AMCON Takes Over Alesh International Hotel Over Unpaid Debt

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A Federal high court sitting in Lagos south west Nigeria has granted Asset Management Corporation Of Nigeria an order for interim possession of property of a lagos socialite Chief Rilwan Aleshinloye , known as and called Alesh Hotel International limited situate at 1 Alesh Hotel Road, off Lekki -Epe Expressway Ajah,in Eti -Osa local Government Area of Lagos State, which serves as collateral security in favour of AMCON for credit facility currently stood at N187,320,131.06

The presiding judge Saliu Saidu, also issued an interim order restraining,Chief Rilwan Aleshinloye, and his agents, shareholders or other legal representatives from selling, disposing or otherwise dealing with the aforesaid property pending the hearing and determination of the substantive suit, while the Assistant Inspector General of Police Zone two has been ordered to ensure to provide adequate security and protection for the document server of the court or any officer assigned by the court to enforce the orders of the court.

It was further ordered that in the interim funds standing to the credit of the defendants in the sum of N187,320,131.06  in seventeen commercial banks in Nigeria are also to be attached

The order of the court was sequels to an application filed before the court by Asset Management Corporation of Nigeria  to recover a debt  of N187,320,131.06 Asset Management Corporation of Nigeria AMCON had dragged the Lagos Socialite Chief Rilwan Aleshinloye and his hotel,Alesh International Hotel to court over unpaid debt.

In an affidavit sworn to by the officer of Credit Directorate of AMCON and filed before the court, it was alleged that sometime in 2008,Alesh International Hotel applied for and was granted N100milion  loan by Platinum Habib Bank Plc, the loan was fully utilized and secured by legal mortgage by the Alesh International Hotel situate at 1,Alesh Hotel Road, Lekki -Epe Expressway, Ajah, Eti -Osa Local Government Area of Lagos State. The corporate Guarantee was executed in favour of the company signed by Chief Rilwan Aleshinloye, who is the Chairman /Chief Executive of Alesh Hotel International  Limited.

The loan became due and payable, but due to the persistent failure of the defendant to liquidate its indebtedness, the bank call in the facilities and served respective demand letters on the defendants for immediate payment of the outstanding debt, however the defendant failed and refused to liquidate its indebtedness.

In order to savage the situation, by a loan purchase agreement, Platinum Habib Bank Plc assigned the debt portfolio to AMCON to recover.

The defendants  outstanding indebtedness to AMCON stands in the sum of N187,320,131.06. as at 31st January, 2018.

Justice Saidu has adjourned till 24th of September, 2018 for hearing.

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