of N537,334,360.77.

Even Donald Duke, handsome bobo?!

This is well over half a billion naira.
It is most of these so called 'rich men' that are drawing our nation forward.

Good one from the court.
Donald pay your debt NOW!

That property is massive.

I guess these politicians depend solely on politics for their existence.

[s]

KanuSE:
Handsome thief.

[/s]

These are people who wants to be the President and Governors of States in this country. The likes of Ifeanyi Uba (Capital Oil dem) Bankrupt broke ass niggas na dem go enter seminars dey dish out bunkum in the name of motivational nonsense. Indeed Nigeria is hopeless.

What did he do with the money

See gbese, although he has the money.

What happened to him

Nigeria is an unfortunate country to be

Majority of billionaires in Nigeria are ordinary millionaires if they pay their banks debt and AMCON debts

Mikreal4:
What happened to him

Him owe gbese!

This is the simplest way to become a billionaire here
First make some few billions anyhow

Have some friends in the banks

Float some stupid company

Use the company as collateral and take more billions 5 times the company value ...find ur friend like 20%

Leave the dead company for amcon float new ones and do the same thing

Uncle jumor ibrahim and ifeanyi uba (this one no dey find the friend anything )are experts here

.

What collateral do these guys use?

Good God launch me into the realm of millions.

ok