Akin Kuponiyi.
Asset Management Corporation of Nigeria (AMCON) has dragged a Lagos businessman who was a customer of defunct Intercontinental Bank PLC, Mr.Bala Mustapha Dawaki, before a Federal high court in Lagos over non-payment of N435m debt.
During the transaction, the bank had extended the tenure of the facility severally at the request of the Defendant
The defendant had amongst other times requested for a rollover of the facility by a letter dated 12th December 2008.
Following the statutory powers of AMCON to rescue failing banks in Nigeria due to non-performing loans, AMCON purchased the defendant’s debt with the defunct Intercontinental Bank Plc. This, all rights, title, interest, benefits, and receivables which hitherto accrued to Intercontinental Bank Plc. were transferred to AMCON.
Since the grant of the loan facility to Dawaki, the defendant had not paid any sum of money to liquidate the indebtedness to Intercontinental Bank Plc.
Pursuant to the failure of the defendant to liquidate his indebtedness, the defendant’s loans were classified as non-performing loans with Intercontinental Bank Plc.
Upon Bala Mustapha Dawaki’s refusal to liquidate the indebtedness till date, interest per annum continue to accrue on the said indebtedness till the final payment of this indebtedness
AMCON had made several demands to the Defendant In order to liquidate his indebtedness to AMCON
AMCON therefore engaged the service of its consultant Messrs Okeya and company to recover the outstanding indebtedness from the defendant.
The defendant however did not take steps to liquidate the indebtedness with the Plaintiff despite several promises.
The Defendant’s indebtedness to the plaintiff as of May 2023 now stands at N-N435m (Four Hundred Thirty-Five Million One Hundred and fifty Seven Thousand, Three Hundred and Fourteen Naira, Twenty Seven Kobo) including accrued interest on the indebtedness.
Amcon therefore used the Respondent’s BVN number to trace accounts in whatever name and guise which belongs to the Respondent with the banks.
The Defendant has funds in the BVN linked accounts which can partly satisfy the indebtedness of the Defendant to the Plaintiff.
The Plaintiff is desirous of recovering the said indebtedness from the Defendant and urgently needs the assistance of the Court to do so without delay.
The Defendant’s debts have continued to attract interest charges to date.
Wherefore, the Plaintiff claims against the Defendant are as follows:
The sum of =N=435,157,314.27 (Four Hundred and Thirty-Five Million, One Hundred and Fifty Seven Thousand, Three Hundred and Fourteen Naira,
Twenty-Seven Kobo) to be paid to the Plaintiff by the Defendant as the outstanding indebtedness.
An Order is absolute in favor of Plaintiff for the sums in BVN linked bank accounts in fulfillment of the indebtedness of Defendant.i
Fifteen per cent interest on the above sum for every month from June 2023 until the date of final payment;
Meanwhile, the presiding Judge, Daniel Osiagor has adjourned till 12th October,2023 for the hearing to commence.