₦1.38 Billion debt scandal: Evame demands Court wind up Gravity Bureau De Change

By Akin Kuponiyi

A motorcycle dealership, Evame Multi-National Company, has filed a winding-up petition before a Federal High Court in Lagos against a bureau de change firm, Gravity Bureau De Change Limited, over an alleged outstanding debt of ₦1.38 billion.

In a sworn affidavit submitted alongside the petition, Godwin Joshua, Manager of Evame Multi-National Company, alleged that the firm had entered into a financial agreement with Gravity Bureau De Change on May 6, 2021, involving a currency exchange transaction worth ₦1.66 billion.

According to the affidavit, the full amount was transferred to Gravity Bureau De Change’s bank account, but only ₦280 million has been refunded to date. The remaining balance of ₦1.38 billion remains unpaid, prompting the legal action.

The petitioner stated that the initial transaction was backed by personal guarantees from Abdulsalam Saleh Abdulkarim, who is listed as the individual with significant control over the company, and Dauda Buhari Adamu, the first director of Gravity Bureau De Change.

Despite a formal letter dated October 15, 2024, sent through its legal representatives to demand repayment, Gravity Bureau De Change has allegedly failed to settle the outstanding balance.

Follow-up letters have also been issued, but the respondent has continued to default.

Crucially, the petitioner noted that Gravity Bureau De Change has never denied owing the sum but has persistently refused to repay or make any reasonable settlement efforts.

Consequently, Evame Multi-National is asking the court to wind up the bureau de change firm and ensure that its assets are liquidated to offset the debt, along with accrued interest.

The case has been adjourned to April 9, 2025, for hearing.