AMCON: Ex-Minister, Ademola Seriki, Settles Debt


Mr Ademola Seriki, a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development has settled almost N1 billion debt of AMCON.

Following series of negotiations and eventual restructuring of his huge indebtedness by Asset Management Corporation of Nigeria (AMCON), former Minister of State for Defence and former Supervising Minister for Mines and Steel Development and current Nigeria Ambassador designate to Spain, Ademola Seriki, has fully settled his obligation with the Corporation and collected his letter of non-indebtedness.

Mr. Ademola Seriki

Recall November, 2019 that Mr Seriki’s non-performing loans obligation was sold to AMCON by the defunct Oceanic and Skye Banks. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain, After a review of the claims and counter-claims by the legal counsels representing all the parties, the court presided by Justice Chuka Austine Obiozor ordered AMCON to take over the two properties located in Lagos and Abuja.

When contacted, Head Corporate Communications AMCON, Jude Nwauzor confirmed that the former minister Mr Seriki negotiated with the Corporation and both parties eventually reached a settlement term, which has also been fulfilled.

“So, having met all conditions as agreed in the terms of settlement he (Seriki) is no longer indebted to AMCON,” Nwauzor explained.

He said the gesture shows even though AMCON may be in court with a good number of its obligors, the Corporation is ever ready to listen to the voice of reason especially for responsible debtors who genuinely wants to settle their debt amicably without going through a lengthy and unnecessary judicial process’ he concluded.

FirstBank Firstmonie
Dew of Hermon School


Please enter your comment!
Please enter your name here