N136M Debt: Court Orders Seizure Of Sen Victor Umeh’s Assets

N136M Debt: Court Orders Seizure Of Sen Victor Umeh's Assets

The Federal High Court in Abuja has ordered the seizure of assets belonging to the Senator representing Anambra Central, Victor Umeh, over his failure to pay off about N136 million debt.

The debt was said to have accrued from a loan he obtained from the defunct Skye Bank Plc in 2008.

Delivering the judgment, Justice Inyang Ekwo, held that evidence that was adduced before it by the Asset Management Corporation of Nigeria (AMCON) showed that the lawmaker took a loan of N23,250,000.00 from the defunct bank to invest in shares in 2008.

AMCON told the court that it later acquired the unpaid debt when Skye Bank Plc became unsuccessful in making Umeh to pay back the loan, which it said stood at N135,722,303.40k as at April 2011.

AMCON prayed the court to compel the defendant to pay his loan debt.

Delivering judgment in the suit marked, FHC/ABJ/AMC/12/2022, Justice Ekwo stressed that Umeh failed to file any defence before the court, even though he was duly served with the processes.

“It is to be noted at this point that the defendant, upon being served, failed to enter a defence in this case,” the judge said.

“It is trite law that the net effect of the failure of a defendant to file pleadings is that the assertions of the claimant in his pleadings stands unchallenged and are deemed admitted and established.”

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