N1.8bn Debt: AMCON Takes Over Aeroland Travels’ Assets

The assets belonging to Aeroland Travels Limited, and its directors have been taken over by the Asset Management Corporation of Nigeria (AMCON) over indebtedness of N1.8bn.

The spokesperson of AMCON, Jude Nwauzor, disclosed this following the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division.

He stated 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.”

It was disclosed that the court ordered the freezing of the bank accounts and shares of the company’s directors, including Mr Segun Adewale and Mrs Victoria Adewale.

It added that the court additionally granted AMCON rights to seize any other landed property in any other place that might be 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, the owner of Aeroland conglomerates, Segun Adewale, while reacting to the development accused AMCON of illegally sending policemen to seal his business premises over an alleged debt to Polaris Bank.

Adewale in a statement released 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 the bank some money.

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 exparte 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.”