N537.3m Debt: AMCON to take over Donald Duke’s property in Ikoyi

A Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and the United Bank for Africa to take over an Ikoyi, Lagos, property of a former Governor of Cross River State, Mr. Donald Duke, over an alleged debt of N537,334,360.77.

The court made the takeover order in a ruling by Justice Chuka Obiozor, ThisDay reported.

The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA. Listed as first to third defendants were Stonehedge Investment Limited, Mr Donald Duke and Mrs. Owanari Bob-Manuel Duke, respectively.

The applicants had prayed the court for, “an order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi 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.

He adjourned the case till September 2, 2019.