How property company incurred 'N22bn' debt after proprietor's failed guber bid

How property company incurred 'N22bn' debt after proprietor's failed guber bid

- The Asset Management Corporation of Nigeria (AMCON) and a new generation bank were recently accused of illegal sale of lands

- The land is said to belong to an indigenous real estate development company, Grant Properties Limited (GPL)

- New facts emerging indicates that GPL might have ran into troubled waters due to the actions by its principal, Olajide Awosedo

- His company is said to be indebted to several banks to the tune of about N22 billion

The Asset Management Corporation of Nigeria (AMCON) and a new generation bank were recently accused of illegal sale of lands owned by an indigenous real estate development company, Grant Properties Limited (GPL).

New facts emerging indicates that GPL might have ran into troubled waters due to the actions by its principal, Olajide Awosedo.

Reacting to initial reports indicting AMCON, sources who spoke to NAIJ.com say Awosedo was the promoter of Knight Rook Limited (owners of GPL), which is currently under receivership; owing to debts owed the AMCON.

How Grant Properties incurred 'N22billion' debt after Awosedo’s failed guber bid

AMCON boss, Ahmed Kuru and his team are always at loggerheads with politicians used to the status quo which is being challenged by the agency

READ ALSO: N3.2billion fraud: Court admits more evidence against Kalu

NAIJ.com gathered that over 80% of bad debts are owed by a few Nigerian elite, who deploy huge resources to avoid repaying the debt.

One of such debtor is GPL owned by Awosedo who is a high ranking chieftain of the Peoples Democratic Party (PDP) in Ogun state. The company is said to be indebted to several banks to the tune of about N22 billion.

The company’s financial problems was said to have started after Awosedo left the PDP for the Labour Party (LP), having failed to secure the Ogun state governorship ticket.

Awosedo proceeded to run in the 2007 governorship election against Otunba Gbenga Daniels in what is said to have been an unsuccessful capital intensive gubernatorial campaign.

Following his failed experiment with politics, his company was unable to repay its mounting debts, fueling concerns that the company’s funds, running into several billions borrowed at different times as bank guarantees from a consortium of banks were deployed to fund his failed ambition.

Awosedo has however denied that he used company funds for the failed election campaign in a public letter, but sources say this is far from the truth.

PAY ATTENTION: Read best news on Nigeria’s #1 news app

Grant Properties’ debts are said to come from unpaid loans relating to the development of about three estates in partnership with about seven banks.

Emerging details indicate that the company also owes about 4 banks and these debts have been subject to court cases, court judgments and eligible bank assets now acquired by AMCON.

In a recent letter written to AMCON, Awosedo confirmed that his company was owing several banks and AMCON but claimed he is not personally owing any of the banks.

Meanwhile, the Economic and Financial Crimes Commission on Thursday, November 23, arraigned Umar Munir Abubakar, Henry Ekhasomi Sambo, Sir Adebayo Adebowale Aderibigbe, Chief Richard U. Uche and Aderemi Adegboyega before Justice Silvanus Orji of the Federal Capital Territory High Court, Apo, Abuja.

NAIJ.com gathered that they were arraigned on a 26-count charge, bordering on conspiracy, abuse of office and illegal diversion of public funds.

Abubakar, a former managing director of Nigeria Social Insurance Trust Fund (NSITF), and co-defendants, some of who were former board members and current staff of NSITF, were indicted in a petition written to the EFCC by a concerned citizen, alleging that they have been abusing their positions by cornering public funds in billions.

READ ALSO: 13 improvement made under the Open Government Partnership initiative

What would you do if you mistakenly got a N100m alert? on NAIJ.com

Source: Naija.ng

Related news
Police arrest Nigerian woman with 187 bags of Indian hemp

Police arrest Nigerian woman with 187 bags of Indian hemp

Police arrest Nigerian woman with 187 bags of Indian hemp
NAIJ.com
Mailfire view pixel