Former Kwara State Governor Abdulfatai Ahmed described the takeover of his lavish residence in Ilorin by AMCON on N5b debt as unnecessary.
Reacting to the development through his media assistant, Wahab Oba, in Ilorin on Wednesday, Ahmed said that “the takeover of Ilorin’s property by a lawyer claiming to represent AMCON was unnecessary and excessive because of the talks in progress to resolve previous transactions with two deceased. banks. “
In a statement to Ilorin, Ahmed clarified that “the dispute was based on a margin loan he obtained from Intercontinental Bank and Finbank in 2009 for the purchase of shares, which was subsequently bundled with unbound loans obtained by others “.
He explained that the banks held the shares as collateral to sell and collect the loans in the event of default.
“The banks passed the loans to AMCON, instead of selling the shares to recover the loan amount,” he added.
Ahmed said he was in talks with AMCON to separate responsibilities ahead of the attorney’s overzealous conduct, although he knew the loan amount was in dispute and reconciliation talks were underway.
He is firmly committed to honoring any outstanding obligations once the loans have broken down.
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