Abdulfatah Ahmed, a former
governor of Kwara state, says the takeover of his house by the Asset Management
Corporation of Nigeria (AMCON) was unnecessary.
A federal high court in Lagos had
on Wednesday ordered AMCON to seize the former’s governor’s properties over a
N5billion debt.
AMCON had 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.
Reacting through Wahab Oba, his
media aide, the former governor 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”.
Ahmed said 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 explained that the banks held
the shares as collateral to sell and recover the loans in the event of a
default.
According to him, 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.
The former governor also gave a
commitment to meet any outstanding obligations once the loans are
disaggregated.
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