Unpaid Debt: AMCON Battles Businessman

In a bid to recover N257.683,096.25 alleged to have been taken as loan from Ecobank Plc and Intercontinental Bank Plc by a Lagos businessman, Samuel Babatunde Akisanmi and his company, Great Bakis Ventures Nigeria Limited, Asset Management Corporation of Nigeria, AMCON, has dragged the businessman and his company before a federal high court in Lagos.

AMCON, a corporation established pursuant to the Asset Management Corporation of Nigeria Act 2010 with the power and duty to acquire eligible bank assets from eligible financial institutions in accordance with the provision of the Act, alleged in its claim that Great Bakis Ventures Nigeria Limited, a company carrying on business of stockist and other consumable in the Telecommunications industry on 24 February, 2009 applied for and was offered on overdraft facility in the sum of N200 million for an initial tenor of 90 days with interest of 18 percent per annum by Intercontinental Bank Plc.

The loan was secured by a tripartite legal mortgage on property located at 14, Adefolu Drive Off Allen Avenue, Ikeja, Lagos, lien on stock of recharge cards purchased with the said facility in favour of the bank and irrevocable and unconditional personal guarantee of the Managing Director of the company, Babatunde Akisanmi, the second defendant in this suit.

AMCON alleged further that by facility offer letter dated 21 January, 2008, Ecobank Nigeria Plc did approve the defendants’ request for an inventory finance facility in the sum of N30 million with interest at a floating rate of 21 percent per annum for initial tenor of 365 days.

The facility was supported by the following documents: personal guarantee of Babatunde Akisanni, supported by a duly authorised statement of net worth, executed promissory note of the company for the facility amount, executed sales collection agreement, issuance of two undated cheques of N15 million in favour of Ecobank Plc and executed letter of pledge of goods.

However, the plaintiff averred that when the aforesaid facilities were due for repayment the same were not paid. Consequently, in exercise of its powers under the AMCON Act, the plaintiff on the 1 April, 2011, acquired the said loans from the two banks. Pursuant to the foregoing, the defendants are now indebted or deemed to be indebted to the plaintiff and owe it the sum of N257,683,096.25.

However, upon takeover of the debt, the plaintiff duly communicated the development to the defendants with the expectation that they would pay the debt or make arrangement for the payment but the defendants wrote a letter to the plaintiff, disputing the right of the plaintiff to the payment of the loans.

Consequently, the plaintiff seeks against the defendants jointly and severally the following orders:

A declaration that AMCON is entitled to the repayment of the sum of N257,683,096.25 comprising loans made to the defendants by the two banks, Ecobank and Intercontinental Bank.