…. Ask Corporation to render account of sold assets
Grant Properties Ltd, Knight Rook Limited, Fibigboye Properties Limited and Havilah Villas have alleged that Asset Management Corporation of Nigeria (AMCON) sold N40 billion worth of properties belonging to them to settle N3.15 billion debts.
Consequently, the companies asked AMCON, a public institution empowered to take possession, manage, sell, transfer or assign property used as security for eligible bank assets, to render an account for the sale of the properties seized from them.
They made this call in a recent five-page letter signed by the Managing Director, Grant Properties Limited, Dr Olawunmi Olajide-Awosedo and addressed to AMCON’s Managing Director, Mr. Ahmed Kuru recently.
Olajide-Awosedo, in the letter, said the companies were convinced that the value of the assets recovered from them was in excess of N40 billion, against a principal debt of N3.15 billion.
He said: “We are requesting AMCON to render a fair and transparent account of the assets taken from us, and discharge us from the debt.”
He also requested for a comprehensive statement of the account of the transactions involving properties taken from them.
He said the account would enable the companies to ascertain the value of the assets that have been taken over by AMCON.
He narrated how his father Chief Olajide Awosedo died as a result of the hardship he was subjected to by AMCON and how his widow was evicted while still mourning the death of her husband.
He stated that the responsibility “is ultimately in your hands, as managing director and CEO of AMCON; it is you who must decide if AMCON will continue to pressure us to death, and I beg you to be fair, transparent and compassionate, and bring this unfortunate and tragic experience to an end.”
He said that it has been 3 years since AMCON took over their businesses and assets, during which time several assets had been sold.
A copy of the letter obtained by our correspondent read: “At the time (June 2017), we were informed that the total exposure was N8.1 billion, which included the principal and interest accrued on both the Havilah Villas and Victory Park/Knight Rook accounts.
“We were also told that after adding N400 million in fees for the receiver manager, the total sum required to settle the account was N8.5 billion, we were also informed that AMCON could give a waiver of about N1-1.5 billion on this sum, with approval of the Central Bank of Nigeria (CBN).
“Without prejudice, we immediately indicated that we were willing to settle the account without the waiver, at N8.5bn these are facts.
“Since then we have been quite alarmed on receipt of documents and processes filed by solicitors to AMCON that the alleged debt has grown to over N33 billion, which is quite frightening because the total principal sum borrowed on both loans was N3.15 billion.”
He also expressed concern that AMCON wanted N23 billion for the Knight Rook account, and almost N10 billion for Havilah Villas, saying these are rather bewildering and worrisome claims.
He reminded the AMCON managing director that it was the mandate of the organisation to destroy businesses, or make huge profits like banks, since the corporation is being funded from the public purse.
“We were also assured that AMCON’s mandate is to assist both banks and indebted companies as much as possible. We were assured by several senior members of AMCON management, including yourself, that N8.5 billion is adequate to settle the debt, yet the figures have been arbitrarily increased.
“If the total principal borrowed was less than N3.2 billion, why does AMCON want to destroy our business in order to recover N33 billion, which is more than 10 times what we borrowed?” Olajide-Awosedo asked.
