News
Fmr Kwara gov, Ahmed, battles to retrieve property confiscated by AMCON for loan default
Former Governor Abdulfatah Ahmed of Kwara State has intensified battle to retrieve his property confiscated by AMCON for default in repayment of loan. The former governor protested that the confiscation of his property in Ilorin by AMCON through its lawyer, was unnecessary and overzealous. He maintained that he is still having discussions to settle transactions with two defunct banks.
Governor Ahmed in a statement by his Chief Press Secretary, Wahab Oba, noted that the matter is centred on a margin loan secured from Intercontinental Bank and Finbank in 2009 to purchase shares, but the loan was then joined with unrelated loans obtained by others.
Ahmed stated that the shares were collateral which the banks held and could sell them to recover the loans in the event of a default.
The former governor argued that the banks passed the loans to AMCON instead of selling the shares to recover the loan.
He protested that he is in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct, as the loan amount was in dispute and reconciliation talks were ongoing.
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