Home » Headline » AMCON takes over Kanu Nwankwo’s hotel over N924million debt
AMCON takes over Kanu Nwankwo’s hotel over N924million debt
Kanu Nwankwo

AMCON takes over Kanu Nwankwo’s hotel over N924million debt

Ayoola Gam-Ikon

Ayoola Gam-Ikon

A Federal High Court in Lagos has ordered the take over of Hardley Suites owned by Nigerian football mega star, Nwankwo Kanu and his partner Ayoola Gam-Ikon. In addition, all the accounts of the facility located in Victoria Island, have also been frozen.
The order of the court was as a result of a debt recovery suit filed by Asset Management Corporation Of Nigeria(AMCON) against the defendants in a bid to recover a debt of N924,788,754.56.
In an affidavit sworn to by a Credit officer in the Directorate of AMCON, Mr Victor Igabor, and filed and argued by Barrister Niyi Olopade, the deponent averred that sometime between May, 2008 and 10 January, 2011 Skye Bank offered The Hardley Apartments engaged in business of hospitality 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 forty accommodation units with estimated open market value of N395 million as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and Nwankwo 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 1 April, 2011 to the AMCON as a toxic bank asset in line with the establishment objective of the said AMCON.
Mr Igabor averred further that, this development was communicated to the defendants by Skye Bank who admitted their indebtedness but praying that the assignment to AMCON be revoked.
The defendants’ indebtedness as at the 15th October 2015 stood at N924,788,754.56 representing principal and interest while interest is still running.
Consequently, Igabor contended that The Hardley Apartments is in the process of being dissipated, therefore if the application is not granted, Ayoola Gam-Ikon and Nawankwo Kanu could dissipate the assets of the company. It therefore urged the court to issue an interim order of taking custody of all movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos.
It  also sought an order attaching the debt due from The Hardley Apartments as well as debts accruing 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, 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.
Interestingly, Kanu fondly called Papillo and his partner are in court over the ownership of the Hardley suites and associated businesses that they jointly owned. The former friends are embroiled in a bitter battle over the outfits. Those in the know said that Ayoola Gam, a former banker, was the business Manager for Kanu, he handled all his investments-and they both made good money together until things fell apart.

 

Leave a Reply

Your email address will not be published.

%d bloggers like this: