AMCON Drags Lustre Concept, Directors to court over unpaid loan

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The Asset Management Corporation of Nigeria, AMCON, has dragged a limited liability company, Lustre Concepts Limited, and two of its Directors – Mrs. Bibiresanmi Adeola Olubunmi and Mr. Bibiresanmi Akinjide Olayinka – before a Federal High Court in Lagos over unpaid loan of N62,718,189.40.

In a statement of claim accompanied with witness written statement on oath of Credit Enforcement Officer of AMCON, Abdulrazak Sani, and filed before the court by a renowned debt recovery Attorney, Barrister C. O.Eze of Macmilton LP, Sani averred:

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  • The first Defendant, Lustre Concept Limited, is a limited liability Company in Nigeria duly registered with registered office at 3, Odunuga Steet, Opebi Village, Ikeja, Lagos and last known address as 43, Coker Road, Ilupeju, Lagos State.
  • The 2nd and 3rd Defendants, Mrs. Bibiresanmi Adeola Olubunmi and Bibiresanmi Akinjide Olayinka are directors and guarantors of the company and duly executed the facility documents.
  • By an application Letter dated 6th August, 2010, the Defendants applied to Unity Bank Plc for enhancement and renewal of their Facility from N15Million to N17Million.
  • By a duly executed Offer Letter dated 18th August, 2010, Unity Bank Plc granted the Defendants an enhanced and renewed Facility in the sum of N17Million.
  • The Facility was secured by: (a) a duly registered third party mortgage of the property situate at No 102 Ododuwa Crescent G.R.A Ikeja Lagos covered with C of O No 50/50/199AK. (b) Guarrantee and Statements of Networth of the 2nd and 3rd Defendants.
  • The statement of networth of the defendants executed as part of guarantee are pleaded and shall be relied on during the trial of this suit.
  • The inability and/or refusal of the Defendants to repay the utilized facilities led to the acquisition by AMCON the Purchase Agreement dated November 27, 2012
  • However, despite demand letter from the Claimant for the payment of the Facilities, the Defendants remained recalcitrant in repayment of the Facility, the Demand Letter was also sent to the Defendant via email.
  • The total balance of the debt sum the Defendants owe AMCON as contained in the Account Statement dated November 27, 2023 stands at N62,718,189.40 (Sixty Two Million, Seven Hundred and Eighteen Thousand, One Hundred and Eighty Nine Naira, Forty Kobo), on which interest continues to accrue.

Consequently, the Claimant claims against the Defendants jointly and severally are as follows:

  • The sum of Naira 62,718,189.40 (Sixty Two Million, Seven Hundred and Eighteen Thousand, One Hundred and Eighty Nine Naira, Forty Kobo) Defendants owe the Claimant, being the outstanding indebtedness of the Defendants to Claimant as at November 27, 2023 on which interest continues to accrue.
  • Interest at the rate of Fifteen percent (15%) per annum on the said sum of Naira 62,718,189.40 (Sixty Two Million, Seven Hundred and Eighteen Thousand, One Hundred and Eighty Nine Naira, Forty Kobo) from November 27, 2023 until judgment is delivered.
  •  An order of Final forfeiture of all that property known as and situate at No 102 Oduduwa Crescent, G.R.A, Ikeja, Lagos covered with C of O No 50/50/199AK used as collateral for the Facility.
  • Interest at the rate of 1O% per annum on the judgment sum from the date of entry of final judgment in the suit until the said judgment sum is fully and finally liquidated.
  • An order directing the Defendants to pay the Claimant the cost of this action in the sum of N2,000,000.00 (Two Million Naira Only).
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