In a report by Daily Trust, a Federal High Court in Lagos recently ordered that all accounts belonging to Kanu and Hardly Apartments be frozen pending hearing of suit filed by the Asset Management Corporation of Nigeria.
An affidavit by a Credit Officer of AMCON,Victor Igabor, which was argued by BarristerNiyi Olopade, shows that between May 2008 and January 10, 2011, Skye Bank Plc offered The Hardley Apartments located at Plot 46, Waziri Ibrahim Crescent, Victoria island, Lagos, a loan of over N5bn.
The affidavit said the company secured the loan through a mortgage on its three blocks of 40 accommodation units value at N395m which was guaranteed by the Director of the company, Ayoola Gam-Ikon and Kanu.
It stated that the defendants' failure to repay the debt with the accrued interest put at N558,313,905.37 as at April 1, 2011 despite repeated demand led the bank to assigning the defendants indebtedness to AMCON as a toxic bank asset in line with the established objective of AMCON.
The account officer prayed the court to issue an interim order of possessing of all movable and immovable property known as Plot 46, Waziri Ibrahim Crescent, Victoria Island.
Granting the request of AMCON, the presiding judge, Justice Okon Abang, ordered that AMCON should in the interim possess all the movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos while accounts of Kanu and his partner, Ayoola be suspended.
