The eviction was carried out on August 15, 2025, by bailiffs of the Federal High Court, following a ruling by Justice Ambrose Lewis-Allagoa.
The property, originally owned by a family, had been sold to Ali Baba in 2021 by the Asset Management Corporation of Nigeria (AMCON) for ₦220 million. AMCON claimed that the former owner, Harold Expansion Industries, was indebted to Bank PHB (now Keystone Bank) to the tune of over ₦617 million. The company denied owing such an amount, arguing that the loans in question had been restructured and partly repaid.
In court, Justice Lewis-Allagoa held that AMCON failed to establish the debt because it did not provide crucial evidence such as the company’s statement of account. The judge also noted that AMCON did not respond to the counterclaim, which the court interpreted as having no defence.
As a result, the court reversed the sale of the property and ordered that it be returned to the original owner’s family. In addition, ₦500 million in damages was awarded against AMCON.
Ali Baba purchased the property while the case was still pending in court, despite an existing order that it should not be sold. With this ruling, he has lost both ownership of the property and possession of the studio space used by his company.
In court, Justice Lewis-Allagoa held that AMCON failed to establish the debt because it did not provide crucial evidence such as the company’s statement of account. The judge also noted that AMCON did not respond to the counterclaim, which the court interpreted as having no defence.
As a result, the court reversed the sale of the property and ordered that it be returned to the original owner’s family. In addition, ₦500 million in damages was awarded against AMCON.
Ali Baba purchased the property while the case was still pending in court, despite an existing order that it should not be sold. With this ruling, he has lost both ownership of the property and possession of the studio space used by his company.
Why incurred such property?
ReplyDeleteWife used inside connection as ED of Bank PHB (in connivance with Kuru of AMCON) and fraudulently "dashed" her husband a prime property (twin duplex) in VI of the bank's customer worth over N600million then, for only N200million. These are the same people abusing politicians and public servants as corrupt people. Most Nigerians are evil, wicked and corrupt - it is only opportunities to steal that they don't have.
Delete17:20 that's insider abuse if truly his wife did such.
DeleteIt's fraudulent.
I was thinking "what kind of house is sold for #220m in VI?"
DeleteNow I know.
Chai. So sorry Ali Baba.
ReplyDeleteBuying a property with court case is dicey, he should have waited it out.
Ok nah, why buy a property that has a pending issue in court?
ReplyDeleteWill they refund his 220 million.
I doubt they'll refund the money.
DeleteThe backdrop story is distasteful 🙄🙄🙄
ReplyDeleteWhat a pity. If it's too good to be true, scrutinize it well. Will AMCON repay him back his money?
ReplyDeleteBut How He He Purchase Such Property when The Case Is Still In Court..Na Wooo..
ReplyDeleteHello iya Boys
He should have done due diligence.
ReplyDeleteWhich due diligence? They should check their Ikoyi home too.
DeleteThis is how Bankers own properties all over Lekki and Magodi G.R.APeople's sweat.
One bv here dropped this on a post. They know the 411
ReplyDeleteYeah, something about the bank in question being where the wife worked and through some shady manipulation, the original loan shooting up. I think the BV also mentioned it leading to HBP related death of the original owner of the property.
DeleteAn all round sordid mess.
Chai
ReplyDeleteso sorry Ali Baba
So sorry, for what? Ali Baba, his wife and relevant AMCON staff should be in jail, if Nigeria were a sane country.
DeleteThis is so sad.
ReplyDeleteHe should have waited for the case to be completed. Now he last both ways.
ReplyDeleteSince he knew about what was happened, why proceed to get it?
ReplyDeleteI doubt that he will get his money back.
I'm glad the courts reversed the injustice against the family even if their patriarch is no more.
ReplyDeleteSo sad. I wonder why he didn't make proper inquiries before purchasing it
ReplyDelete