The Asset Management Corporation of Nigeria(AMCON) has sought permission from the Federal High Court sitting in Abuja to possess the two houses of Maimako International Limited and others over their failure to pay outstanding N50 million debts in their loan agreement with Skye Bank (now collapsed into Polaris Bank) since August 12, 2008.
AMCON also asked Justice Inyang Ekwo in its Suit No: FHC/ABJ/AMC/1/2024, to freeze all the bank accounts belonging to the respondents pending the determination of its case.
The debt recovery agency argued that it is empowered by relevant laws to approach the court for a freezing order against any debtor’s accounts domiciled with financial institutions.
AMCON’s lawyer, Barrister Salimon Sarafadeen, contended that the defendants used its building properties located in Niger State as collateral/security in consideration of the overdraft facility granted them by the bank.
In its motion, ex-parte seen by TheTimes, AMCON’s legal team argued that it would be in the interest of justice if the respondents’ houses were seized in line with their loan agreement.
Sarafadeen stated,
“That as a fact, the 1st Respondents via the Board of director’s resolution dated 12th September 2008 accepted the overdraft facility as granted by Mainstreet Bank plc. A copy of the said Board resolution is attached herewith and marked Exhibit B.
TheTimes learned that the case brought by AMCON this year awaits final determination by the court.