N1.8bn debt: Aeroland Travels boss, Adewale opens up

Owner of Aeroland Travels Limited, Segun Adewale has reacted to the N1.8bn debts he is owing leading to some of his properties being seized by the Asset Management Corporation of Nigeria (AMCON).

While AMCON has taken over assets belonging to Aeroland Travels and its directors over indebtedness of N1.8 billion he is owing Polaris Bank, Adewale on the other hand claimed that the bank had refused to grant him access to his N1.77 billion in the bank shortly after the 2015 Lagos West Senatorial Election.

Adewale accused AMCON of illegally sending policemen to seal his business premises over an alleged debt to Polaris Bank.

Adewale explained that he was surprised to see police officers invading the premises of his air travel agency located on John Olugbo Street, Ikeja, Lagos, on Friday, ordering him and his workers out over an allegation that he was owing the bank some money.

READ ALSO: Aeroland Boss fingers APC, AMCON on illegal invasion, sealing of his business premises

On the contrary, Adewale claimed that Polaris Bank had refused to grant him access to his N1.77billion in the bank shortly after the 2015 Lagos West Senatorial Election.

According to him, he took the bank to court in 2018 over his seized money and that neither the officials of the bank nor its lawyers appeared in court, only for them to accuse him of owing them and got an ex parte order to seal his property.

He said, “We will approach the court and the judge will see to the matter. They swore an oath and lied when they ought to pay me my money.”

On Friday, May 6, 2022, AMCON took effective possession of the nine properties as listed by the court through its debt recovery agent – Robert Ohuoba & Co. Some of them are situated at Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No. 4C Maye Ogundana Street, Magodo Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos, and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Peninsula among others.

In a statement issued by AMCON’s spokesperson, Jude Nwauzor, it stated that the possession was sequel to the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division.

It stated, “It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order of the court, AMCON put logistics together, and on Friday, May 6, 2022, took effective possession of the nine properties as listed by the court through its debt recovery agent – Robert Ohuoba & Co.

The statement added that the court also ordered the freezing of the bank accounts and shares of the company’s directors, including Mr Segun Adewale and Mrs Victoria Adewale.

It added that the court additionally granted AMCON rights to seize any other landed property in any other place that might be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.

According to Nwauzor, all the property as listed in the court order had been taken over by AMCON with the assistance of court bailiffs and other officials of the law.

“AMCON had purchased the non-performing loan of Aeroland Travels Limited from Polaris Bank (formerly Skye Bank) in 2018. Until the coming of the order of the court, all previous efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive, which was why the corporation resorted to the court for justice,” it added.