Asset Management Corporation of Nigeria (AMCON) has confiscated Sigma Apartments due to failure of its owners, Sigma Engineering & Construction Limited to refund N1 billion bank debt.

This follows the order granted to AMCON by Hon. Justice B.F.M. Nyako of the Federal High Court Abuja Division.

In statement disclosing this development, AMCON stated: “Sigma Apartment is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria. The order came on the application of AMCON after the corporation exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.

“The promoter of Sigma Apartments and his directors have had running battles with AMCON over their inability to settle the huge debt of over N1billion. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters have remained recalcitrant, thus pushing AMCON to seek legal solution to the issue. Accordingly the corporation appointed Mr. Babatunde Alabi as the Receiver Manager to take immediate possession of the expansive property situate at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory, FCT, Abuja.

“In compliance with the court order, and with the support of the  Inspector General of Police, and his deputies as well as the court Bailiffs, AMCON through its Receiver, Mr. Babatunde Alabi took possession of the assets of Sigma Apartments, its right and in compliance with lawful authority.”