Written by Bede NNAJI

Kanu goes bankrupt, court freezes his accounts

Owing to the directives of a Federal High Court in Lagos that all accounts belonging to former Super Eagles Captain, Kanu Nwankwo and his company, The Hardley Apartments should be frozen, the former Arsenal of England striker is about facing hard times.

The order of the court was as a result of a debt recovery suit filed by Asset Management Corporation of Nigeria, AMCON, against Kanu.

In an affidavit sworn to by a credit officer in the directorate of AMCON, Victor Igabor, the deponent, said that sometime between May, 2008 and January, 2011, Skye bank offered The Hardley Apartment a loan of N520,457,000.

The loan was secured through 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 Kanu Nwankwo.

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

The presiding judge Okon Abang, while acceding to the request of AMCON, ordered that in the interim, AMCON should possess all movable and immovable properties of Hardley Apartments situated at plot 46 Waziri Ibrahim Crescent, Victoria Island, Lagos.

Going by the loan and interest it has accrued, Kanu should be ready to cough out a total of Nine hundred and twenty four million naira to clear himself from this mess.

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