The Federal High Court in Ikoyi, Lagos, has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over a property belonging to a former governor of Cross River State, Donald Duke.The property was to be forfeited over an alleged debt of N537,334,360.77.
They told the court that the property was mortgaged by Duke “as collateral in securing the 1st 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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