A Federal High Court in Lagos has granted an order of possession of seven choice properties scattered across Lagos Island in Lagos State belonging to a Lagos businessman, Samuel Olufunmilayo Ademosun and his wife, Toluleke Ademosun, to Asset Management Corporation of Nigeria, AMCON, pending the hearing and determination of the debt recovery suit filed against them by AMCON
The properties were alleged to have been used as securities for N32billion credit facilities granted by some banks to two companies – Home Trust Savings &Loans Limited and Magna Building Society Limited.
The presiding Judge, Justice Ayotunde Faji, also ordered that nine bank accounts belonging to Samuel Olufunmilayo Ademosun domiciled in two different banks, and four bank accounts of Home Trust Savings &Loans Limited should also be frozen pending the hearing and determination of the debt recovery suit to be filed by AMCON.
The court also directed the Central Securities Clearing System Limited to place lien in favour of AMCON over the shares belonging to Home Trust Savings &Loans Limited, Samuel Olufunmilayo Ademosun and Toluleke Ademosun in seven commercial banks and Investment & Allied Insurance company Limited used as security for the credit facilities granted to Home Trust Savings &Loans Limited.
The court also directed the officers and men of the Nigeria Police Force or the Nigeria Security and Civil Defence Corps to assist and provide protection to the bailiff of the court and AMCON for the execution of the order taking over possession of the property granted.
The court made the order based on affidavit sworn to by Okwudili Ikegwuonu, Resolution Officer of AMCON, accompanied by written address filed and argued before the court by Barrister Collins Ogbonna
In a bid to recover a debt of N32, 031,255,380.44 owed four commercial banks, AMCON had dragged Adenmosun, his wife, Toluleke and seven other limited liability companies before the court.
The seven limited liability companies joined as co-defendants are Home Trust Savings & Loan Limited, Investment and Allied Assurance Company Limited, Abinvest Ventures Limited, Magna Building Society Limited, Thomashembrige Insurance Brokers Ltd, FB Consulting &Global Services Limited and HT Real Estate Company Limited.
In an affidavit in support of an application for debt recovery suit sworn to by AMCON Resolution Officer, Mr Okwudili Ikegwuonu and filed before the court by a Lagos lawyer Barrister Collins Ogbonna the deponent averred that Samuel Olufunmilayo Adenmosun is the managing Director of the listed companies while his wife, Toluleke, is a Director in Home Trust Savings & Loans Limited, who provided part of the properties used as security for the credit facilities granted to Home Trust Savings & Loans Limited.
The couple was alleged to have used the accounts of Thomashembridge Insurance Brokers Ltd, FB Consulting &Global Services Limited and HT Real Estate Company Limited to divert the proceeds of the loan granted to them by the bank.
Between July 26, 2007 and 14th January 2008, Home Trust Savings & Loans Limited requested for and was granted overdraft facilities totaling N13billion by Keystone Bank, formerly Bank PHB Plc. The loan was secured by executed deed of all assets debenture of the company. While Olufunmilayo Adenmosun signed the accepted letter, he also executed two personal guarantees.
Ikegwuonu alleged further that in the course of business the company requested for concession for IMMEDIATE VALUE ON CONFIRMED cheque and ONE -DAY VALUE for cheques. In order to assist the company’s business the bank granted the request. The said concession was backed by N1.2billion and the limit of return cheques was pegged at N1billion.
The company also made an application for a NEXT-DAY VALUE line of N10billion and was granted by the bank. This enabled the company to obtain up to 75% immediate value for draft /cheques issued from any blue-chip companies before they passed through the normal clearing procedure and cleared by the paying bank.
The facilities were granted to the company by the bank based on trust, but the company devised a way to unjustly profit from same at the expense of the bank, as it was discovered that the company and Olufunmilayo Adenmosun got third parties to pay invalid and or unfunded cheques into the company’s accounts knowing that same will be dishonoured by the bank on the next day before same pass through clearing, pursuant to NEXT DAY facility.
Home Trust Savings & Loans Limited and Olufunmilayo Adenmosun allegedly kept circumventing and breaching the trust upon which the Next day value facility was based until the bank discovered that most cheques which it had honoured were returned unpaid after going through the normal clearing procedure. The racket of the company and its alter – ego, Olufunmilayo Adenmosun, ran as described above is known in banking parlance as CHEQUE -KITTING.
The company and Samuel Olufunmilayo Adenmosun through this cheque kitting drew up to 75% of the value of the Next -day value facility which has a limit of N10billion. As at the time the bank withdrew the next day value facility they had racked up an outstanding N16.3billion debt through their cheque-kitting scheme.
By letter date 21st September 2008 they admitted their indebtedness to the bank in the sum of N16 137,601,273.37.
Other loans were taken from the defunct Oceanic lnternational Bank taken over by Ecobank Plc between July 28, 2006 and August 5, 2008 totaling N4.2billion.
The credit facilities were secured by personal guarantee of Olufunmilayo Adenmosun and the Deputy Managing Director of the company, Tony Ubogu, and the corporate guarantee of Allied insurance Company Limited.
The indebtedness of the company and its alter ego which has remained unpaid as at 31st January 2019 stood at N31,228,915.40.
Magna Building Society Limited, based on its banker-customer relationship, obtained a loan of N35million from Broad Bank now Union Bank. As part of security for the loan, Home Trust Savings & Loans Limited issued its General Indemnity to Union Bank. Magna Building society utilised the loan and has refused to pay its indebtedness.
Home Trust Savings & Loan limited also obtained N2.2billion loan from Afribank Plc now Polaris Bank. The facility was secured by personal guarantee of Samuel Olufunmilayo Adenmosun and lien on the shares owned by the company. But after the expiry of the facilities the company neglected to repay its indebtedness to the bank.
Home Trust Saving & Loan Limited obtained N2,850,000,000 from Access Bank. The loan was partly secured with the personal guarantee of Olufunmilayo Adenmosun.
It was alleged that because the facilities aforementioned especially the one of Access Bank were granted to Home Trust Savings & Loans Limited by Access Bank and based on trust allowed the company get value for cheque fast, drawing against uncleared effect facility the company devised a way to unjustly profit same at the expense of the bank
AMCON further averred that it was discovered that the company and its Managing Director got third parties paid cheques into the company’s accounts knowing same will be honoured by the bank.
The company and its managing director once again practised cheque -kitting scheme earlier described.
Following from the above the total debt owed AMCON by Home Trust Savings & Loans Limited and Samuel Olufunmilayo Adenmosun as at 31st January 2019 are as follows :
Ecobank -N29,121,017.752,21
Union Bank Plc -N91,065,219.52
Polaris Bank Plc -N1,673,903,046,.90
Access Bank Plc -N1,014,040,445.81
Total -N32,031,255,380.44
AMCON averred that its counsel had written demand letters to them but they have failed and neglected to repay the loans, as they have no intention of repaying the loans.