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Capital Oil, Bellview Airlines, Seawolf, 217 others on AMCON’s N1.146tn debtors’ list

By on February 6, 2016

In a name shame tactic that has become the norm in Nigerian financial services, the Asset Management Corporation of Nigeria (AMCON) has listed Capital Oil and Gas Industries Limited, Seawolf, the defunct Bellview Airlines, Resort International Limited, Timbuktu Media (owner of the defunct Next Newspaper), former Chairman of the National Population Commission (NPC), Chief Festus Odimegwu, and 214 other firms, their respective directors, and individuals with outstanding debts of N1.146 trillion that have failed to visit the corporation for the resolution of their debts.

The corporation revealed this in a list of outstanding obligors made public on Thursday.

As exclusively reported by THISDAY on Tuesday, the firms, their directors, and individual debtors, which owe AMCON N1 billion and above would be barred from taking loans from any commercial bank in the country, in line with a Central Bank of Nigeria (CBN) policy.

While AMCON put the outstanding debt of Seawolf at N160.09 billion, it listed Uwamu Adolor, Okunlola Remi, Rasheed Mahey Rafindadi, Wessels Alwyn, Odulami Remi, Waziri Ibrahim  Dahiru and Oduntan Adetunji, as  directors of the company.

Also, the list showed that Capital Oil, which is indebted to the corporation to the tune of N104.8 billion, has Mr. Ubah Ifeanyi Patrick, Ubah Uchenna, Ubah Chidera Graciuos, Orji Joseph Anayo, Chigbogu Fidelia Ezinwanne, Awodein Ayodeji Tolulope, Usoro Nsikan Anthony, and Akerele Oyinlade Mercy, as its directors.

Directors of Resort International include Mr. Wale Babalakin (SAN), who has a N132 billion judgment debt against the federal government, and a court ruling ordering AMCON to offset his indebtedness to it against the judgment debt.

Other directors of Resort International are Akinsanya Olayinka, Layonu Abiodun, Akibambi Temitayo Kola, Spectra Limited and Adewunmi Abiola. AMCON listed Resort as being indebted to the tune of N36.30 billion.

Other firms on the debtor list include Tanzila Petroluem Limited – N49.2 billion; Home Trust Savings – N25.749 billion; Suru Worldwide Ventures – N24.41 billion; Roygate Properties – N23.261 billion; Ziklagsis Network Limited – N20.334 billion; Lexcap Partners – N18 billion.
Similarly, AMCON also listed Anyiam Osigwe Limited – N17.247 billion; Iorna Global Resources Limited – N15.873 billion; Hosanna Properties Limited – N14.983 billion; Unudike Enterprises Limited – N14.16 billion; Bulk Pack Services Limited – N13.493 billion; Global Haulage Resources Limited – N11.472 billion; Taka Continental Limited -N11.378 billion; JAG Global Resources Limited – N11.108 billion; Felshade International Nigeria – N10.979 billion; AFRIJET Airlines Limited – N10.886 billion; Hotel De Island (belonging to Sentor Buruji Kashamu and family) – N10.797 billion; and Petroleum Brokers Limited – N10.681 billion, on the long list of debtors.

According to the corporation, companies that have been listed are those that failed to respond to AMCON’s repeated calls for discussions on their repayment plans.

Managing Director of AMCON, Mr. Ahmed Kuru, told THISDAY in the interview on Monday that the names of the debtors would be published in phases.

He said AMCON had gone to the Corporate Affairs Commission (CAC) to get the accurate names of the directors to be published in order to avoid litigation.
Kuru pointed out that in the last three months, the corporation has been calling on its debtors to turn up to discuss their repayment plans, but a lot of them failed to respond.

Kuru added: “Those that are avoiding us will have their names published because things have changed.”

He added that companies and individuals without repayment plans would have to forfeit their assets or businesses.

He said AMCON paid for the assets based on their marketability, adding: “For some assets, we paid 80 per cent, some 90 per cent, some 100 per cent. The ones we paid 80 – 100 per cent means that there was something tangible for us to hold on to.

“Now, if the business cannot thrive anymore, come and surrender the asset to us. We either sell them or give it to some other parties interested in running the businesses.”

Kuru pointed out that a major problem faced by the corporation, in terms of loan repayments over the years, was with those he described as “the big guys”.

“Currently, anyone owing above N1 billion is barred. That was what the CBN lowered it to. Anyone that comes to talk to us and we see their repayment plan and commitment, we can talk to the CBN to allow them have access to loans. The issue is that they shouldn’t stay away.

“If somebody took N10 billion and you don’t want to repay, obviously there is a little conflict somewhere. The whole idea about barring them from getting loans from commercial banks is for them to come and talk to us and once we have a resolution, we can go to the CBN to let them know what we greed with such person so that they can allow them have access to commercial banks,” he said.