Court Orders Takeover Of Donald Duke’s Ikoyi Property Over N537.3m Debt - - |Ads4naira Blog|

Court Orders Takeover Of Donald Duke’s Ikoyi Property Over N537.3m Debt -

The Federal High Court in Lagos has ordered the
takeover an Ikoyi, Lagos property owned by
former Governor of Cross River State, Donald
Duke, over an alleged debt of N537,334,360.77.
The court made the takeover order in an August 8,
2019 ruling by Justice Chuka Obiozor, ordering
the Asset Management Corporation of Nigeria,
AMCON and the United Bank for Africa, UBA to
take possession.
The order was pursuant to an ex parte
application, marked, FHC/L/CS/1373/2019, taken
before the judge by AMCON and UBA.
Listed as first to third defendants were
Stonehedge Investment Limited, Mr Donald Duke
and Mrs Owanari Bob-Manuel Duke, respectively.
The applicants had prayed the court for “an order
of interim attachment, possession, and custody of
the property being No. 3, Temple Road, Ikoyi,
According to them, the property was mortgaged
by Duke “as collateral in securing the 1st
respondent’s indebtedness to the applicants.”
The applicants also urged the court to grant them
possession of the property “pending the
institution and disposal of proceedings for
recovery of debt against the respondent, pursuant
to Section 49 of the Asset Management
Corporation of Nigeria Act 2010 (as amended).”
They prayed the court for an interim Mareva
injunction to take possession of funds in the
accounts of Duke and others in any bank “pending
the institutional and disposal of proceedings for
the recovery of a debt of N537,334,360.77 made
up of the principal debt and interest against the
respondents pursuant to Section 50 of AMCON
Act 2010.”
The judge granted the prayers, in addition to an
order restraining the respondents from
“transacting, transferring, changing or howsoever
dealing in any manner or interfering with the
applicants’ possession” of the Ikoyi property.
The judge ordered AMCON and UBA to ensure
service of substantive originating processes on
the respondents within 20 days of the making of
the order.
He adjourned the case until September 2, 2019,
PUNCH reports.

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