Home Finance AMCON publishes list of 105 debtors owing N906 billion; Ifeanyi Ubah, Jimoh Ibrahim tops list
Finance - News around Africa - Profiles - October 24, 2018

AMCON publishes list of 105 debtors owing N906 billion; Ifeanyi Ubah, Jimoh Ibrahim tops list

The Asset Management Corporation of Nigeria (AMCON) has published a list of delinquent debtor firms who are owing the corporation an enormous sum of N906,109,840,662.99 in total.

As published in an advertorial on Business Day Newspaper on Monday, October 22, the bad debt management establishment stated that the list has in the list, the top 105 delinquent defaulters in consonance with its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria (CBN) in April 2015.

“This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts,” the publication stated.

Prominent among the alleged debtors are Mr Ifeanyi Ubah’s Capital Oil & Gas Limited which owes N115bn; Jimoh Ibrahim’s NICON Investments Limited owing N59bn, Bi-Courtney Ltd owned by Wale Babalakin (SAN) and Tinapa Business Resort, which is owned by the Cross River State Government – N36bn.

Also on the list are Shell Development Company’s Multi-purpose Cooperative Society Limited, which is reportedly indebted to the corporation to the tune of N26. 47bn; Platinum Capital, N20.37bn; Minaj Holdings Limited, N17.3bn; Sammy Beth Interbiz Limited, N11bn; and Octopus Trust Nigeria Limited, N10.17bn.

Others are Mobil Workers (Eket) Multipurpose Cooperative Society, N11.5bn; Dormalong Engineering Limited, N4.7bn; Aquitane Oil and Gas Limited, N2.64bn; Omega Savings and Loans N2.28bn; Bellview Airlines Limited,N2.25bn; and Chevron Oil Staff Multipurpose Cooperative, N1.59bn.

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