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Tuesday, February 12, 2013

AMCON TAKES OVER WALE BABALAKIN’S PROPERTY OVER N13.5BN DEBT


The Asset Management Corporation of Nigeria, AMCON, has taken possession of three properties in Lagos and Rivers states, belonging to Chairman of Bi-courtney, Mr Wale Babalakin, over a N13.5 billion debt owed Guaranty Trust Bank, GTBank Plc.
According to a statement by AMCON, yesterday, the properties were registered in the name of Roygate Properties Ltd and are believed to be owned by Babalakin.
The property are a high rise building on 43A, Afribank Street, Victoria Island, Lagos and two buildings at Plots 270 and 273 Trans-Amadi Layout, Port Harcourt, Rivers State.
AMCON said the action was in execution of interim orders granted by Justice Chukwujekwu Aneke against Roygate Properties Ltd.
AMCON also secured an order from the court freezing the accounts of Roygate in 20 banks in the country.


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