The Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) have obtained leave of the Federal High Court, Lagos to take possession of a property located at 3, Temple Road, Ikoyi over alleged debt of N537, 334,360.77 owed by its owner, Mr. Donald Duke.
The order was made by Justice Chuka Obiozor pursuant to an ex parte application, marked, FHC/L/CS/1373/2019 and filed by AMCON and UBA.
Stonehedge Investment Limited, Duke and his wife, Onari, are listed as first to third respondents. Defendant
The applicants had prayed the court for, “an order of interim attachment, possession and custody of the property.”
They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”
They 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 AMCON Act 2010 (as amended).”
They also 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 2010.”
In his ruling, the judge granted the plaintiffs’ prayers and restrained the defendants from transacting, transferring, changing or dealing in any manner or interfering with the applicants’ possession of the 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 and adjourned the case till September 2, 2019.
