1st May, 2019
By Akin kuponiyi
In a bid to recover a debt of N63,951,292.44, Asset Management Corporation of Nigeria, AMCON has filed an application before a Federal High Court in Lagos, Southwest Nigeria, to attach funds in the accounts of King Sunny Ade’s wife, Risikat Adeniyi-Adegeye.
In an affidavit sworn to by AMCON credit officer, Patience Obute, and filed before the court by a Lagos lawyer, Barrister Olatokunbo Fatai, it was alleged that flowing from the banker /customer relationship between Risikat -Adeniyi -adegeye and STerling Bank Plc, the bank by an offer letter dated 2nd July, 2017, granted facility to the defendant in the sum of N23,100.000 for purposes of part financing the purchase of a 4-bedroom semi detached Duplex at Central Business District, Opposite MKO Gardens, Alausa, Ikeja using the property lying at Plot A2, House 3, Adonai Tekts Estate, Central Business District, Alausa, Ikeja as security for the loan.
The said mortgage facility became non-performing as a result of default in repayment by the defendant and classified as non-performing in consequence of which it was sold to AMCON in accordance with the AMCON Act 2010 as amended.
As of 29th of November, 2017 the sum of N63,951,292.44 was outstanding from the defendant to the claimant owing to the defendant’s failure to meet her repayment obligation to the bank.
AMCON has entered into several negotiation with and granted several concessions to the defendant giving ample time for the outstanding debt to be repaid to no avail.
Consequently, AMCON is seeking an order of the court freezing the accounts of the defendant in any account with any eligible financial institution and restraining the defendant from removing or dealing with the assets located within jurisdiction.
It also sought an order instructing the Central Security Clearing System (CSCS) to deposit all shares belonging to the defendant into the accounts of the CSCS.
AMCON, in debt recovery suit is also seeking the order of the court for the exercise of power of sale as a mortgagee under a perfected tripartite legal mortgage between the parties.
AMCON verily believed that Adeniyi-Adegeye’s funds in the listed financial institutions filed before the court would serve as pre-judgement security and the defendant would dissipate the said funds if unrestrained, thereby rendering a possible judgement in favour of AMCON futile.