AMCON takes Over Cadogan, Alexander Miller Estates - Full Gist News


Saturday, 17 June 2017

AMCON takes Over Cadogan, Alexander Miller Estates

The Asset Management Corporation of Nigeria has taken over Cadogan and Alexander Miller Estates owned by a subsidiary of UACN Property Development Company Plc.

AMCON took over the Estates following an order of perpetual injuction nullifying the sale of the Land .

The Court order was granted by Justice Abisoye Bashua of a Lagos High Court situated in Ikeja .

Justice Abisoye nullified the sale of a parcel of land in Lekki, Lagos to UACN Property Development Company Plc by Knight Rook Limited.

Justice Abisoye Bashua declared the sale null and void, in his judgment, following a legal action filed
against the two defendants by Grant Properties Limited and Fibigboye Estates Limited over the rightful owner of the contested property.

The court also awarded N20 million general damages against the 1st defendant (UACN) for depriving the claimants of the peaceful and quiet enjoyment of the property as well as N300, 000 cost.

In his decision, the judge declared that: “The deed of assignment assigning 2.4321 hectares of land within Igbokushu village, Eti-Osa local government area, Lagos within the Victory Park Estate to the 1st defendant is null, void and of no effect.

“An order is made nullifying the deed of assignment purportedly executed by Knight Rook Limited in favour of UACN Property Development Company Plc., covering 2.4321 hectares of land within Igbokushu village, Eti-Osa local government area, Lagos within the Victory Park Estate.

“An order of perpetual injunction is hereby made restraining the 1st defendant, its servants, agents and/or privies, successors-in-title and assigns, including anyone acting for or on their behalf from further encroaching or trespassing on the parcel of land, measuring approximately 50.349 hectares situate at Igbokushu village, behind Okunnu Housing Estate, Lekki Peninsula Scheme 11, Government Estate, Eti-Osa area of Lagos known as Victory Park Estate and covered by certificate of occupancy dated December 6, 2002 and registered as No. 28 at page 28 in volume 2003c in the land registry.”

The judge also dismissed the counter-claim by the 2nd defendant affirming that it validly sold the property to the 1st defendant. “The counterclaim of the 2nd defendant/counterclaimant is contradictory, inconsistent and not cogent and lack any evidential value and it is hereby dismissed in its entirety,” he held.

The case of the claimants was that the 2nd defendant is the owner of the land at Victory Park Estate. The claimants obtained load facility from four banks and as security and in lieu of execution of legal mortgage, claimants transferred its shares in 2nd defendant to the four banks with agreement to transfer back the shares upon liquidation of the loan.

A memo of understanding was executed, which incorporated the relationship between the claimants and the four banks. The project implementation committee vested with the control of the Estate did not sell any portion of the land but one Yemi Adeola and Justina Lewa executed a deed of assignment to the 1st defendant after the banks have transferred the debt to Asset Management Company of Nigeria (AMCON).

As at this morning, Officials of AMCON has reportedly taken over the Estate and has marked strategic positions with red inscriptions stating the take-over.

At the time of report, Residents were seen gathering in clusters discussing their plight as some marched in direction of the Office of the Estate Management to know the present condition and how it affects them as Residents.

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