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AMCON, Aeroland Travels boss, trade allegations over N1.8 billion debt

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Segun Adewale 1

The Asset Management Corporation of Nigeria (AMCON) and the owner of Aeroland Travels Limited, Mr Segun  Adewale are currently trading allegations over an alleged N1.8 billion the former claimed the Lagos-based politician is owing.

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.

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 Penisula among others.

What AMCON is saying about the debt

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 properties include those 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. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Penisula.”
  • 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

Aeroland Travels boss reacts

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.

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 exparte order to seal his property.

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