AMCON Vindicated as Lagos State Slams Fraud Charges Against Grant Properties, Awosedo

The Assets Management Company of Nigeria (AMCON) may have been vindicated as the Lagos State government has slammed a 30-count charge against Mr. Olajide Awosedo at the Special Offences Court of Lagos State after an exhaustive investigation of the facts.

The charges, published on page 34 of Punch Newspapers and page 58 of Guardian Newspaper on Tuesday March 6, 2018 accused Olajide Awosedo and Grant Properties of fraud, forgery and illegally selling off property belonging to Knight Rook limited which now belongs to AMCON.

Olajide Awosedo was a former director of Knight Rook Ltd, which is currently under receivership, due to debts owed the Asset Management Corporation of Nigeria (AMCON). Whereas Knight Rook Ltd owns the landed properties in contention, the ownership of the company had been taken over by some banks since 2006 and this has been affirmed by several court judgments.

Awosedo’s Grant Properties and his other companies are said to be indebted to several banks to the tune of about N22 billion. These debts are said to come from unpaid loans relating to the development of Goshen Beach Estate, Lekki (First Bank); Victory Park Estate, Lekki (Wema Bank, Sterling Bank, Unity Bank and Skye Bank) and Havilla Gardens, Ogun state (Access Bank, former Intercontinental Bank and Heritage Bank). Reports indicate that some of these banks have long secured court judgments against Awosedo and Grant properties, a striking example being that of First Bank which has a judgment against the accused on Goshen Beach Estates for N2 billion.

AMCON (Asset Management Company of Nigeria) is a Federal Government agency saddled with the responsibility of recovering and liquidating distress assets acquired from Nigerian Banks. All AMCON assets are now Federal Government assets under law.

Meanwhile, AMCON has declined to comment on the case as it is guided by the principle of a “no comment” policy on individual cases.


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