A Lagos court has ordered all accounts belonging to former Nigeria skipper Nwankwo Kanu to be frozen over an unpaid loan, which is now running close to five million dollars (more than N924m).
According to Mtnfootball.com, it followed a suit filed by Skye Bank, who loaned Kanu and his business partners a credit facility for a hotel business in Lagos between May 2008 and January 2011.
The bank through their lawyers alleged that Kanu’s company failed to pay back the loan, which has since accrued a hefty interest.
All the assets of the hotel at the highbrow Victoria Island in Lagos are to be taken up by Asset Management Corporation of Nigeria (AMCON) in the interim, according to presiding judge, Okon Abang.
In an affidavit sworn to by a Credit officer in the Directorate of AMCON, Mr Victor Igabor, and filed and argued by Barrister Niyi Olopade, the deponent averred that sometime between May, 2008 and 10 January, 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 loan was secured by a mortgage on the company’s three blocks of forty accommodation units with estimated open market value of N395 million as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and Nwankwo Kanu.
The defendants failed to repay the loan with the accrued interest despite repeated demands, consequent upon which Skye Bank Plc assigned the defendants indebtedness in the sum of N558,313,905.37 as at 1 April, 2011 to the AMCON as a toxic bank asset in line with the establishment objective of the said AMCON.
Mr Igabor averred further that, this development was communicated to the defendants by Skye Bank who admitted their indebtedness but praying that the assignment to AMCON be revoked.
The defendants’ indebtedness as at the 15th October 2015 stood at N924,788,754.56 representing principal and interest while interest is still running.
Consequently, Igabor contended that The Hardley Apartments is in the process of being dissipated, therefore if the application is not granted, Ayoola Gam-Ikon and Nawankwo Kanu could dissipate the assets of the company. It therefore urged the court to issue an interim order of taking custody of all movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos.
It also sought an order attaching the debt due from The Hardley Apartments as well as debts accruing from the defendants jointly and severally and freezing all accounts belonging to the defendants jointly and severally in any bank or financial institution in Nigeria.
The presiding judge, Okon Abang, while acceding to the request of AMCON, ordered that AMCON shall in the interim possess all the movable and immovable properties known as Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos.
That in the interim the debt due or accruing from The Hardley Apartments as well as the debts accruing from the defendants jointly and severally and freezing all accounts belonging to the defendants jointly and severally anywhere and in any bank and any financial institution in Nigeria are hereby attached pending the hearing of this suit.
The matter has been adjourned for hearing.
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