AMCON drags Indian businesswoman to court over unpaid loan

Akin Kuponiyi

Asset Management Corporation of Nigeria AMCON has dragged an Indian Businesswoman, Mrs RATINANI MINAL ANIL before a Federal high court in Lagos over her failure to pay a debt of N473,297,110.39.

According to a statement of claim accompanied by witness statement on oath sworn to by enforcement officer of AMCON Aminu Muhammed Idris and filed before the court by the combined fourteen legal practitioners from the metropolitan law firm.

It was allegedly stated that sometime in 2007, Mrs RATINANI MINAL Anil applied for a term loan facility to the tune of Seven Hundred and One Thousand, Seven Hundred Dollars only (701,700.00) from the defunct Oceanic Bank Plc (Now Ecobank).

It was also said that the bank granted the defendant’s application for the facility in favour of the defendant. The purpose of the facility was to finance the purchase of a property (Penthouse Number 19, 9th Floor in Building Number Six of Block ‘C’ at Plot 1, Zone N, Banana Island Foreshore Estate, off Onikoyi Road, Ikoyi, Lagos State) from Bussecomm Nigeria Limited.

The claimant avers that the facility document states that the facility was granted in the sum of Seven Hundred and One Thousand Dollars only ($701,700.00) for a tenure of 24 months to enable the defendant to finance the purchase of a property in Banana Island from Bussecomm Nigeria Limited, among other terms and conditions of the facility as indicated in the facility document.

All the terms of the facility document were accepted by the defendant by affixing her signature on the acceptance column of the facility document on the 22nd of May 2007.

The bank credited the defendant’s account with the bank in accordance with the terms of the facility document as the Loan Facility was secured by assignment of the title documents to the property being purchased to the order of Oceanic Bank Plc which will only be released at total liquidation of the facility and a lien over the totality of shares pledged as security.

However, as a result of the incessant failure of the defendant to service the facility, the facility was classified as a non-performing loan by the bank and by a letter dated 25th August 2009.

The bank wrote to the defendant demanding that the outstanding balance of Sixty-One Thousand, Eight Hundred and Forty-Nine Dollars, Ninety-Seven Cents ($61,849.97) be paid within 14 days of receipt of the letter.

Thereafter the defendant instituted an action against the bank in the High Court of Lagos state with Suit No: LD/2013/2010.

The Claimant also avers that vide a letter dated 13 May 2013, the defendant, through her solicitors, demanded for:

A detailed account of the management of the loan facility between the defendant and Ecobank Plc.

The balance on the loan facility either in stocks or monetary payment.

The defendant, being dissatisfied with the judgment of the trial court which was in favour of the bank, filed a Notice of Appeal at the Court of Appeal.

AMCON avers that vide a Loan Purchase and Limited Servicing Agreement made on the 31st of December, 2010, AMCON acquired the rights, title and interest In Non-Performing Loans held by the Bank, which included the Facility and accrued interests on the Loan Sum that stood at the sum of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (N473,297,110.39) (in the first phase) in accordance with the provisions of the AMCON Act.

AMCON engaged the services of Fasces & Oak to carry out and deliver an Asset Tracing Report.

AMCON also avers that It carried out 3 Credit Risk Management System (CRMS) Check on the Defendant and linked the Defendant’s BVN to several bank accounts.

Consequently, AMCON briefed Its solicitors, The Metropolitan Law Firm to recover the Defendant’s outstanding indebtedness to the Claimant to the tune of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (N473,297,110.39).

The Defendant has refused to honour the AMCON’s several demands to pay off its outstanding indebtedness to the Claimant to the tune of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven
Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (473,297,110.39).

The Defendants have repeatedly expressed their unwillingness to pay off their indebtedness to the Claimant despite the allowance extended to the Defendant by the Claimant which resulted to the accrued interest being charged on the Facility.

As at September 2021, the Defendant’s outstanding indebtedness to AMCON is to the tune of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (N473,297,110.39).

The Defendant has failed, refused and/or neglected to liquidate their indebtedness to the AMCON.

AMCON further alleged that unless an order of court is made against the Defendants, the Defendants will continue to renege on their contractual obligations to AMCON AMCON claims against the Defendant jointly and severally as follows:

A declaration of the court that the Defendant is indebted to the AMCON in the sum of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (N473,297,110.39) by virtue of a credit facility granted to the Defendant by the defunct Oceanic Bank Plc (now Ecobank Pic).

An order of this court directing the Defendant to pay the Claimant the sum of Four Hundred and Seventy-Three Million, Two Hundred and Ninety-Seven Thousand, One Hundred and Ten Naira, Thirty-Nine Kobo (N473,297,110.39) being the sum of outstanding indebtedness of the Defendant to the Claimant by virtue of a credit facility granted to the Defendant by the defunct Oceanic Bank Plc (now Ecobank Plc) and cost of this legal action.

The case has been adjourned till 13th of July 2026.