AMCON Clears Former Defence Minister Of N1bn Debt

The Asset Management Corporation of Nigeria said it has cleared Nigeria’s former Minister of State for Defence , and Ambassador-designate to Spain, Ademola Seriki, of his N1bn indebtedness.

The development comes 14 months after a Lagos high court delivered the judgment that empowered AMCON to seize his property in Lagos and Abuja.

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AMCON said in a statement signed by Jude Nwauzor, its Head of Corporate Communications that the ambassador was cleared of his indebtedness after Seriki fulfilled all conditions required by the corporation.

AMCON had in November 2019 taken over assets belonging to Seriki over N1bn loan.

The agency had said the non-performing loans of Seriki was sold to it by the now-defunct Oceanic Bank and Skye Bank.

The affected properties are located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

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Following the fresh development, Nwauzor said, “So, having met all conditions as agreed in the terms of settlement he (Seriki) is no longer indebted to AMCON.”

The agency disclosed that the former minister negotiated to reach a settlement term.

AMCON said, “The gesture shows even though AMCON may be in court with a good number of its obligors, the corporation is ever ready to listen to the voice of reason especially for responsible debtors who genuinely wants to settle their debt amicably without going through a lengthy and necessary judicial process.”

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