In a bid to recover alleged debt of N1,673,077,61 from three Directors of Integral Petrochemical Limited, the Asset Management Corporation of Nigeria AMCON, has filed an application for summary judgment before a Federal High Court in Lagos.
According to the affidavit in support of motion for judgment sworn to by 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 first, second and third defendants respectively in this suit are the Directors of Integral Petrochemical Limited.
From AMCON’s data base, it was revealed that the Company was a customer of the defunct Oceanic Bank International Plc. as well as that of defunct Spring Bank Plc. The relationship spanned many years as bank/customer relationship.
As a result of the aforementioned relationship, Integral Petrochemical Limited applied for and was availed various loan and overdraft facilities by 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, were alleged to have failed, refused and neglected to liquidate the total accrued indebtedness on the facilities at the expiry of their respective tenors.
The action and/or omission of the Defendants 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 and acquired by AMCON pursuant to the provisions of Asset Management Corporation of Nigeria Act 2010 (as amended).
As at 31st December, 2022, the Defendants’ total indebtedness to AMCON inclusive of the accrued interest was a 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 discovered through various searches conducted on various banks using the first defendant’s Bank Verification Number (BVN), that there are many bank accounts both corporate and individual, active, 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 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.
The document containing details of the said various accounts with the name of their respective banks were attached to the suit.
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 Fakunle & 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 as they (Defendants) could not be served with the letter of demand written to them by the AMCON’s Counsel respectively at the Defendants’ known address as stated in the Memorandum and Articles of Association.
AMCON thus claimed that the attitude of the Defendants is a deliberate attempt to refuse payment of their debt 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 one Kobo) inclusive of the accrued interest as at 31st December, 2022.
It said that despite the above development, the Defendants till date utterly failed, refused and neglected to make payment of the outstanding sum demanded and had not indicated willingness to pay same.
Also, the Defendants never denied their indebtedness of the amount claimed by AMCON despite their nonchalant attitude towards payment. They are by their action as portrayed are trying to frustrate the efforts of AMCON in recovering the liquidated money demanded and that the defendants have no defence to this legal action.
AMCON said as 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 it was brought in good faith and in the interest of justice.
Consequently, AMCON’s claim against the defendants jointly and severally are 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 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 pursuant to 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 one Kobo) from December 31, 2010 when the said debt was assigned to AMCON until judgment is delivered in this case.
- Cost of this action 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 16 October, 2023 for hearing.