Governor Abdulfatah Ahmed of Kwara state
Governor Abdulfatah Ahmed of Kwara state

AMCON’s takeover of my house unnecessary — Former Kwara Gov Ahmed

NEWS DIGEST – The immediate past governor of Kwara State, Abdulfatah Ahmed, on Wednesday said that the takeover of his Ilorin property by the Asset Management Corporation of Nigeria (AMCON) was unnecessary and overzealous.

Mr Ahmed explained that the action was needless because there are “ongoing talks to resolve previous transactions with two defunct banks.”

The News Digest recalls that Asset Management Corporation of Nigeria (AMCON) on Wednesday said it took over the palatial mansion of Mr Ahmed over an alleged staggering indebtedness of nearly ₦5 billion.

AMCON said the action followed the order of Justice A.M. Liman of the Federal High Court, Lagos Division.

But in a statement by his media aide, Wahab Oba, the former governor explained that the dispute was based on “a margin loan he secured from Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with unrelated loans obtained by others.”

Reacting to a viral video depicting the takeover of his residence, Mr Ahmed explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.

Instead, he said, the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.

“Alhaji Ahmed said he was in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despite knowing the loan amount was in dispute and that reconciliation talks were ongoing,” the statement said.

“The former governor gave a firm commitment to meet any outstanding obligations once the loans were disaggregated.”