A Federal High Court sitting in Lagos has ordered that all accounts belonging to former Super Eagles’ captain, Nwankwo Kanu, and his company, The Hardley Apartments, anywhere and in any bank or financial institution in Nigeria should be frozen pending the hearing of suit filed for the recovery of a debt of N924,788,754.56.
The Asset Management Corporation Of Nigeria filed the suit against the defendants.
Also affected by the order of the court is a Director of The Hardley Apartment, Ayoola Gam-Ikon.
In an affidavit sworn to by a Credit Officer of AMCON, Victor Igabor, filed and argued by Barrister Niyi Olopade, the deponent averred that sometime between May 2008 and January 10, 2011, Skye Bank Plc offered The Hardley Apartments, engaged in the business of hospitality and located at Plot 46, Waziri Ibrahim Crescent, Victoria island, Lagos, a loan of N520,457,000.
The loan was secured by a mortgage on the company’s three blocks of 40 accommodation units estimated in open market value of N395 million as well as unconditional personal, joint and several guarantee of Gam-Ikon and Kanu.
The defendants failed to repay the loan with the accrued interest despite repeated demands, consequent upon which Skye Bank Plc assigned the defendants indebtedness in the sum of N558,313,905.37 as at April 1, 2011 to the AMCON as a toxic bank asset in line with the establishment objective of AMCON.
Igabor averred further that this development was communicated to the defendants by Skye Bank Plc.
The defendants admitted their indebtedness but prayed that the assignment to AMCON be revoked.
The defendants’ indebtedness as at October 15, 2015 stood at N924,788,754.56, representing principal and interest, while interest is still running.
Consequently, Igabor contended that The Hardley Apartments is likely to be dissipated and if the application is not granted, Gam-Ikon and Kanu could dissipate the assets of the company.
He therefore urged the court to issue an interim order of possessing of all movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island.
An order attaching the debt due from The Hardley Apartments as well as debts acruing from the defendants jointly and severally and freezing all accounts belonging to the defendants jointly and severally in any bank or financial institution in Nigeria.
The presiding judge, Justice Okon Abang, while acceding to the request of AMCON, ordered that AMCON shall in the interim possess all the movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos.
That in the interim the debt due or accruing from The Hardley Apartments as well as the debts accruing from the defendants jointly and severally and freezing all accounts belonging to the defendants jointly and severally anywhere and in any bank and any financial institution in Nigeria are hereby attached pending the hearing of this suit.
The matter has been adjourned for hearing.
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