Court orders seizure of Senator Umeh’s assets over N136m unpaid loan

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The Federal High Court’s Abuja Division has issued an order for the confiscation of assets owned by Senator Victor Umeh, who represents Anambra Central. This action stems from his inability to settle a debt amounting to approximately N136 million, which originated from a loan obtained from the now-defunct Skye Bank Plc in 2008.

In the verdict announced by Justice Inyang Ekwo, the court maintained that evidence presented by the Asset Management Corporation of Nigeria (AMCON) demonstrated that the legislator had taken a loan of N23,250,000.00 from the now-defunct bank for investment in shares.

AMCON informed the court that it subsequently acquired the outstanding debt after Skye Bank Plc struggled to compel Umeh to repay the loan, which had escalated to N135,722,303.40k by April 2011.

As a result, AMCON sought the court’s intervention to enforce the repayment of the loan by the defendant.

Justice Ekwo, delivering judgment in the case identified as FHC/ABJ/AMC/12/2022, emphasized that Umeh neglected to submit any defense before the court, despite being duly served with the legal documents.

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

“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.”