TheCable

Ademola Seriki, ambassador-designate to Spain, has settled his N1 billion debt with the Asset Management Corporation of Nigeria (AMCON).

AMCON, on Tuesday, said Seriki, a former minister of state for defence, has collected his letter of non-indebtedness after fulfilling his obligation.

In 2019, AMCON had seized properties belonging to Seriki over debts totalling N1 billion.

Some of the affected properties include those located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

At the time, the corporation said the case ended up in court because all efforts made to have the issue resolved peacefully did not yield the desired result.

Jude Nwauzor, AMCON’s head of corporate communications, noted that Seriki negotiated with the corporation over the debt and both parties agreed on a settlement term, which has been fulfilled.

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