Court freezes Kanu Nwankwo’s assets over N924 million debt

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Kanu Nwankwo ( Kanu Nwankwos assets

Debts in the range of  N924,788,754.56 has forced a Federal high court sitting in Abuja to activate a directive that all accounts belonging to Kanu Nwankwo and his company, The Hardley Apartments be seized.

Director of The Hardley Apartments,  Ayoola Gam-Ikon will also have his accounts freezed as he’s also affected by the court directive.

According to the source,  Asset Management Corporation Of Nigeria (AMCON) had filed a debt recovery suit against Kanu and his company.

An affidavit sworn to by a Credit officer in the Directorate of AMCON, Mr Victor Igabor, revealed that sometime between May, 2008 and January 10,2011 Skye bank offered The Hardley Apartments engaged in business of Hospitality located at Plot 46 Waziri Ibrahim Crescent, Victoria island, Lagos a loan of N520,457,000.

The company had used three blocks of 40 accommodation units estimated in open market value of N395million as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and Nwankwo Kanu as collateral for the loan.

The defendants however did not repay the loan with the accrued interest despite repeated demands.

Skye Bank subsequently totaled the loan to be N558,313,905.37 as at 1st April, 2011 and assigned the case to AMCON reporting it as a toxic bank asset in line with the establishment objective of AMCON.

Igabor stated that the development was related to Kanu and his company by Skye bank.

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The defendants admitted to owing Skye Bank but pleaded that the assignment of the case to AMCON be revoked.

The total amount of the debt as at October 15, 2015 remained N924,788,754.56 including principal and interest.

Igabor asked the court to issue interim order of possessing of all movable and immovable properties known as Plot 46 Waziri Ibrahim Crescent, Victoria Island.

He argued that The Hardley Apartments is close to being dissolved therefore if the application is not granted, Kanu and Ayoola Gam-Ikon could dissolve the assets of the company.

The presiding judge, Okon Abang while granting the request of AMCON ordered that AMCON shall in the interim take possession of all assets Plot 46 Waziri Ibrahim Crescent, Victoria Island, Lagos.

The matter has been adjourned for hearing.

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