Home News Donald Duke loses Ikoyi home over alleged N540m debt

Donald Duke loses Ikoyi home over alleged N540m debt

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A Federal High Court sitting in Lagos has requested the Asset Management Corporation of Nigeria, AMCON, and United Bank for Africa to assume control over an Ikoyi, Lagos property of previous legislative leader of Cross River State, Mr Donald Duke, over an affirmed N537,334,360.77 obligation.

As per Vanguard, the request was in accordance with an ex parte application, brought under the watchful eye of the court by AMCON and UBA.

The respondents in the suit are Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, separately.

The candidates had supplicated the court for “A request for between time connection, ownership and care of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was sold by Duke “as guarantee in tying down the first respondent’s obligation to the candidates.”

They encouraged the court to allow them ownership of the property “pending the foundation and transfer of procedures for recuperation of obligation against the respondent, in accordance with Section 49 of the Asset Management Corporation of Nigeria Act 2010 (as corrected).”

They likewise implored the court for a between time Mareva Injunction to claim assets in the records of Duke and others in any bank “pending the institutional and transfer of procedures for the recuperation of an obligation of N537,334,360.77 made up of the primary obligation and enthusiasm against the respondents compliant with Section 50 of AMCON Act 2010.”

Notwithstanding, Justice Chuka Obiozor conceded the supplications, notwithstanding a request controlling the respondents from “executing, moving, changing or howsoever, managing in any way or meddling with the candidates’ ownership” of the Ikoyi property.

The judge requested AMCON and UBA to guarantee administration of substantive beginning procedures on the respondents inside 20 days of the creation of the request and suspended further hearing for the situation till September 2, 2019.