As court freezes AIG Oduoye’s account, here is how he got into N63.7m debt

Lady Justice

Scales of Justice

The Late AIG Simeon Olasunkanmi Oduoye

By Akin Kuponiyi

In a bid to recover a debt of N63.7million, Asset Management Corporation of Nigeria AMCON has obtained an exparte order freezing the accounts of deceased Assistant Inspector General of Police, Senator Simeon Olasunkanmi Oduoye.
The court also granted an order of interim possession, detention and custody of land together with building thereon at House 19,1st Avenue Tajudeen Olanrewaju Housing Estate, Edmund Cresent,Yaba, Lagos Mainland Local Government Area of Lagos State, used as Security for the loan by the deceased Police Officer.
Also affected by the order of the court are a limited liability company Skiv Concepts Nigeria Limited, two directors of the company Olukayode Emmanuel Oduoye and Adeyemi Adeola Adetomi Oduoye
The order obtained by AMCON from the court was sequel to an ex-parte application filed and argued before the court by AMCON lawyer, Barrister Gerald Eguaroje.
In an affidavit in support of the motion ex-parte sworn to by the AMCON Credit officer Afiniki Oyedele Lawal, it was alleged that Skiv Concepts Nigeria Limited was availed a restructured term loan of N46.5million for and invoice discounting facility of N56.5million on a tenor of six months and sixty days respectively and a loan with a Banker’s acceptance note of N9.5 for tenor of six months to the company.
The following are the terms and conditions for the loan:

Security shall be a tripartite legal mortgage on the property located at House19,1st Avenue, Tajudeen Olanrewaju Housing Estate Edmund Cresent Yaba Lagos belonging to Senator Simeon Olasunkanmi Oduoye AIG Retired.
Repayment from the proceed of the executed LPO for Etisalat ,
Personal guarratee of the managing Director Olukayode Emmanuel Oduoye for the repayment of the loan.
Interest at the rate of 20% per annum subject to the prevailing money market rate.
The Company/Company’s board resolutions.
To further fulfill the pre-condition Senator Simeon Olasunkanmi Oduoye as a party to the legal mortgage was alleged to have submitted his letter of consent dated 11March, 2010 to stand as guarrantor for his son as well as pledged his property as Security for repayment of the loan with his letter dated 24th of May,2010 availed the Skiv Concepts of Nigeria Company and executed a tripartite deed of legal mortgage on his property.
However, after the acquisition of the non-performing loan of the company, the company paid the sum of N48Million leaving outstanding balance sum of N63,739,508.49 as at 30 November 30,2019,
Consequently, AMCON urged the court to grant the orders as prayed pending the determination of the substantive suit.
The presiding Judge Saliu Saidu, granted the orders,of interim possession of the property used as collateral for the loan, freezing and attaching the accounts of all the defendants and an order authorising the Commissioner of Police, Lagos State Police Command and other officers jointly and severally to enter into and assist the balliff of the court in securing the assets and Properties of the defendants.
Meanwhile, the third defendant Adeyemi Adeola Adetomi Oduoye has filed an application before the court, urging the court to set aside the order freezing her account.
In the said application filed before the court by her lawyer Mr Pelumi Olajengbesi,she stated that,joining her to the suit,AMCON does so in a mistaken and erroneous belief that the mere fact of her being a subscriber to Skiv Concepts Nigeria Company’s memorandum and articles of association she should become vicariously liable for any act or ommission done by the company.
No date has been fixed for the hearing of the application.