Featured Finance

AMCON accused of flouting order

The Asset Management Company of Nigeria (AMCON) has been accused of flouting a court order by allegedly selling a private property, Best Western Hotel, Ikeja, Allen Avenue belonging to the management of Suru Group.

It comes four years after an alleged invasion of the property AMCON’s security officers despite court orders to “stay the continuing and or further execution of the said judgment”.

It was learnt that there is an ongoing renovation on the property, but Group Managing Director of Suru Group, Dr. Edward Akinlade, said he was not aware of the development.

He said Suru Group got a notice stating that the Ikeja property hadbeen sealed.

“I was called by the Lagos state government asking why I removed the seal placed on the property against the order of the state, and I told them I was not aware. The Sanwo Olu-led government went ahead to re-seal the property, but yet, AMCON moved to remove the seal again.

“As you can see, there are armed men on the premises and renovation is going on. This is a property that is under litigation at the Supreme Court level.

“How can you renovate a property that is under legal assessment which is currently in favour of Suru Group?

Edward considers the action taken by AMCON as contempt of the court despite the pendency of the case before the Court of Appeal.

“We are particularly dissatisfied with the blatant disregard of the rule of law been displayed by a highly revered agency such as AMCON.

“It started in 2010 when we were banking with Ecobank. N13billion fund was canceled after we had drawn N10billion. About this time, we had already bought our properties in GRA, Opebi and Best Western

“We were servicing our loan until our performing loan was sold to AMCON. AMCON was not supposed to buy servicing loan.

“So we sued Ecobank for selling our loan, and this case is still at the Federal court.”

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