N537m debt: Court orders takeover of Donald Duke’s property

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The Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over an Ikoyi, Lagos property of a former governor of Cross River State, Mr D

onald Duke, over an alleged debt of N537,334,360.77.The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA.

The applicants had prayed the court for “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”respondent’s indebtedness to the applicants.” They also 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.”

 

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