N924m Loan: Court Freezes Nwankwo Kanu’s Bank Accounts


Following his alleged failure to pay back a debt of N924,788,754.56, a Federal High Court in Lagos has ordered that all accounts belonging to former captain of the Super Eagles of Nigeria, NwankwoKanu in all commercial bank in the country should be frozen.

Apart from Kanu others affected by the order given by Justice OkonAbang are is company, The Hardley Apartments and a Director of the company, Ayoola Gam-Ikon.

Their account are to remain frozen pending the hearing of a debt recovery suit filed against them by the Asset Management Corporation Of Nigeria (AMCON).

In an affidavit filed in support of the suit and sworn to by a Credit officer in the Directorate of AMCON, Victor Igabor, the deponent averred that sometime between May, 2008 and 10 January, 2011 Skye Bank offered The Hardley Apartments, which is engaged in business of hospitality and located at Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos, a loan of N520,457,000.


The loan was secured by a mortgage on the company’s three blocks of forty accommodation units with estimated open market value of N395 million as well as unconditional personal, joint and several guarantee of Ayoola Gam-Ikon and NwankwoKanu.

The defendants failed to repay the loan with the accrued interest despite repeated demands, consequent upon which Skye Bank Plc assigned the defendants indebtedness in the sum of N558,313,905.37 as at 1 April, 2011 to AMCON as a toxic bank asset in line with the establishment objective of AMCON.



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