AMCON names Nigeria’s non-paying debtors; Ubah, Babalakin, Oloffa, Kashamu, others top list




The Asset Management Corporation of Nigeria (AMCON) on Monday released
the list of debtors it claimed have failed to negotiate successfully
with the corporation.

The list, which contains about 105 names, came 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 said after failed negotiations, AMCON would name, shame and
embark on take-over of properties of delinquent debtors.

Top on the list published by AMCON on Monday is Capital Oil and Gas
Industries Limited owned by Ifeanyi Ubah, with its current exposure
put at N115 billion.

It was followed by NICON Investments Limited owned by Jimoh Ibrahim,
with N59 billion exposure; Bi-Courtney Limited owned by Wale
Babalakin, with over N40 billion; Josephdam & Sons Limited owned by
the Kuteyi family with N39 billion exposure; and Tinapa Business
Resort of Cross River State Government, with N30 billion exposure.

They are the biggest debtors on the list.

The name of a former minister of power, Barth Nnaji, appeared
alongside others as main promoters of Geometric Power which owes N29
billion. Mr Babalakin, once again, was named as the main promoter of
Roygate Properties, which owes over N28 billion. Similarly, Shell
Development Petroleum Company, promoted by Shell Staff, had its
exposure put at N26 billion.

Former governor of Enugu State and Peoples Democratic Party Enugu East
Senatorial Candidate, Chimaroke Nnamani, also appeared on the list
with a debt of N42 billion 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 N12
billion under Zarm Stores Limited just as a former CEO of
Intercontinental Bank, Erastus Akingbola, was named with over N10
billion exposure under the company Octopus Trust Nigeria Limited.

Also on the list of debtors is Buruji Kashamu, a senator, who
reportedly owes the corporation N13.015 billion. 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 N6.8 billion.

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.

“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 debts,” it
said.




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