Court freezes Nwankwo Kanu's accounts over unpaid N924m loan

A Federal high court in Lagos, has ordered that all accounts belonging to Nwankwo Kanu and his company, The Hardley Apartments, be frozen pending the hearing of a suit file against them. This was done in a
bid to recover a debt of N924m. Also affected by the order is a Director of Hardley Apartment, Ayoola Gam-Ikon.

The order was as a result of a debt recovery suit filed by Asset Management Corporation Of Nigeria (AMCON) against the duo. The Court heard that sometime between May, 2008 and January 10, 2011, Skye Bank Plc offered The Hardley Apartments, engaged in Hospitality business located at Plot 46 Waziri Ibrahim Crescent, Victoria island, Lagos, a loan of N520m.

The loan was secured by a mortgage on the company’s 3 blocks of 40 accommodation units valued at N395m, as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and Nwankwo Kanu. They however failed to repay the loan with the accrued interest despite repeated demands, consequent upon which Skye bank Plc assigned their debt of N558m as at 1st April, 2011, to the AMCON as a toxic bank asset in line with the establishment objective of AMCON

Their debt as at the 15th October 2015 stood at N924m representing principal and interest, while interest is still running. The court ordered that AMCON shall, in the interim, possess all the movable and immovable properties known as Plot 46 Waziri Ibrahim Crescent, Victoria Island, Lagos. All their accounts were also frozen pending the hearing of the suit. They have admitted their indebtedness…. I know Kanu will still make us proud regardless…..