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Stats: 515,921 members, 38,233 Topics. Date: September 20, 2019, 3:39 pm

Donald Duke Loses Ikoyi Home Over Alleged N540m Debt

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A Federal High Court sitting in Lagos has ordered the Asset Management Corporation of Nigeria, AMCON, and United Bank for Africa to take over an Ikoyi, Lagos property of former governor of Cross River State, Mr Donald Duke, over an alleged N537,334,360.77 debt.

According to Vanguard, the order was pursuant to an ex parte application, brought before the court by AMCON and UBA.

The defendants in the suit are Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.

The applicants had prayed the court for “An order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”


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Daily Post Nigeria
Daily Post Nigeria

NEWSDonald Duke loses Ikoyi home over alleged N540m debtPublished on August 21, 2019 By Chijioke Jannah



A Federal High Court sitting in Lagos has ordered the Asset Management Corporation of Nigeria, AMCON, and United Bank for Africa to take over an Ikoyi, Lagos property of former governor of Cross River State, Mr Donald Duke, over an alleged N537,334,360.77 debt.

According to Vanguard, the order was pursuant to an ex parte application, brought before the court by AMCON and UBA.


The defendants in the suit are Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively.

The applicants had prayed the court for “An order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”


They urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the Asset Management Corporation of Nigeria Act 2010 (as amended).”

They also prayed the court for an interim Mareva Injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

However, Justice Chuka Obiozor granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever, dealing in any manner or interfering with the applicants’ possession” of the ikoyi properties.

The judge ordered AMCON and UBA to ensure service of substantive originating processes on the respondents within 20 days of the making of the order and adjourned further hearing in the case till September 2, 2019.


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Tanks very very very very much for that post u just post now I lovevit

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Olamide
That's a huge amount of debts 54o millions of naria

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[ @Oluwaseun: ] Tanks very very very very much for that post u just post now I lovevit

lovely

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Mission to fight corruption in the country.

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Tanks very much for that updating I love that

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Olamide
The debt is too much, how is he going to pay this

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Danga
That is loan for u y will u take money u can not pay

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I love earn money online, that why I joined refer. ng I just hope they will pay me, I put my trust in them.

[ @Oluwaseun: ] Tanks very very very very much for that post u just post now I lovevit

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That is the issue with loan. He needs to pay his debt

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We must learn to stop envying people because of what they are flaunting. Most of these guys are heavy debtors, buying Cars and houses with borrowed money

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Tanks very very very very much for that post u just post now I lovevit [/quote]

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All this big men na so them day owe big debt o

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So pity to loose infact

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Mission to fight corruption in the country.

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A Federal High Court sitting in Lagos has ordered the Asset Management Corporation of Nigeria, AMCON, and

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[ @Horlamiwale: ] That's a huge amount of debts 54o millions of naria

the debt is too much. .

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That is a goid one from that end

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To the former president of cross river state mr donald duke,i say sorry as problems like this do some times occur.

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Nawa for politicians o

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They should continue seizing on till they've recover what was stolen.

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According to Vanguard, the order was pursuant to an ex parte application, brought before the court by AMCON and UBA.

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Donald Duke of all people.

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United Bank for Africa to take over an Ikoyi, Lagos property of former governor of Cross River State,

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They told the court that the property was mortgaged by Duke

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debt up to that tune of money that is too much o how did he get into that.

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critics are bad,analysis open the eye of critics but constructive critics sees vision
he will surely loose I know that already no problem any way

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What a huge debt. Did he get it to finance his presidential ambition?
God help my guy.

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So Donald you too has joined them

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Mr governor this money is too much

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it is quite unfortunate that after every thing this guy is indebted to the tone of that amount

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