In a bid to recover a debt of N167,242,515.22, the Asset Management Corporation of Nigeria, AMCON, has filed a debt recovery suit against Ademola Adeyinka who is currently the Senior Special Adviser to the Minister of Interior, Rauf Aregbesola.
In a statement of claim accompanied with a witness sworn statement on oath of AMCON supervisor, Mr. David Funso George, and filed before a Federal High Court in Lagos, by an Ibadan based legal practitioner, Oluwole Olukole, AMCON alleged that:
- The Claimant AMCON is a corporation established by the Asset Management Corporation of Nigeria (AMCON) Act 2010 (as amended) and duly empowered for the purpose of acquiring eligible bank assets (EBA) from Eligible Financial Institutions (EFI) and efficiently resolving the Eligible Bank Assets.
- Ademola Adeyinka was a banker with Intercontinental Bank Plc ( acquired by Access Bank Plc ) but now a politician with residential addresses in Lagos, Osogbo and Abuja.
- The defendant is currently a Senior Special Adviser to the Minister of Interior of the Federal Republic of Nigeria.
- The defendant at all material times was a customer of the erstwhile Intercontinental Bank Plc and operated accounts with the bank at their Plot 999C Danmole Street, Victoria Island branch in Lagos.
AMCON averred that the defendant sometime in 2008 applied for and was granted credit facility for =N=50,000,000.00 (Fifty Million Naira) only to purchase shares of blue-chip companies quoted on the stock exchange acceptable to the bank.
The aforesaid facility was tenured to be paid back within 270 days and repayment was to come from operational cash flow but not limited to the sale of the shares.
The Claimant disbursed the funds under the facility and the defendant utilized the facility by issuing cheques to various relevant parties to the transaction that were honoured by the Bank.
Upon the disbursement of the facility to the defendant, the defendant rather than honouring the express terms of the facilities failed and /or refused to repay the debt and same kept accumulating interest.
AMCON stated further that sometime in 2011, some staff of Intercontinental bank loyal to the senior Management of the bank tried to delete and in fact deleted some computer files belonging to some customers including that of the defendant.
The efforts to delete the files of the defendant proved futile as the bank had back up files to reprint the documents they tried to delete, and in fact retrieved same.
The effect of this act of sabotage was to render some files and documents of the defendant including the offer letter illegible and not very clear.
The Claimant pleads that the facility of the defendant expired, it was not repaid by him and it degenerated to a non – performing loan of =N=69,280,723.57 (Sixty Nine Million, Two Hundred and Eighty Thousand, Seven Hundred and Twenty Three Naira, Fifty Seven Kobo).
The continuous refusal of the Defendant to liquidate his indebtedness to the bank occasioned great hardship to the bank which led to the AMCON taking over the non-performing facility from Intercontinental Bank Plc.
Pursuant to its powers under the AMCON Act 2010 (as amended), the Claimant purchased the Defendant’s outstanding indebtedness arising from the facility granted her by Intercontinental Bank Plc.
Consequent upon the above, all rights including but not limited to the right to institute an action in respect of any indebtedness were assigned to the Claimant by the Bank.
The Claimant contends that the Defendant has failed neglected and/ or refused to settle the outstanding indebtedness till date despite repeated demands.
The indebtedness has continued to grow at an interest rate of 15% per annum and will continue to grow until full liquidation of the outstanding indebtedness.
The Claimant has incurred various substantial costs in its efforts to recover the indebtedness of the Defendant by engagement and/or payment of various professional services/fees including but not limited to the institution of this action.
The claimant states that the defendant has numerous accounts with other banks where he has money standing to his credit. The defendant also has millions of shares standing to his credit at the Central Securities Clearing System (CSCS) Plc.
It is the Claimant’s case that it cannot allow the flagrant breach of the
Defendant’s obligations to continue as its own duty amongst others is to efficiently acquire eligible bank assets from Eligible Financial Institutions and to efficiently resolve them as necessary or expedient to protect, enhance or realize the value of the bank assets.
The Claimant pleads all correspondents made by and to the Defendant and all relevant documents relating to and concerning the indebtedness of the Defendant and shall rely on all such documents at the hearing of this suit. The Claimant hereby gives notice to the Defendant to produce at the hearing of this suit the originals of such documents in his possession.
The Claimant’s claims against the defendant are for:
- The payment of the sum of N167,242,515.22 (One Hundred and Sixty-Seven Million, Two Hundred and Forty Two Thousand, Five Hundred and Fifteen Naira, Twenty Two Kobo Only) being the outstanding balance as at 29th September 2020 of the credit facility granted by Intercontinental Bank Plc to the Defendant (which debt was purchased by the Claimant) but which the Defendant has refused to pay despite repeated demands.
- The sum of 15% interest on the said sum from the 30th September 2020 until the said sum is finally liquidated.
- Costs of this action.
Meanwhile, the court has adjourned till after vacation for report of service.