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Abdulfatah Ahmed Loses Mansion to AMCON Over N5bn Debt

Story Highlights
  • Says His Building was Confiscated for Collateral

Abdulfatah Ahmed, a former Governor of Kwara State, has relinquished his palace-like mansion to the Asset Management Corporation of Nigeria, AMCON.

The transfer of rights to the property to AMCOM came from the order of the Federal High Court, Lagos Division, pronounced by Hon. Justice A.M. Liman.

Yesterday, the authorities occupied the building as the Ex-Governor could not fulfil his pledges over a fifteen billion naira debt owed to the state.

Furthermore, Justice Liman gave a directive that the accounts of the former Governor be frozen while instructing AMCON also to seal two of Abdulfatah’s companies.

Also, the Court ordered that AMCON confiscate the Ex-Governor’s Trans Properties and Investment Limited, including Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021.

Abdulfatah Ahmed Reacts

Abdulfatah Ahmed
Abdulfatah Ahmed Loses Mansion to AMCON Over N5bn Debt 3

However, the ex-governor said the reported takeover 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.

In a statement by his media aide, Wahab Oba, Ahmed clarified that the dispute was based on a margin loan he secured from Intercontinental Bank and Finbank in 2009 to purchase shares, which was then lumped with unrelated loans obtained by others.

Commenting on a viral video depicting the takeover of his residence by an individual who claimed to represent the company, Ahmed explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.

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