Uploaded by on November 20, 2019

The Asset Management Company of Nigeria, AMCON, has said it is on a mission to recover debts amounting to five trillion naira.

The mission covers Victory Park Estate,in Lekki – Lagos state, which has been in the news in recent times over execution of a judgment of the Federal High Court, by AMCON and a counter order of injunction by a Lagos High Court, in favour of one of the occupiers.

At a news briefing, the Solicitor for AMCON, Mr Jide Olasite, explained that the matter was now at the appeal court because AMCON was the bigger victim with twelve point nine billion naira to recover on the property.

Mr Olasite ascribed the reports across social media platforms to a few disgruntled individuals who were not willing to abide by terms to help affected householders at the estate to ratify their titles that were products of fraud with the initial property owner.

One of the parties in the case and Receiver /Mediator, Mr Lanre Olaoluwa, stated that one hundred and seventy – nine householders in Victory Park Estate, had already subscribed to a ratification rate, which is a quarter of the official amount within eighteen months.

The strength of the defense of AMCON is in view of the provisions of the Amendment Number 2 Act 2019,which provides that injunction orders should not be granted against the organization in pursuant of any judgment in its favour to recover proven debts.


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