Court Orders Kanu Nwankwo’s Accounts Frozen Over N924M Debt

In a bid to recover a debt of N924,788,754.56, a Federal high court in Lagos, has ordered that all accounts belonging to former captain of the Super Eagles, Nwankwo Kanu and his company, The Hardley Apartments

anywhere and in any bank or financial institution in Nigeria be frozen pending the hearing of a suit filed against him and his company.

The order of the court was as a result of a debt recovery suit filed by Asset Management Corporation Of Nigeria (AMCON) against the defendants. In an affidavit sworn to by a Credit officer in the Directorate of AMCON Mr Victor Igabor, filed and argued by Barrister Niyi Olopade, the deponent averred that sometime between May, 2008 and January 10,2011 Skye bank offered The Hardley Apartments engaged in business of Hospitality located at Plot 46 Waziri Ibrahim Crescent, Victoria island, Lagos a loan of N520,457,000.

The loan was secured by a mortgage on the company’s three blocks of 40 accommodation units estimated in open market value of N395million as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and Nwankwo Kanu. The defendants failed to repay the loan with the accrued interest despite repeated demands, consequent upon which Skye bank Plc assigned the defendants indebtedness in the sum of N558,313,905.37 as at 1st April, 2011 to the AMCON as a toxic bank asset in line with the establishment objective of the said AMCON. Mr Igabor averred further that, this development was communicated to the defendants by Skye bank who admitted their indebtedness but praying that the assignment to AMCON be revoked.

The defendants’ indebtedness as at the 15th October 2015 stood at N924,788,754.56 representing principal and interest while interest is still running. Consequently, Igabor contended that The Hardley Apartments is in imminent of being dissipated, therefore if the application is not granted, Ayoola Gam-Ikon and Nawankwo Kanu could dissipate the assets of the company therefore urged the court to issue interim order of possessing of all movable and immovable properties known as Plot 46 Waziri Ibrahim Crescent, Victoria Island.