The Asset Management Company of Nigeria (AMCON) has ejected residents of a property in Victoria Island, Lagos, in compliance with an order of the Federal High Court sitting in Lagos. The company executed a judgment concerning an unpaid debt owed by a former Nigerian diplomat, Ambassador Olujimi Jolaoso. The debt was originally owed by Jolaoso to a Nigerian commercial bank, FCMB Plc, but AMCON became his creditor after taking over the debt from the bank. Ambassador Olujimi Jolaoso died in 2016.
According to reports, AMCON officials were met with resistance by the residents, but a bloodbath was averted. The residents’ opposition to the execution followed a confusion about two conflicting orders of the court, issued by two judges, concerning the same property. One of the orders restrained AMCON from the property, while the order gave AMCON the go ahead to take over the property.
The controversy about the debt has been the subject of a lingering legal tussle at the Federal High Court, Lagos, since 2021 with three judges of the court sitting on the matter.
In a twist of events on June 25, 2024, Justice Lewis Alagoa granted an interlocutory injunction restraining the defendants (AMCON) or its agents from entering, trespassing upon, selling, leasing, entering into possession or dealing with the property at No. 16 (Plot 21), Festival Road, Victoria Island, Lagos, said to be Jolaoso’s property, but under the control and custody of the Plaintiffs in the suit pending the determination of this suit. Justice Alagoa adjourned hearing of the motion on Notice till October 3, 2024 for hearing of the matter.
However, on October 2, 2024, Justice Chukwujekwu Aneke of the same division of the court, granted another ex parte application filed and moved by AMCON to take possession of all properties, movables and immovable including buildings, furniture, fitting, and any other chalets on the same property. Justice Aneke granted a leave to AMCON to take over all the assets belonging to the defendants, Safequip Nigeria Limited and or MR, Olujimi Jolaoso (Deceased).
The judge also directed the Nigeria Police Force, the Inspector-General of Police and the Commissioner of Police Lagos state, to assist the Bailiffs and or Deputy Sheriff of the court to enforce the Orders.