Former Kwara Governor Abdulfatah Ahmed has described the take over of his Ilorin property by a lawyer purportedly representing AMCON as unnecessary and overzealous.
He said talks were ongoing to resolve previous transactions with two defunct banks.
Ahmed’s media aide Wahab Oba clarified that the dispute was based on a margin loan he secured from the defunct Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with unrelated loans obtained by others.
Reacting to a viral video depicting the takeover of his residence by an individual who claimed to represent the company, Ahmed explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.
Instead, he said, the banks passed the loans to AMCON instead of selling the shares to recover the loan amount.
He said he was in talks with AMCON to separate the liabilities before the lawyer’s overzealous conduct despite knowing the loan amount was in dispute and that reconciliation talks were ongoing.
The former Governor gave a firm commitment to meet any outstanding obligations once the loans were disaggregated.
The Nation