The Federal High Court in Abuja has mandated the confiscation of assets belonging to Senator Victor Umeh, representing Anambra Central, due to his failure to settle a debt of approximately N136 million, stemming from a loan obtained from the now-defunct Skye Bank Plc in 2008.
Justice Inyang Ekwo, delivering the judgment, emphasized that evidence presented by the Asset Management Corporation of Nigeria (AMCON) revealed that the senator borrowed N23,250,000.00 from the defunct bank for share investments.
AMCON informed the court that it acquired the outstanding debt when Skye Bank Plc was unable to secure repayment from Umeh.
The debt amounted to N135,722,303.40k as of April 2011.
Seeking redress, AMCON urged the court to compel Senator Umeh to settle the outstanding loan.
In the case with reference FHC/ABJ/AMC/12/2022, Justice Ekwo highlighted Umeh’s failure to file a defense despite being properly served with the legal documents.
The judge clarified that when a defendant neglects to submit pleadings, the claimant’s assertions remain unchallenged, deemed admitted, and established.
