AMCON RELEASES LIST OF DEBTORS

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On Monday, October 22, 2018, the Asset Management Corporation of Nigeria (AMCON) released the list of debtors it claimed have failed to negotiate successfully with the corporation.

The list, contains about 105 names, and was released months after the asset management company said it would need the support of other relevant agencies to ensure that obligors pay up their debts.

The managing director and chief executive of AMCON, Ahmed Kuru, had in July promised to publish the list of delinquent debtors and directors who have failed to reach or refused to reach settlement resolution with the corporation.

Kuru had said after failed negotiations that AMCON would name, shame and embark on take-over of properties of delinquent debtors.

Top on the list published by AMCON is Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, with its current exposure put at 115 billion naira.

It was followed by NICON Investments Limited owned by Jimoh Ibrahim, with 59 billion naira exposure; Bi-Courtney Limited owned by Wale Babalakin, with over 40 billion naira; Joseph dam & Sons Limited owned by the Kuteyi family with 39 billion naira exposure; and Tinapa Business Resort of Cross River State Government, with 30 billion naira exposure.

The name of a former minister of power, Barth Nnaji, appeared alongside others as main promoters of Geometric Power which owes 29 billion naira. Babalakin, once again, was named as the main promoter of Roygate Properties, which owes over 28 billion naira. Similarly, Shell Development Petroleum Company, promoted by Shell Staff, had its exposure put at 26 billion naira.

Former governor of Enugu State and Peoples Democratic Party Enugu East Senatorial Candidate, Chimaroke Nnamani, also appeared on the list with a debt of 42 billion naira owed to AMCON under the names of Iorna Global Resources, Sammy Beth Interbiz Limited, Camden Resources Limited, Riverside Logistics Limited and Rainbownet Limited.

The Olofa of Offa, Gbadamosi Muftau, was also named with a debt of 12 billion naira under Zarm Stores Limited just as a former CEO of Intercontinental Bank, Erastus Akingbola, was named with over 10 billion naira exposure under the company Octopus Trust Nigeria Limited.

Also on the list of debtors is Buruji Kashamu, a senator, who reportedly owes the corporation 13.015 billion naira. A former governor of Plateau State, Joshua Dariye, is also on the list. According to the list, the former governor who is currently serving a 14 year jail term for corruption charges owes AMCON 6.8 billion naira.

Usman Nafada, a senator who is presently gunning for the governorship seat in Gombe seat under the platform of the People’s Democratic Party (PDP), also had his name on the list with over 400 million naira exposure.

AMCON in its release said it published the names pursuant to its statutory mandate and in compliance with a CBN directive, having exhausted all avenues of ensuring that the debtors propose acceptable resolution terms. The corporation said:

“Nevertheless, the Corporation is still open to amicable resolution of these debt within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debt”.

The list is expected to generate controversy as at least one of the named debtors, Babalakin’s Bi-Courtney, has denied owing AMCON.

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