MD, 7 others dragged to court over N32bn debt

Court gavel

Court gavel

Court gavel

By Akin Kuponiyi

In a bid to recover a debt of N32 billion owed four commercial banks, Asset Management Corporation of Nigeria, AMCON, has dragged a Lagos businessman, Samuel Adenmosun, his wife, Toluleke Adenmosun and seven other limited liability companies before a Federal High Court in Lagos, Southwest Nigeria.

The seven limited liability companies joined as co-defendants are Hometrust Saving & Loan Limited; Investment and Allied Assurance Company Limited; Abinvest Ventures Limited, Magna Building Society Limited, Thomashembrige Insbrokers 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’s Resolution Officer, Mr Okwudili Ikegwuonu and filed before the court by a Lagos lawyer, Collins Ogbonna, the deponent averred that
Adenmosun is the managing Director of the aforelisted companies while his wife Toluleke Adenmosun is a Director in Hometrust 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 were alleged to have used the accounts of Thomashembridge Insbrokers Ltd, FB Consulting &Global services Limited and HT Real Estate Company Limited Companies to divert the proceeds of the loan granted to them by the bank.

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Between July 26, 2007 and 14th of January, 2008, Home Trust Savings & Loans Limited Company, according to the affidavit, requested for and was granted overdraft facilities totaling N13 billion 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, Adenmosun also executed two personal guarantees.

Mr 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, and in order to assist the company’s business, the bank granted the request, the said concession was backed by N1.2 billion and the limit of return cheques was pegged at N1 billion.

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.

The presiding Judge, Ayokunle Faji has adjourned till 11th of June, 2019 for hearing.

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