Mr. Donaald Duke

All is not well with ex-governor Donald Duke as a Federal High court in Lagos has ordered the Asset Management Corporation of Nigeria and the United Bank for Africa UBA o take over his price Ikoyi, Lagos property over the non-payment of debt totally N537million.

Justice Chuka Obiozor gave the order for takeover on the 8th of August 2019 and it was made pursuant to an exparte application, marked FHC/L.CS/1373/2019 brought before the Judge by AMCON and UBA.

Details of the case made available to our correspondent revealed that Stonehedge Investment limited, Mr. Donald Duke and Mrs. Owanari Bob-Manuel Duke were listed as first to third defendants.

The facts of the case are that the applicant had approached the court and prayed for an “order of interim attachment, possession, and custody of the property is at No 3, Temple Road, Ikoyi, Lagos.

According to the applicants, the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.” Having failed to liquidate the stated debt thereof the applicants, therefore, urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent pursuant to section 49 of the Asset Management Corporation of Nigeria Act 2010 (As amended).”

The applicants further urged the court to grant them an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

After listening to the argument of the applicants the learned Judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or however dealing in any manner or interfering with the applicant’s possession” of the Ikoyi property.

The Judge also ordered AMCON and UBA to ensure service of the substantive originating processes on the respondents within 20 days of the making of the order.