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N1.8b debt: AMCON takes over Aeroland Travels’ assets

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The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Aeroland Travels Limited, and those of its directors for owing N1.8 billion.

This followed the order of Justice D. E. Osiagor of the Federal High Court, Lagos Division, who gave the ruling on February 7, this year, and in compliance with it, AMCON last Friday, took the nine properties through its Debt Recovery Agent – Robert Ohuoba & Co.

The properties include Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No. 4C Maye Ogundana Street, Magodo Lagos; No. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Penisula.

The court also freezed the bank accounts and shares of the company’s directors, including Mr Segun Adewale and Mrs Victoria Adewale. It granted AMCON the right to seize any landed property in any other place that may be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels or either of its directors.

AMCON spokesperson, Jude Nwauzor confirmed that the property listed in the court order had been taken over by AMCON with the assistance of bailiffs.

AMCON had purchased the Non-Performing Loan (NPL) of Aeroland Travels from Polaris Bank (formerly Skye Bank) in 2018.

Until the order, efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive.

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