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Victory Park Estate Possession: False Publications Aimed At Maligning AMCON, Receiver/Manager - OLASITE


BY FRANCIS IWUCHUKWU

OSBORNE, IKOYI LAGOS, NIGERIA - The incessant falsehood, fabrication, and half truths being bandied across online media platforms by disgruntled individuals, over the possession of the Victory Park Estate, Lekki, Lagos State, Nigeria, is intended at whipping up public sentiments against the lawful possession of the Estate, by the Asset Management Corporation of Nigeria (AMCON) and the Receiver/Manager of Knight Rook Limited, Lanre Olaoluwa. 

This allegation was made public on Wednesday, November 20, 2019, in Osborne, Ikoyi, Lagos State, Nigeria, by one of the lawyers representing AMCON, Jide Olasite, while addressing a press conference over the development. 

While making reference to one of the latest publications, wherein it was alleged that a High Court Order made in respect of Block B, Plot 1, Victory Park Estate, Lekki, Lagos, was flouted by the Receiver/Manager of Knight Rook Limited and AMCON, Jide Olasite explained that, "AMCON took over possession of the property in issue on 25th June 2019 by the execution of the judgment of the Federal High Court. 

"On the day of the execution, the occupied of block B, Plot 1 was present and aware that possession was being taken by AMCON. 

"This was long before he approchaed the Lagos High Court to obtain an Order of Injunction on 24th October, 2019.

"AMCON immediately appealed against the Order of Injunction and also applied to the Court of Appeal for an Order to suspend the Order of Injunction in view of the provisions of the Asset Management of Nigeria (Amendment No. 2) Act 2019 which provides that such Orders should not be granted against AMCON. 

"Neither Mr Lanre Olaoluwa nor his agents we're at Victory Park Estate, as alleged and were at Victory Park Estate as alleged and were not involved in whatever is alleged to have transpired. 

"For the avoidance of doubt, please note that from the time the Receiver/Manager initially took possession of Victory Park Estate on 16th June 2017 pursuant to an Interim Order of Federal High Court, AMCON magnanimously offered to ratify the invalid tittles of purported Assignees in the Estate. 

"However, some of the purported Assignees who felt aggrieved even by the gesture decided to take out proceedings in the court against AMCON and its Receiver/Manager, and have continued to engage in various malign publications against AMCON's Receiver/Manager, his associates and AMCON itself based on false and distorted facts and allegations."

According to Jide Olasite: "AMCON acquire a debt which arose from the acquisition and development of land owned by Knight Rook Limited and known as Victory Park Estate, as an eligible bank asset from a Consortium of Banks made up of Sterling Bank PLC, Skye Bank PLC, WEMA Bank PLC, pursuant to the Asset Management Corporation of Nigeria Act, 2010 (as Amended). 

"As collateral for the debt, the banks transferred to AMCON, 100% of the shares of Knight Rook Limited and designated 14 Hectares of land within the Estate. 

"In order to recover the debt, by the Deed of Appointment dated 27th June 2016, which was executed by AMCON and duly registered at the Corporate Affairs Commission and an Order of Court of 16th August, 2016 made in Suit no: FHC/AB/CS/69/16 - Asset Management Corporation of Nigeria v Havilla Villas Limited & Ors, Mr Lanre Olaoluwa was appointed Receiver/Manager over Knight Rook Limited, Grant Properties Limited, and Fibigboye Estates Limited and took possession of the assets of Night Rook Limited, including the designated 24 Hectares in Victory Park Estate on 16 June 2017.

"Upon his appointment, the said Receiver/Manager made newspaper publications in the Guardian and THISDAY newspapers of 16th June 2017, informing the general public of his appointment. 

"On 3rd October 2017, the Federal High Court, Lagos, per Honourable Justice I. N Buba entered judgment in favor of AMCON in FHC/L/CS/744/2017 - Asset Management Corporation of Nigeria v Knight Rook Limited & Ors, for the sum of N12,966,510,191.10 (Twelve Billion, Nine Hundred and Sixty-six Million, Five Hundred and Ten Thousand, One Hundred and Ninety-one Thousand, Ten Kobo) and the foreclosure of the equity right of redemption and such other right in the properties of Knight Rook Limited to AMCON. 

"In compliance with the judgment, all assets held by the Receiver/Manager were handed over by him to AMCON on 16th October, 2017 in satisfaction of the judgment. 

"From that date, the Receiver Manager ceased to be in possession, or control of Victory Park Estate and properties affected by the judgment."

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