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N537.3m Debt: Court Orders Takeover Of Donald Duke’s Ikoyi Property - Naija Info - ECHOnigeria

ECHOnigeria Forum / Naija Info / N537.3m Debt: Court Orders Takeover Of Donald Duke’s Ikoyi Property (1 Post | 270 Views)

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N537.3m Debt: Court Orders Takeover Of Donald Duke’s Ikoyi Property by baba55(m) : 12:18 am On Aug 22

The Federal High Court in Lagos has ordered the takeover an Ikoyi,
Lagos property owned by former Governor of Cross River State, Donald
Duke, over an alleged debt of N537,334,360.77.

The court
made the takeover order in an August 8, 2019 ruling by Justice Chuka
Obiozor, ordering the Asset Management Corporation of Nigeria, AMCON and
the United Bank for Africa, UBA to take possession.

The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA.

as first to third defendants were Stonehedge Investment Limited, Mr
Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.

applicants had prayed the court for “an order of interim attachment,
possession, and custody of the property being No. 3, Temple Road, Ikoyi,

According to them, the property was mortgaged
by Duke “as collateral in securing the 1st respondent’s indebtedness to
the applicants.”

The applicants also 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

They 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

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.

He adjourned the case until September 2, 2019, PUNCH reports.

The post N537.3m Debt: Court Orders Takeover Of Donald Duke’s Ikoyi Property appeared first on NaijaLumia.

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