A Federal High Court sitting in Lagos has ordered the Asset
Management Corporation of Nigeria, AMCON and United Bank for Africa
to take over an Ikoyi, Lagos property of former governor of Cross
River State, Mr Donald Duke, over an alleged
N537,334,360.77debt.
Justice Chuka Obiozor made the order on August 8, 2019 in a
ruling.
The order was pursuant to an ex parte application, brought
before the court by AMCON and UBA.
The defendants in the suit are Stonehedge Investment Limited, Mr
Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.
The applicants had prayed the court for “An order of interim
attachment, possession and custody of the property being No. 3,
Temple Road, Ikoyi, Lagos.”
They told the court that the property was mortgaged by Duke “as
collateral in securing the 1st respondent’s indebtedness to the
applicants.”
They urged the court to grant them possession of the property
“pending the institution and disposal of proceedings for recovery
of debt against the respondent, pursuant to Section 49 of the Asset
Management Corporation of Nigeria Act 2010 (as amended).”
They also prayed the court for an interim Mareva Injunction to
take possession of funds in the accounts of Duke and others in any
bank “pending the institutional and disposal of proceedings for the
recovery of a debt of N537,334,360.77 made up of the principal debt
and interest against the respondents pursuant to Section 50 of
AMCON Act 2010.”
The judge granted the prayers, in addition to an order
restraining the respondents from “transacting, transferring,
changing or howsoever, dealing in any manner or interfering with
the applicants’ possession” of the Ikoyi property.
The judge ordered AMCON and UBA to ensure service of substantive
originating processes on the respondents within 20 days of the
making of the order and adjourned further hearing in the case till
September 2, 2019.
The judge ordered AMCON and UBA to ensure service of substantive
originating processes on the respondents within 20 days of the
making of the order and adjourned further hearing in the case till
September 2, 2019.
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