Court Orders Takeover Of Donald Duke’s Property Over N537m debt - Organicarticle
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Court Orders Takeover Of Donald Duke’s Property Over N537m debt

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Court Orders Takeover Of Donald Duke’s Property Over N537m debt

The Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over an Ikoyi, Lagos property of a former governor of Cross River State, Mr Donald Duke, over an alleged debt of N537,334,360.77.

The court made the takeover order in an August 8, 2019 ruling by Justice Chuka Obiozor.

The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA.

Listed as first to third defendants were Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.

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The applicants had prayed the court for “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”

They 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).”

2 Comments

2 Comments

  1. Pingback: Donald Duke Begs For Out-of-court Settlement With AMCON Over N537m Debt - Organicarticle

  2. Pingback: Just 3 Months, Ihedioha Is Building Houses And Hotels In His Village - Okorocha - Organicarticle

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