The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over several multi-billion naira property in Victory Park Estate, Lekki, Lagos, following a N12,966,510,191 judgement debt it won at the Court of Appeal, Lagos Division.

The property included assets of Knight Rook Ltd., situated within Victory Park Estate, among other assets.

The appellate court also awarded a cumulative sum of N12,966,510,191 in favour of AMCON against Knight Rook Ltd., Grant Properties Ltd., Rev. Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.

AMCON’s move followed the dismissal of an appeal filed by Rev. Awosedo against an October 3, 2017 judgement of the Federal High Court in Lagos in a suit marked FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Limited & Ors.
AMCON officials and Sheriffs of the Federal High Court in Lagos, were protected by a detachment of Police officers as they enforced the 3rd June, 2019 judgement.

The Sheriffs told residents of the estate that they were on lawful duty to execute the Federal High Court judgement against the assets of certain individuals who were allegedly indebted to a consortium of banks, but which debt was taken over by AMCON.
Some residents, who spoke on condition of anonymity, confirmed the development.
They noted that they were aware of a series of court actions regarding the alleged debt, the land used as collateral as well as the judgement, adding that many of them who had earlier acquired titles from the alleged debtors were affected by the judgement.
Others stated that they were in receipt of an official statement by AMCON to residents, notifying them of the appellate court’s judgement, upholding the lower court’s judgement.
The statement seen, 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 judgement 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 Ltd. & Ors, by which a judgement sum of N12,966,510,191 was cumulatively awarded in favour of AMCON against Knight Rook Ltd., Grant Properties Limited, Rev. Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.”

The statement further directed all persons affected by the judgement and enforcement to contact AMCON through its solicitors or its Receiver/Manager.
It was gathered that some of the affected residents have since resolved with AMCON by ratification, while others were about taking steps to do same.
The residents have also engaged the services of a Senior Advocate of Nigeria (SAN) and gave him their mandate to approach AMCON for negotiation in a bid to secure their interests and find an amicable solution.