ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, February 24, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
AMCON

AMCON

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

byOladeinde Olawoyin
October 23, 2018
2 min read
ADVERTISEMENT

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.

Mr 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.

RelatedNews

Despite oil price rally, Nigeria’s foreign reserves shed $1.19bn

INEC fixes March 20 for Ekiti by-election

Kagara Abduction: Kidnappers demand ransom from victims’ parents

Akeredolu demands state police as he takes oath of office for second term

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.

Wale Babalakin, [Photo: punchng.com]
Wale Babalakin, [Photo: punchng.com]

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 N400 million exposure.

Dangote adbanner 728x90_2 (1)

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.

Ifeanyi Ubah
Ifeanyi Ubah

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

In a letter addressed to PUNCH newspapers and sent to PREMIUM TIMES by his lawyers, Mr Babalakin said none of his firms owe AMCON any money.


SEE FULL LIST


AMCON Debtors 1
AMCON Debtors 2
AMCON Debtors 3

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (52)
premiumtimes



PT Mag Campaign AD

Previous Post

Manchester United Vs Juventus (LIVE UPDATES): Ronaldo, Pogba face former clubs

Next Post

USOSA’s new excos pledge to restore Unity Schools’ glory

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

Nigeria Anambra State map

BREAKING: Hoodlums kill police officer, raze patrol vehicle in Anambra

February 24, 2021
Naira and Dollars

Despite oil price rally, Nigeria’s foreign reserves shed $1.19bn

February 24, 2021
Entrance of the Government Science College, Kagara

Kagara Abduction: Kidnappers demand ransom from victims’ parents

February 24, 2021
ARMY: Nigerian Soldiers (Army) on duty. [PHOTO CREDIT: The Guardian]

Army recovers bodies of four soldiers killed in Orlu

February 24, 2021
Nigerian journalists in an interview session[Photo: The Standard]

Why media should support human capital development advocacy in Nigeria – Experts

February 24, 2021
Abdulrahseed Bawa receiving questions from lawmakers at the Red Chamber

EFCC: Bawa speaks on corruption allegations, relationship with Magu

February 24, 2021
Next Post
The USOSA new exco members being sworn in.

USOSA's new excos pledge to restore Unity Schools' glory

Okada-lagos-620x330

Ban on Okada, Tricycles in Abuja still in force - Police

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,623,147 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.