Immediate past Governor of Kwara State, Alhaji Abdulfatah Ahmed, has said the reported take over of his Ilorin property by a lawyer claiming to represent the Asset Management Company of Nigeria was unnecessary.
He said the action was overzealous as there were ongoing talks to resolve previous transactions with two defunct banks.
In a statement by his media aide, Wahab Oba, Ahmed said that the dispute was based on a margin loan he secured from Intercontinental Bank and Finbank in 2009 for the purchase of shares which was then lumped with unrelated loans obtained by others.
Reacting to the video ostensibly showing the takeover of his residence, Ahmed through the statement explained that the banks held the shares as collateral to sell and recover the loans in the event of a default.
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