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AMCON To Go After Babalakin, Ubah, Kashamu, 17 Others Owing N5trillion Debt

In a document published by AMCON’s, prominent Nigerians like Wale Babalakin, Ifeanyi Uba, Buruji Kashamu and a host of others were listed as top debtors.


Following the new approaches adopted in the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON), the agency has taken some steps to immediately recover the N5trillion debt from its debtors.

In a document published by AMCON’s, prominent Nigerians like Wale Babalakin, Ifeanyi Uba, Buruji Kashamu and a host of others were listed as top debtors.

Vice President Yemi Osinbajo had on Monday announced that the directive was part of President Muhammadu Buhari’s renewed efforts to ensure the effective recovery of the debts.

Osinbajo said a special task force comprising the heads of AMCON, Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC) and permanent secretaries of the Ministries of Justice and Transportation, would be in charge of the recovery.

Ahmed Kuru, AMCON’s Managing Director/Chief Executive Officer, had lamented that the country was structured and ruled in a way to allow the debtors to get away with the debt.

With the new directive, the agency would be going after 20 highest debtors including Ifeanyi Ubah, Jimoh Ibrahim, Wale Babalakin and Kashamu Buruji.

S/N Obligor Name Main Promoter(s) Current Exposure
1 Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
2 NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
3 Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
4 Josepdam & Sons Limited Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi 39,056,674,951.55
5 Tinapa Business Resort Cross River State Government 36,006,319,844.68
6 Home Trust Savings Chukwukadibia AjaegbuFunmu Ademosun 30,626,243,344.71
7 Geometric Power Limited

Prof. Barth NnajiNnaji AgathaObibuaru Eluma

Anike Paul

Nwobodo Benjamin Chukwuemeka

Dozie Chijioke

Akpe Austine

Nnaji Okechukwu

UBA Trustees Limited

Kunoch Limited

Diamond Capital & Financial Market Limited

8 Roygate Properties Limited

Wale Babalakin (SAN)Agumadu JohnAlarape Olabode

Okhaleke Ndudi

9 Shell Development  Petroleum Company – West  Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
10 Anyiam Osigwe Limited Anyiam-Osigwe Dorothy Chinyere 20,523,322,350.29
11 Platinum Capital Obire RichardFrancis Atuche 20,378,820,507.19
12 Flotsome Investment Limited Oboden IbruTejiro Ibru 20,218,703,550.96
13 Lonestar Drilling Late Chief IdisiMargaret Idisi 20,207,979,803.22
14 Petrologistics Limited Ugoji Egbujo 19,576,962,565.35
15 Lorna Global Resources H.E. Chimaroke Nnamami 18,919,109,352.85
16 Hosanna Properties Limited Anionye ChikaObi Ike C. 18,059,895,396.27
17 Minaj Holdings Limited

Ajegbo Mike NnayeluchudihuLuke Chidi ChudihuiloguMiller Gregrey

Ethridge Kyle

Attueyi Joe

Oladele Afolabi

Okpere Kisito

Kokoricha Paul

18 Afrijet Airlines Limited Inoelle Willam BarryCarr Collin 13,122,022,439.57​
19 Petroleum Brokers Limited​ Wilcox Awopuolagha​ 13,076,314,937.26​
20 Hotel De Island; Kasmal Properties; Island Autos & Nacoil​ Kashamu Prince Buruji​ 13,015,595,907.67​