Freedom at Last for Demola Seriki

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Demola Seriki

Things are still looking up and yummy for former Minister of State for Defence, Ademola Seriki. Not long after fortune smiled on him (in the form of his appointment to represent Nigeria as an envoy in Spain), AMCON has also loosened him and let him go. Good things really do come to those who wait and in pairs too.

The Asset Management Corporation of Nigeria (AMCON), the organisation responsible for overseeing non-performing loans and assets, has taken the chains off Demola Seriki, former Minister of State for Defence, Otun Aare of Lagos, and Nigeria’s non-career ambassador to Spain. This is after almost two years of Seriki’s properties (for debts allegedly valued at over 1 billion).

AMCON announced the good news on February 23, 2021. According to them, Seriki has satisfied his debt charges, collected his letter of indebtedness, and is completely free of his liability with them.

The story is that Seriki got together with AMCON and negotiated with them. This reportedly ended with both sides agreeing on a settlement term, and the brand of indebtedness and insolvency immediately separated from him. And Seriki recovered his reputation undermined in the last two years and can now rest easy.

Seriki was berated by Nigerians on social media in 2019 after it was announced he owed AMCON over N1 billion. Shortly after, the agency had gone after his properties (including some located at Jalupon Close, Surulere, Lagos, and another at Djibouti Crescent, in Wuse 2, Abuja) and seized them.

Until 2021, the politician, teacher, businessman, and public administrator had begun operating under the radar, out of sight and out of mind. He then struck gold with the ambassadorial appointment to Spain, and ever since, life has been nothing but super. These are happy times for Demola Seriki—happy times indeed.