Ubah, Ibrahim, Babalakin, Dariye top AMCON’s list of 105 debtors (See full list)

The Asset Management Corporation of Nigeria (AMCON), in its recently released list of debtors, has indicted some business men, former and serving political office holders in the country.

The list, which followed AMCON’s request seeking the support of relevant agencies to ensure that obligors pay up their debts, comprises 105 names of debtors that failed to negotiate successfully with the corporation.

In July, AMCON Managing Director, Ahmed Kuru, had vowed to publish the list of delinquent debtors and business managers owing the corporation, noting that AMCON would soon take over the assets of the defaulters.

In the AMCON’s newly published list, Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, topped with an exposure of N115 billion. The company was trailed by NICON Investments Limited owned by Jimoh Ibrahim, with N59 billion exposure.

Bi-Courtney Limited owned by Wale Babalakin has an exposure of 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.

Others names in the list include the former Minister of Power, Barth Nnaji, with other main promoters of Geometric Power with an exposure of N29 billion. Also, Babalakin’s name reappeared as the main promoter of Roygate Properties, owing over N28 billion.

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In the same vein, the exposure of Shell Development Petroleum Company, promoted by Shell Staff, was put at N26 billion, while the former governor of Enugu State, Chimaroke Nnamani, was named 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 corporation also named the Olofa of Offa, Gbadamosi Muftau, with a debt of N12 billion under Zarm Stores Limited, while a former Chief Executive Officer (CEO) of Intercontinental Bank, Erastus Akingbola, was named with over N10 billion exposure under the company Octopus Trust Nigeria Limited.

Senator Buruji Kashamu, was named with a debt of N13.015 billion, a former governor of Plateau State, Joshua Dariye, is also on the list. The corporation noted that the former governor, who was recently sentenced to 14-year imprisonment for corruption charges, owes N6.8 billion.

Senator Usman Nafada, who is the PDP governorship candidate in Gombe state in the 2019 polls, was included in the list with a debt of over N400 million.

According to AMCON, the names were published pursuant to its statutory mandate and in compliance with a Directive by the Central Bank of Nigeria (CBN), 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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