Indebtedness: AMCON takes over Mustasons Guest House

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’Femi Asu

The Asset Management Corporation of Nigeria announced on Thursday that it had taken over Mustasons Guest House Limited in Lagos after receiving an order from the Federal High Court Lagos Division.

A statement signed by the corporation’s Head, Corporate Communications, Jude Nwauzor, said Justice Babs Kuewumi of the Federal High Court Lagos Division granted an injunction against Mustasons Guest House on Ajose Adeogun Street in Victoria Island, Lagos on the application of AMCON.

It said the court order also restrained the promoter of Mustasons Guest House, Alhaji Mustapha Wushishi, from the assets and properties of the guest house and another property situated at Plot 1111B, Amichi Close, Victoria Island, Lagos.

Wushishi and Mustasons Guest House have been in court with AMCON over huge indebtedness of nearly half a billion naira, according to the statement.

AMCON said, “Justice Kuewumi, the presiding judge, while granting the order on the application of Mr. Idowu Ibrahim, counsel to AMCON, restrained Mustasons Guest House Limited and Alhaji Wushishi, their directors, staff, management, employers, agents, officers, privies or any other person or group of persons whatsoever under the respondents’ authority or any other authority (however derived or sourced) from tampering with, selling, leasing, removing from the jurisdiction of the court or dealing in whatsoever manner with the respondents’ assets/properties situate at Mustasons Guest House Plot 91, Ajose Adeogun Street, Victoria Island Lagos and Plot 1111B, Amichi Close, Victoria Island respectively owned by the respondents.”

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It said the court, therefore, granted AMCON (claimant/applicant) the powers to take possession of the assets/properties of Mustasons Guest House and Wushishi as listed in the order paper.

It said, “Justice Kuewumi also ordered the freezing of all the identifiable and/or traceable accounts of the respondents either current, savings, fixed deposit, domiciliary, howsoever tagged with various banks and financial institutions both in Nigeria and abroad and a consequential order, mandating all the banks and financial institutions to furnish AMCON (through its solicitors) details of the respondent’s accounts domiciled with them within seven days of the service of the court order.”

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