Akin Kuponiyi/ Lagos
Asset Management Corporation of Nigeria, AMCON, has dragged a Lagos based petroleum company, Titanium Oil and Energy Limited to court in a bid to recover a debt of N1, 472,621,811.25.
Joined as co –defendants in the suit filed at Federal High Court, Lagos are three Directors of the company, namely, Patrick Acholonu, Chief Ralph Ekezie, Steve Chidi and Agbarakwe.
Also charged were and two other persons alleged to have benefited from the loan identified as Ms Cyhthia Ukaoha and Ms Adannaya Patricia Acholonu.
In a statement of claim filed before the court, AMCON alleged that Titanium Oil and Energy Limited company had sometimes in 2008, applied for and was granted two loan facilities by the then Spring Bank Plc for the sums of $5,800,000 and N700 million to finance the procurement of refined Petroleum products. But the company failed and refused to repay the loan to the then Spring Bank Plc sometimes
By letter dated 26th of January, 2011 Spring Bank Plc, notified the defendants that AMCON had assumed full responsibility for the management of the Company’s outstanding indebtedness to Spring Bank Plc as an eligible Bank asset, since the defendants had failed to liquidate their non -performing loans with the bank. .
AMCON averred that despite repeated demands, the defendants have failed and refused to liquidate their total outstanding indebtedness which as at September 11, 2017, stood at N1, 472,621,811.25 which has continued to attract interest.
Consequently, AMCON claims against the defendants jointly and severally are as follows: The sum of N1, 472,621,811.25 being the outstanding and unpaid debt as at September 11, 2017 and interest on the said sum of N1,472,621,811.25 at the rate of 15% per annum from September 11, 2017 till final liquidation of the debt by the defendants.
The author of this story Mr Akin Kuponiyi can be reached at serekode@yahoo.com