The Assets Management Company of Nigeria (AMCON) has seized the Akure private residence of the pioneer State Chairman of APC in Ondo State and also a governorship aspirant of the party, Hon. Isaac Kekemeke.
A reliable source revealed that the huge debt owed a leading commercial bank by Kekemeke became a non-performing loan when it was not serviced for a number of years. According to the source, non-performance of the hugely accumulated debt had necessitated the transfer of the debt to AMCON by the concerned commercial bank.
Moreso, the source added that AMCON is also considering the take over of more than 100 plots of land belonging to Kekemeke along Oba-Ile road, beside Jojein Hotel in Akure. It was also revealed that the immediate take over of the land by AMCON appears the only way out for the former Ondo State APC Chairman in view of the enormity of the total accrued debt.
However, different legal opinions have been given on the recent move of AMCON against Kekemeke; who is also contesting for the governorship position of Ondo State on the platform of APC. An Akure based lawyer who pleaded anonymity said Kekemeke could still not be considered bankrupt in the eye of the law. Although, he emphasized that Kekemeke could as well be considered a technically insolvent person for now.
Meanwhile, the lawyer reiterated that the Nigerian constitution did clarify that a bankrupt person cannot contest any elective position. He also added that anyone that is pronounced bankrupt by a court of competent jurisdiction could no longer occupy any position of trust. He was however quick to add that being insolvent was not the same as bankruptcy.
The lawyer however opined that it was not morally improper for any individual who appeared to have failed in the management of his personal finance to still aspire to preside over the management of the finance and resource of an entire state.