Asset Management Corporation Of Nigeria (AMCON) Cries Out

The Asset Management Corporation Of Nigeria (AMCON), has reacted to a criminal allegations made against the corporation and its Receiver/Manager in respect of a Block B Plot 2 at Victory Park Estate, Igbokushu Village, Lekki, Lagos and a purported Press Conference by the Association of Victory Park Estate Land Owners in an attempt to smear its image.

AMCON in a statement on Monday, April 20th, 2021, said; “The attention of Asset Management Corporation of Nigeria (AMCON) has been drawn to a purported press conference that was scheduled to hold at 10:00a.m. at Westwood Hotel Ikoyi, Lagos State by the so-called Association of Victory Park Estate Land Owners.”

“There was an earlier publication captioned “Businessman Recovers Lekki Property from ‘Trespasser” (“the Publication”) published on ThisDay newspaper website (www.thisdaylive.com) on April 12, 2021, which received attention on social media where allegations were made by one Ojumetor Agha of Pistis Partners LLP, legal practitioner to Mr Adedayo Mumini-Shittu, against the Corporation and its Receiver/Manager, Mr Lanre Olaoluwa.”

“AMCON is also aware of a two minutes and 45 seconds video (“the Video”) currently in circulation where criminal allegations were made against the Corporation and the Receiver/Manager in respect of Block B Plot 2, Victory Park Estate, Igbokushu Village, Lekki, Lagos and also the purported Press Conference by the Association of Victory Park Estate Land Owners. As a result of all these attempts to smear the image of AMCON, we consider it necessary to issue this statement to set the records straight in the paragraphs below:

1. The Corporation and the Receiver/Manager deny all allegations of criminal conduct made in the Publication and the video, specifically the allegation that the Corporation and its Receiver/Manager are acting in defiance of the Order of Injunction made by the Lagos State High Court on October 24, 2019 in Suit no: LD/8418LMW/2019 – Mr Adedayo Mumini Shittu & Anor v Knight Rook Limited & 3 Ors and the Judgment delivered by the Court of Appeal on 15th December 2020 in Appeal no: CA/L/1266/2019 – Asset Management Corporation of Nigeria v Mr Adedayo Mumini Shittu & 3 Ors.
2. The takeover of the property known as Block B Plot 2, Victory Park Estate, Igbokushu Village, Lekki, Lagos (“Attached Property/Block B Plot 2”) was carried out on the basis of the Judgment delivered by the Federal High Court on October 3, 2017 in Suit no: FHC/L/CS/744/2017 – Asset Management Corporation of Nigeria & 5 Ors which was affirmed by the Court of Appeal in Appeal no: CA/L/698/2018 – Rev Olajide Awosedo v Asset Management Corporation of Nigeria & 5 Ors on 3rd June 2019. The Judgement of 3rd October 2017 granted the Corporation powers to take over all the movable and immovable properties of Knight Rook Limited and other Judgment Debtors and apply the proceeds of their disposal in the settlement of the Judgment Debt.
3. Although Mr Mumini-Shittu filed a claim at the Lagos State High Court, no Order of Injunction was made against the Corporation and its Receiver/Manager in respect of Block B Plot 2 as wrongly alleged by in the Publication as the Order of Injunction made 24th October 2019, which is the subject of a pending appeal at the Supreme Court, was strictly in respect of Block B Plot 1, Victory Park Estate, Lekki, Lagos. Consequently, the purported recovery, which was curiously done in the absence of any Sheriff of the Lagos State High Court, was illegal and the allegations of criminality made against the Corporation and its Receiver/Manager are false, baseless, and defamatory.
4. On the invitation to Press Conference by the Association of Victory Park Estate Land Owners to the public to allege the disobedience of court orders and violation of the doctrine of lis pendis by the Corporation and the Receiver Manager slated for April 20, 2021, the Corporation states that in spite of the provisions of Section 39 (c) of the AMCON Act, as amended 2019. The Corporation and Receiver Manager are law abiding and saddled with the mandate to recover outstanding debt of Knight Rook Limited. The mandate of the Corporation must be carried out in line with the powers vested in the Corporation by the provisions of the AMCON Act, as amended. Debtors should pay their debt for the sake of the Nigerian Economy.

5. The public is therefore advised to discountenance the publication, the outcome of the press conference as well as the video, and refrain from taking actions that could breach the peace as all actions carried out by the Corporation and its Receiver/Manager at Victory Park Estate, Igbokushu Village, Lekki, Lagos are in line with its mandate under the Asset Management Corporation of Nigeria Act 2010 (as amended) and pursuant to a subsisting Court Judgement.