Business

AMCON loses bid to seize businessman’s property over alleged debt 

A businessman, Mr. Adedayo Mumuni Shittu, has recovered his plot of land at Block B Plot 2 Victory Park Estate Igbokushu, Lekki Phase I, Lagos, from an “unknown individual”, following a court order.

 

The land, delineated by Survey No. DK/0332/014/20011/LA, is registered at the Land Registry of Lagos State as No. 61, Page 61 Volume 2467.

 

Shittu’s lawyer, Ojumetor Agha of Pistis Partners LLP, said the recovery which occurred at the weekend, was in execution of a Lagos High Court injunction restraining a Receiver-Manager appointed by the Asset Management Corporation of Nigeria (AMCON) from encroaching on the land.

 

Justice K. Jose had on October 24, 2019 dismissed AMCON’s notice of preliminary objection and granted an interlocutory injunction in favour of Shittu and More & S. A. More Ltd authorising them to protect their interest in the property at Victory Park Estate.

 

Dissatisfied, AMCON challenged the ruling with Shittu, More & S. A. More Ltd, Knight Rook Ltd and Mr Lanre Olaoluwa as 1st to 4th respondents in the suit marked CA/L/1266/2019.

 

But, on December 15, 2020, a three-man panel of the Court of Appeal with Appeal Court President, Justice Monica Dongban-Mensem presiding, dismissed AMCON’s appeal and affirmed Justice Jose’s grant of interlocutory injunction in Shittu’s favour.

 

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