The Asset Management Corporation of Nigeria (AMCON) has taken over the mansion of former Governor of Kwara State, Alhaji Abdulfatah Ahmed, over alleged N5 billion indebtedness.

According to AMCON, the action followed the order of Hon. Justice A.M. Liman of the Federal High Court, Lagos Division, who also ordered the freezing of the Bank Accounts of the former governor and his two companies including Trans Properties and Investment Limited and Trans it Consulting Limited.

Vanguard reports that the Head, Corporate Communications, AMCON, Jude Nwauzor, who confirmed the development, said: “In compliance with the court order, AMCON through the Law firm of Chief Robert Ohuoba of Robert Ohuoba & Co, one of the leading Asset Management Partners (AMPs) of AMCON who also received protective orders from the court, took possession of the mansion belonging to the former Governor situate at Abdulfatah Street, GRA, Ilorin, Kwara State.

“AMCON had taken over the Non-Performing Loans of the former governor and his companies, Trans Properties and Investment Limited and Trans It Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act. All efforts to peacefully resolve the loan had been frustrated by the former Governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

“AMCON had to commence asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise, which further revealed nine (9) properties of the obligor situate in Kwara, Lagos State and the Federal Capital territory (FCT), Abuja, which the Corporation has plans to enforce upon.’’