AMCON acquires Aeroland Travels’ assets over N1.8 billion debt

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From Uche Usim, Abuja

In its efforts to recover an outstanding N5 trillion debt, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Aeroland Travels Limited and its directors over its indebtedness of N1.8 billion.

This is sequel to the order of Honourable Justice DE Osiagor of the Federal High Court, Lagos Division.

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Justice Osiagor gave the ruling on February 7, and in compliance to the enforcement order of the Court, AMCON put logistics together, and on Friday, May 6, 2022, took effective possession of the nine properties as listed by the Court through its Debt Recovery Agent – Robert Ohuoba & Co.

The properties include those situated at Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No. 4C Maye Ogundana Street, Magodo Lagos; No. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Peninsula.


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The Court also ordered the freezing of the bank accounts and shares of the company’s directors including Mr Segun Adewale and Mrs Victoria Adewale. The Court additionally granted AMCON rights to seize any other landed property in any other place that may be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.

AMCON spokesperson Jude Nwauzor confirmed that all the property as listed in the Court Order have been taken over by AMCON with the assistance of Court Bailiffs among other officials of the law. AMCON had purchased the Non-Performing Loan (NPL) of Aeroland Travels Limited from Polaris Bank (formerly Skye Bank) in 2018.

Until the coming of the order of the Court, all previous efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive, which was why the Corporation resorted to the Court for justice.

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