AMCON drags late Agagu’s son, wife to court over N32m debt

AMCON drags late Agagu’s son, wife to court over N32m debt

Thursday, September 5, 2019 10:03 am


Akin Kuponiyi

In a bid to recover a debt of N32,136,877.25, the Asset Management Corporation of Nigeria AMCON, has dragged Agagu Olufunke Ibidun, the wife of late Governor of Ondo state, Olusegun Agagu,  before a Federal High court in Lagos.

Joined as co-defendants in the debt recovery suit are the son of the former Governor, Agagu Feyisayo Opeyemi, and Central Securities Clearing Systems Plc.

In a statement of claim filed before the court by Prime -Gentry Chartered Secretaries & Attorneys on behalf the debt recovery agent, AMCON, it was alleged that Opeyemi applied for a loan of N6,177,600 on 19th June, 2007 for the purpose of acquisition of UBA approved shares from the capital market or public offer.

The loan, also obtained from the UBA, had a tenor of repayment period of 12 months and ought to have been fully repaid by 18th June, 2008, according to the court papers.

However, the loan remains unpaid to date and was accordingly categorized as non performing loan.

AMCON averred in the court papers that it is entitled to judgement against Opeyemi as per its statement of claim, having failed to repay the outstanding loan facility.

It also stated that pursuant to an application its filed on October 9, 2018, the court granted it an interim order on 12th of December, 2018 directing Central Securities Clearing System Plc to transfer Opeyemi’s shares to it, pending the filing of the substantive suit.

But AMCON claimed that in a calculated attempt to foist fait accompli on the order of the court and frustrate its efforts to recover the debt,  Opeyemi,  having ostensibly gotten wind of the order,  sold and transferred the shares to his mother, Ibidun,  on 13th December, 2018.

Consequently AMCON is asking the court to compel  Opeyemi to pay the sum of N32,136, 877. 25, being the outstanding sums he owed AMCON, interest at the rate of 15% per annum from 16th of August, 2018 until judgement, and thereafter at the rate of 10% per annum until liquidation of the judgement sum.

Also, AMCON is asking the court to grant it a power of sale in respect of the stocks clearly identified as belonging to Opeyemi and all other shares owed by him to be applied towards liquidation of his indebtedness.

It is also asking for an  order nullifying the purported sale of the shares by Opeyemi to his mother on the premise that the sale was a deliberate and calculated attempt to overreach and foist a fait accompli on the order of the court.

The presiding Judge,  Professor Chuka Obiozor, has adjourned the suit to 8th October, 2019.

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