Akin Kuponiyi
There is no reprieve yet for the embattled former Managing Director of Bank PHB PLC , Francis Atuche, as Asset Management Corporation of Nigeria AMCON has filed a debt recovery suit of N140,654,366.10 against him
In a 19 paragraphs statement of claim supported by written statement on oath of AMCON credit officer Joke Are and filed before a Federal high court sitting in Ikoyi Lagos State south west Nigeria,by a Lagos Lawyer, Barrister Oluwayomi Akinde,the deponent avers thus:
The Defendant Francis Atuche Onyeluka, being the Managing Director of Bank PHB Plc, at the particular period of time the facility sought to be recovered herein was procured, was by virtue of his employment an account holder in Bank PHB PLC now Keystone bank the predecessor-in-title to the Claimant herein.
AMCON avers that sometime in February 2005, the Defendant obtained a Mortgage facility for the purpose of purchasing a property.
However, the Defendant upon being granted the facility on the 9th February 2005 diverted the said funds by using same to procure shares of the same Bank PHB on the 22nd February 2005.
The Defendant failed to liquidate the facility which now has an outstanding of about N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty Four Thousand, and Sixty Six Naira Ten Kobo) Only as at 31st May 2022 with interest still accruing.
The facility was subsequently acquired by AMCON because of the non- performance and the recalcitrant of the defendant to payment.
AMCON avers that upon the assignment, the Claimant caused a fresh letter of demand to be served on the Defendant through its authorized Partner, (Oye Akintola & Co (In Consortium).
In spite of this, the Defendant failed, neglected and refused to pay his outstanding indebtedness but has continued to operate his businesses profitably while refusing to pay his debt to the AMCON herein and the only feasible option for the Claimant is to bring this application to secure its interest and prevent the total loss of the assets of the Claimant
The Claimant avers that part of the funds obtained by the Defendant has been diverted into other personal businesses by the Defendant especially having regards to the fact that the purpose of obtaining the funds ab initio was not pursued.
The Defendant maintains several accounts with substantial funds in them and it will be in the interest of justice and in accordance with the intent of the Asset Management Corporation of Nigeria Act 2010 (as amended) to freeze and attach any accounts standing to the credit of the Defendant to the benefit of the Applicant including but not limited to:Nine different accounts in two different banks.
The Claimant avers that due to the persistent refusal, failure or negligence in paying the outstanding indebtedness to the Claimant,the outstanding indebtedness now stands at N140,654,366.10 (One Hundred and Forty million,six hundred and fifty four thousand,Three Hundred and Sixty Six Naira Ten Kobo.with interest still accruing.
It has become imperative, due to the Defendants unwilling attitude to liquidate the outstanding sum of N140,654,366.10
(One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) being outstanding balance as at May 31st, 2022 with interest still accruing, to bring the extant action.
It therefore applied to this Honourable Court vide an application “Without Notice” dated the 12th day of September 2023 seeking an Order of this Honourable Court to freeze the accounts of the Defendants to the tune of N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) Only as at 31st May 2022 with interest still accumulating among other reliefs. The said application was granted on the 25th September 2023.
The Claimant avers that it will not be in the interest of justice to allow the Defendants to continue to enjoy the wealth amassed from using the funds granted as loan to the Defendant by the eligible financial institution without intent to repay the said facility to the Claimant
All efforts made by its external solicitors and partners to recover the said debt through dialogue were to no avail as the Defendant refused, neglected and in fact decided not to liquidate the amount owed and due to the Claimant.
The Claimant avers that to the best of its knowledge the Defendant is not entitled to any relief, set off or any sum at all against the Claimant and the Claimant pleads(as Section 43(1) (a) of the Asset Management Corporation of Nigeria Act 2010 cause amended) and further pleads that even if the Defendant will or have any cause the Defendant will not suffer any damages.
Whereof the Claimant claims as follows:
A Declaration that the Defendant is indebted to the Claimant in the sum of
N140,654,366.10 Three Hundred (One Hundred and Sixty and Six Forty Naira Million, Ten Kobo) Six Hundred Only as at 31st May 2022 with interest still accumulating.
A Declaration that the Claimant is entitled to recover the sum of N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) Only as at 31st May 2022 with interest still accumulating.
An order for the immediate payment of the sum of N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) Only as at 31st May 2022 with interest still accumulating.
An order for the payment of interest on the sum N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) Only as at 31st May 2022 with interest still accumulating till final judgment and post judgment interest at the rate of 10% per annum until final liquidation of the entire final judgment with accrued interest
An order of this Honourable Court attaching all the accounts listed before the court to the tune of N140,654,366.10 (One Hundred and Forty Million, Six Hundred and Fifty-Four Thousand, Three Hundred and Sixty Six Naira Ten Kobo) Only with interest at the rate of 20.5% per annum from 31st May 2022 till final judgment and post judgment interest at the rate of 10% per annum until final liquidation of the final judgment with the accrued interest.
An order directing the police force (The Inspector General of Police or any of its officials) to assist the bailiffs or the Deputy Sheriff of the Honourable Court to enforce the judgment and the Orders herein made by this Honourable Court pursuant to the claim.
Cost of action on full indemnity basis which is assessed at N5,000,000 (Five Million Naira only)