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Donald Duke loses Ikoyi home to AMCON over N537m debt

Donald Duke loses Ikoyi home to AMCON over N537m debt


Former Cross River State governor, Donald Duke, is in danger of permanently losing his plush property in Ikoyi, Lagos over a debt totalling N537,334,360.77.

The Federal High Court in Lagos has granted the request of the Asset Management Corporation of Nigeria (AMCON) and the United Bank for Africa (UBA) to take over assets and accounts belonging to the former presidential candidate and two other respondents.

The applicants, in a suit marked FHC/L/CS/1373/2019, filed an ex parte application for an order of interim attachment, possession, and custody of the property located at No. 3, Temple Road, Ikoyi, Lagos.

They said Duke, listed as second respondent in the suit, mortgaged the property as collateral to secure the indebtedness of Stonehedge Investment Limited, the first respondent. Mrs Owanari Bob-Manuel Duke was listed as the third respondent in the suit.

The applicants also urged the court to grant an injunction to take possession of the respondents’ funds in any bank pending the institution and disposal of proceedings for the recovery of the debt.

The N537 million debt is made up of the principal debt and interest, according to the applicants.

In a takeover order issued on August 8, 2019, Justice Chuka Obiozor granted the orders of the applicants and restrained the respondents from interfering with the takeover action.

He also ordered the applicants to ensure service of substantive originating processes on the respondents within 20 days of making the order, and adjourned the case till September 2.

Source: PulseNG

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