N13.5bn debt: AMCON takes possession of Babalakin’s property



A detachment of armed policemen and bailiffs of the Federal High Court, Lagos, on Friday evening, took possession of and sealed off a high rise building on 43A, Afribank Street, Victoria Island, Lagos, owned by businessman-lawyer, Wale Babalakin.

Their action, according to a statement from the Asset Management Corporation of Nigeria (AMCON), was in execution of interim orders granted by Justice Chukwujekwu Aneke against  Roygate Properties Limited, believed to be owned by Babalakin.

The orders were sequel to an ex parte application filed by the AMCON, in a suit marked: FHC/L/CS/1501/2012.

Copies of the orders made on February 5 were conspicuously pasted on the gates of the house.

Justice Aneke granted AMCON “interim possession of the property at 43A, Afribank Street, pursuant to a tripartite legal mortgage registered on October 14, 2010 between Roygate (the borrower) , Stabilini Visioni Limited (surety/mortgagor) and Guaranty Trust Bank (the lender.)”

> The court also granted AMCON similar possession over properties at Plots 270 and 273, Trans Amadi Layout, Port Harcourt, Rivers State.

The court restrained Roygate, its directors, subsidiaries and sister companies from transferring or dealing with any of its funds in 20 banks listed in the application, or anywhere else up to the N13.5 billion allegedly owed by the company.

Justice Aneke also restrained the banks from allowing Roygate to “operate any bank accounts” held by it in the banks.

The judge further ordered the Nigeria Police to assist in the enforcement of the orders, which he held, should subsist pending the determination of the substantive suit.

Few months ago, similar order was given to AMCON to take possession of some properties and assets owned by one of its debtors, Tonique Oil Services Limited.

The corporation executed the said orders on Tonique Oil’s premises in Ikoyi and Gbagada, Lagos State, with the assistance of law enforcement agents, lawyers and court bailiffs.

Source: Tribune



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