Former Defence Minister Demola Seriki’s Unpalatable Experience

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Demola Seriki

Make no mistake, former Minister of State for Interior, Demola Seriki, is a celebrated Lagos Island dude.

Indeed, the chieftain of the All Progressives Congress loves life to the hilt and makes no apologies for engaging in the celebration of life.

However, the light-complexioned ex-minister is not happy at the moment and the reason is not far-fetched: he is currently having a running battle with the Asset Management Corporation of Nigeria (AMCON) over a non-performing loan obtained from the defunct Oceanic Bank and Skye Bank (now Polaris Bank) Plc.

It was gathered that the agency, last Monday, carried out the order of a Federal High Court, Lagos, to take over two choice properties belonging to the former Minister of State for Defence.

The dispute between Seriki and AMCON had lingered for some time over a debt valued at almost N1 billion before the matter was brought the court for settlement.

The non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye banks.

Several attempts by the agency to explore a peaceful resolution of the outstanding obligation was said to have failed.

“When all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC), the corporation was left with no other choice than to defer the matter to court,” said a source.

After a review of the claims and counter-claims by the legal counsels representing all the parties, the court presided over by Justice Chuka Austine Obiozor ordered AMCON to take over the two properties located in Lagos and Abuja.

Pursuant to the court order, the AMCON, through Oak Partners (that works for the corporation as one of its asset management partners) said it had taken custody of the two properties. AMCON said it also received protective orders from the court to take possession of the properties located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and No. 4, Djibouti Crescent, Wuse 2, Abuja.