AMCON Takes Over Former Kwara Governor’s Mansion Over N5bn Debt

The Asset Management Corporation of Nigeria has taken over a property belonging to the former Governor of Kwara State, Abdulfatah Ahmed.

AMCON said on Wednesday that it took the decision due to N5bn debt owed by the immediate past Kwara Governor.


The mansion is located at Abdulfatah Street, GRA, Ilorin, Kwara State.

In the statement signed by its Head, Corporate Communications Department, Jude Nwauzor, AMCON said it has also discovered nine additional properties owned by the former governor in Kwara, Lagos and Abuja.

Some of the houses are located at 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; and Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja.

“All efforts to peacefully resolve the loan had been frustrated by the former governor who remained recalcitrant, which left AMCON no other choice but to seek justice in court,” said AMCON.


According to the agency, it took the decision based on an order by Justice A.M Liman of the Federal High Court, Lagos.

AMCON said, “On Wednesday, September 22, 2021, in Ilorin, the Kwara State, capital took over the palatial mansion of Alhaji Abdulfatah Ahmed, the former two-time governor of Kwara State over a staggering indebtedness of nearly N5bn.

“Justice Liman also ordered the freezing of the bank accounts of the former governor and his two companies including Trans Properties and Investment Limited and Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021.

“The former governor who is one of the founders of the newly established third force in Nigerian politics known as the Rescue Nigeria Project is one of the high-profile obligors of AMCON. Despite holding one of the highly exalted political offices in the land, he remained recalcitrant over the repayment of his obligation.”

The debt is linked to a loan his company took from Trans Properties and Investment Limited and Trans It Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB.


According to AMCON, it had taken over the non-performing loans of the former governor and his companies during the first phase of EBA purchases.

The agency noted that it took over the loan in line with its mandate under the AMCON Act.

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