AMCON head office, Abuja

Akin Kuponiyi

In a bid to recover an alleged debt of N1.6 billion debt from three Directors of Integral Petrochemical Limited company, Asset Management Corporation of Nigeria AMCON has applied to summary judgment before a Federal high court sitting in Lagos south west Nigeria.

According to an affidavit in support of the motion for judgement sworn to by the enforcement officer of AMCON, Aminu Mohammed Idris, and filed before the court by a Lagos lawyer, Barrister Bayo Fakunle, the deponent alleged that the first defendant Olagoke Oludare Olanrewaju is the personal guarantor of the various Product Finance Facilities availed to the Company known as Integral Petrochemical Limited, a limited liability company, duly registered in Nigeria by the Defunct Oceanic Bank International Plc. and the Defunct Spring Bank Plc., to finance Local Procurement of Petroleum Products vide letters dated November 1, 2007, and July 15, 2008, respectively.

Olagoke Oludare Olanrewaju,Mrs Adeyemi Olatunde Olagoke and Olawale

Ajibola Olusesi who are the first, second, and third defendants respectively in this suit are the Directors of Integral Petrochemical Limited.

From AMCON’s database, it was revealed that the Company was a customer of the defunct Oceanic Bank International Plc.  as well as the Defunct Spring Bank Plc. , which a bank/customer relationship spanned many years.

As a result of the aforementioned relationship, the Integral Petrochemical Limited company applied for and was availed various loans and overdraft facilities by the said defunct Oceanic Bank International Plc. and Spring Bank Plc. to finance local procurement of petroleum products, from major oil marketers

The Defendants despite drawing down the facilities and utilizing them to the fullest to advance their business, alleged to have failed, refused and neglected to liquidate the total accrued indebtedness on the facilities at the expiration of their respective tenor.

The action and/or omission of the Defendants as deposed to in the preceding paragraphs adversely affected the business of the defunct Oceanic Bank International Plc.  and Spring Bank Plc respectively as the custodian of third-party funds.

The Loan facilities were subsequently classified as non-performing loans and acquired by AMCON under the provisions of Asset Management Corporation of Nigeria Act 2010, (as amended).

As of 31st December 2022, the defendant’s total indebtedness to AMCON inclusive of the accrued interest was a total sum of N1, 673, 25, 077. 61 (One Billion, Six Hundred and Seventy-three Million, Two Hundred and fifty Six Thousand, Seventy-seven Naira and Sixty one Kobo).

AMCON was able to discover through various searches conducted on various banks using the first defendant’s Bank Verification Number (BVN), that there are many banks accounts both corporate and individual, active, and inactive and some that are marked PND, operated in the name of Olagoke Oludare Olanrewaju the     company (Integral Petrochemical Limited) and on various other companies believe but with the same Bank Verification Number, making AMCON to reasonably believe that the

defendants deliberately registered the companies and opened these accounts to avoid the payment of their indebtedness to AMCON.

Various efforts of the Defunct Oceanic Bank International Plc.  and Spring Bank Plc respectively to recover the said loans did not yield fruitful results and AMCON acquired the liquidated indebtedness through Loan Purchase Agreement. When AMCON could not make any headway in recovering the defendants indebtedness, it engaged the services of the Law firm of Bayo Fakumle & CO to assist in recovering the said loan from the Defendants respectively.

The engagement of the Law firm of Bayo Fakunle & CO also yielded no result in getting the defendants to pay their indebtedness as the Defendants could not be served with the letter of demand written to them by the AMCON’s Counsel respectively at the Defendant’s  known address as stated in the  Memorandum and Articles of Association

The attitude of the Defendants as in the foregoing is a deliberate attempt by them to refuse payment of their indebtedness owed to AMCON. The said indebtedness stood at an outstanding total sum of N1, 673, 256, 077. 61 (One Billion, Six Hundred and Seventy-three Million, Two Hundred and fifty Six Thousand, Seventy seven Naira and Sixty Kobo) inclusive of the accrued interest as of 31st December 2022.

Despite the above development, the Defendants to date had utterly failed, refused and neglected to make payment of the outstanding sum demanded and had not indicated a willingness to pay same. The Defendants never denied their indebtedness to the amount claimed by  AMCON despite their nonchalant attitude towards payment.

The Defendants are by their actions as portrayed are trying to frustrate the efforts of AMCON in recovering the liquidated money demanded. The defendants have no defence to this legal action.

AMCON is one of the leading Federal Government Agencies/Corporations which evidences a demonstrable financial muscle and capacity to compensate the Respondents in the unlikely event of the substantive suit falling and so, the defendants will not be prejudiced by granting of this application. As the application is brought in good faith and the interest of justice.

Consequently, AMCON’s claim against the defendants jointly and severally is as follows:

An order directing Olagoke Oludare Olanrewaju,Mrs Adeyemi Yetunde Olagoke and Mr Olawale Ajibola Olusesi jointly and severally to pay to AMCON the sum of N1, 673, 256, 077. 61 (One Billion, Six Hundred and Seventy three Million, Two Hundred and fifty Six Thousand, Seventy seven Naira and Sixty one Kobo) being the total outstanding amount of money owed Oceanic Bank International Plc. and Spring Bank Plc.  respectively with accruing interest till 31st December 2022 by the Company and guaranteed by Olagoke Oludare Olanrewaju but duly assigned to the AMCON under the loan purchase Agreement between Oceanic Bank International Plc. and Spring Bank Plc. respectively and AMCON.

AN ORDER for interest at the rate of 23% per annum on the sum of N1, 673, 256, 077. 61 (One Billion, Six Hundred and Seventy-three Million, Two Hundred and fifty-Six Thousand, Seventy-seven Naira and Sixty Kobo) from December 31, 2010, when the said debt was assigned to AMCON until judgment is delivered in this case.

The cost of this action is assessed at 5% of the sum of N1, 673, 256, 077. 61 (One Billion, Six Hundred and Seventy-three Million, Two Hundred and Fifty Six Thousand, Seventy-seven Naira and Sixty one Kobo).

Post-judgment interest at the rate of 5% per annum until the liquidation of the entire judgment sum.

The suit has been adjourned till 16th October 2023 for a hearing.