AMCON Takes over Aeroland Travels’ Assets over N1.8bn Debt

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Aeroland Travels Limited, and its directors over an indebtedness of N1.8 billion.

AMCON spokesperson, Jude Nwauzor, disclosed this in a statement yesterday.

The takeover was sequel to the order of Justice D.E. Osiagor of the Federal High Court, Lagos Division.

Justice Osiagor had given 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, according to the statement, included 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.

The court also ordered the freezing of the bank accounts and shares of the company’s directors including that of Mr. Segun Adewale and Mrs Victoria Adewale.

The court additionally granted AMCON rights to seize any other landed property in any other place that may be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.

Nwauzor confirmed that, “all the property as listed in the court order have been taken over by AMCON with the assistance of court bailiffs among other officials of the law. AMCON had purchased the non-performing loans (NPLs) 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.”