AMCON’s Seizure Of My House Unnecessary — Abdulfatah Ahmed

Former Kwara State Governor, Abdulfatah Ahmed has describes as ‘unnecessary’ the purported takeover of his house by AMCON.

Gatekeepers News reports that the former governor of Kwara state, North Central Nigeria, Abdulfatah Ahmed says the takeover of his house by the Asset Management Corporation of Nigeria (AMCON) was ‘unnecessary.’

Gatekeepers News had earlier reported that a federal high court in Lagos State, South West Nigeria, ordered AMCON to seize the former’s governor’s properties over a N5billion debt.

AMCON described Ahmed as a high-profile obligor who “remained recalcitrant” over the repayment of his obligation.

Asides from a mansion belonging to him in Ilorin, Kwara state capital, AMCON was also granted possession of the governor’s other assets across the country.

Ahmed in a statement through his media aide, Wahab Oba, said “the reported take over of his Ilorin property by a lawyer purporting to represent AMCON was unnecessary and overzealous due to ongoing talks to resolve previous transactions with two defunct banks”.

He noted that the dispute was based on a margin loan he secured from the defunct Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with “unrelated loans obtained by others”.

He added that the banks held the shares as collateral to sell and recover the loans in the event of a default.

Ahmed further said the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.

Ahmed said prior to the “overzealous conduct” of taking over his house, he was already in talks with AMCON to separate the liabilities.