AMCON takes over all Aeroland Travels Limited’s properties

The Asset Management Corporation of Nigeria (AMCON) has taken over the properties belonging to Aeroland Travels Limited, and its directors over its N1.8bn debt.

This was made known by Jude Nwauzor, AMCON spokesperson following the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division.

He said that “It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order of the court, AMCON put logistics together, and on Friday, May 6, 2022, took effective possession of the nine properties as listed by the court through its debt recovery agent – Robert Ohuoba & Co.

“The properties include those situated at Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No. 4C Maye Ogundana Street, Magodo Lagos; No. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Penisula.”

He said that the court also ordered that the bank accounts and shares of the company’s directors, including Mr Segun Adewale and Mrs Victoria Adewale be frozen, adding that the court granted AMCON rights to seize other landed properties found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.

Nwauzor noted that all the property as listed in the court order had been taken over by AMCON with the assistance of court bailiffs and other officials of the law.

The statement said, “AMCON had purchased the non-performing loan of Aeroland Travels Limited from Polaris Bank (formerly Skye Bank) in 2018.

“Until the coming of the order of the court, all previous efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive, which was why the corporation resorted to the court for justice.”

Meanwhile, Segun Adewale, owner of Aeroland conglomerates in reaction to the development via a statement, accused AMCON of illegally sending policemen to seal his business premises over an alleged debt to Polaris Bank.

In the statement, he said he was surprised to see police officers invading the premises of his air travel agency located on John Olugbo Street, Ikeja, Lagos, on Friday, ordering him and his workers out over an allegation that he was owing money to a bank.

On the contrary, Adewale claimed that Polaris Bank had refused to grant him access to his N1.77bn in the bank shortly after the 2015 Lagos West Senatorial Election.

The businessman claimed that he took the bank to court in 2018 over his seized money and that neither the officials of the bank nor its lawyers appeared in court, only for them to accuse him of owing them and got an ex parte order to seal his property.

He said, “We will approach the court and the judge would see to the matter. They swore to an oath and lied when they ought to pay me my money.”