Business Hilights
Tracking Nigeria's Headline Business News Online

Just in: Lekki estates’ union, LERSA, seeks AMCON justice on Victory Park, others

Lead union of highbrow residential estates’ within Lekki axis of Lagos State, under the aegis of Lekki Estates Residents and Stakeholders Association (LERSA), the umbrella body of Residents Associations of over 77 gated Estates from 1004 Estate area down to Epe, have reacted to the recent confusion orchestrated on Residents and Property Owners in Lekki.
The body is therefore calling on the Asset Management Corporation of Nigeria (AMCON) to act responsibly and uphold the tenets of justice and equity in its overall conduct.
A statement signed by Olorogun James Emadoye and Gbemi Adelekan, President and Secretary respectively, LERSA condemned the inhuman treatment of homeowners who are still being thrown out of their homes in Victory Park Estate and Goshen Beach Estate and other Estates in Lekki by AMCON, heavily armed policemen and a group of fiercely looking unidentified armed men.
LERSA noted that “Several families have been forced out of their homes with mothers and children left out in the heavy down pour of rain with little or no notice at mid-day when most Residents were out for work.
Accordingly, the union of estates is urging AMCON to recognize the property of home & land owners in Victory Park, Goshen Beach Estates and other developments in Lekki, who purchased their properties without any encumbrances known to law titles, and to stop inflicting unnecessary heartache and hardship on the innocent owners and residents.

Victory P Estate
View of Victory Park Estste, Lekki

LERSA reiterated the fact that residents and property owners in the affected Estates bought into gated Estate Schemes like most estate development Schemes in the Lekki axis of Lagos State, noting that “These properties are widely publicized, and in the case of GOSHEN Beach Estate, the sale was a joint venture between the developer and Lagos State Development & Property Corporation thus giving comfort and confidence to would be subscribers/buyers that they are credible and the titles are free from any encumbrance.”
“It is appalling and devastating to buy into a State Government sanctioned transaction only to have homes and life sustaining facilities like sewage treatment, borehole and recreation area forcibly sealed up almost twenty years after purchase.

ISPON Emadoye
President of LERSA and ISPON, Olorogun James Emadoye

“In view of the current circumstances of some of our Estates with AMCON, it is the opinion of LERSA that the right and equitable thing for AMCON, which is a Government Agency to do, is to go after the assets of Developers who are the loan defaulters and not prey on soft targets that are innocent citizens, who are bona fide purchasers for value, without notice of any encumbrances known to law. The enabling law establishing AMCON stipulates that AMCON Receiver Managers shall take over receivership of properties of judgement debtors subject to existing encumbrances.
“It would be recalled that residents and property owners of Victory Park Estate and Goshen Beach Estate who bought their lands and built their homes in the Estates, have suddenly become soft targets of AMCON for the recovery of bad debts. The affected residents and property owners who are members of LERSA are the owners of their properties and have duly paid for by them and therefore have no relationship whatsoever with AMCON.
The estates’ union further averred that “Any banker who accept common estate facilities such as waterworks, road network, general service infrastructure and so on as collateral for loan will need to re-examine his/her qualifications as a banker.

Muiz Banire (SAN)
Muiz Banire (SAN), Chairman of AMCON

LERSA also rejected in its totality, the current situation whereby AMCON has appointed a receiver for properties, which has been bought and paid for, by individual Nigeria citizens rather than go after the judgement debtor, describing the move as appalling the fact that AMCON only came after innocent citizens, as soft targets, after the demise of the developer who is their banks customers. It noted that its members within the affected Estates properly acquired and paid for fully for their properties without any caveat and or encumbrances.
LERSA made it clear that “the use of brute force with the help of unidentified armed men to invade, intimidate and force out; law abiding citizens from their homes by any Government Agency, insisting that such despicable conduct should be strongly condemned and not be allowed to thrive in our democracy”.

Victory Park Gate
Entrance gate of Victory Park Estate, Lekki, Lagos State

Troubled had started when AMCON, on Tuesday, June 25, 2019, sealed Victory Park Estate in the enforcement of a court judgment issued by a Federal High Court in Ikoyi, claiming it took possession of the luxurious estate having been used as collateral in multiple banks by its owners.
Business Hilights gathered that AMCON had earlier notified residents of the estate of the court judgment and its plan to take possession in a statement, saying “AMCON hereby notifies all Occupiers, Residents and all persons laying claim to any portion of land comprised within the Victory Park Estate, Lekki, Lagos that on 3rd June 2019, the Court of Appeal (Lagos Division) in the Appeal No: CA/L/146/18 dismissed the appeal filed by Rev Olajide Awosedo against the Judgment of the Federal High Court delivered on 3rd October 2017 in the Suit No: FHC/L/CS/744/17 – AMCON v. Knight Rook Limited & Ors, by which a judgment sum of c. N12,966,510,191.00 was cumulatively awarded in favour of AMCON against Knight Rook Limited, Grant Properties Limited, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Limited, which Judgment also specifically foreclosed the Defendants’ right to the assets of Knight Rook Limited comprised within Victory Park Estate, Lekki, Lagos, among other assets, in satisfaction of the Judgment, which Judgment has been executed by AMCON.”
The Statement further directed all persons affected by the Judgment and enforcement to contact AMCON through its Solicitors or its Receiver/Manager.
Considering the horrible experience of the estates’ house owners, LERSA is therefore calling President Mohammadu Buhari, Vice President Prof. Yemi Osinbajo, the Governor of Lagos State, Mr Babajide Sanwo-Olu, the Inspector General of Police, Mohammed Adamu, the Chairman of AMCON, Mr Muiz Banire (SAN) and the Managing Director of AMCON, Lawan Kuru to intervene in the matters of Victory Park Estate, Goshen Estate and any other Estates in Lekki to ensure that innocent Nigerians are not deprived of their homes and properties.