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Nigerian Asset Management Corporation, AMCON Sues Interior Minister, Aregbesola’s Aide Over N167Million Debt

Adeyinka was a banker with Intercontinental Bank Plc (acquired by Access Bank Plc) but is now a politician with residential addresses in Lagos, Osogbo and Abuja.

The Asset Management Corporation of Nigeria (AMCON) has filed a debt recovery suit against Ademola Adeyinka, the Senior Special Adviser to the Minister of Interior, Rauf Aregbesola.

According to a statement of claim supported with a statement on oath by AMCON’s supervisor, David George, and filed before a Federal High Court in Lagos by Oluwole Olukole, an Ibadan-based lawyer, Adeyinka allegedly owes N167,242,515.22, The Punch reports.


AMCON is a corporation established by the Asset Management Corporation of Nigeria Act 2010 (as amended) and duly empowered for the purpose of acquiring eligible bank assets from Eligible Financial Institutions and efficiently resolving the Eligible Bank Assets.

Adeyinka was a banker with Intercontinental Bank Plc (acquired by Access Bank Plc) but is now a politician with residential addresses in Lagos, Osogbo and Abuja.

AMCON said the defendant at all material times was a customer of the erstwhile Intercontinental Bank Plc and operated accounts with the bank at their Plot 999C Danmole Street, Victoria Island branch in Lagos.

AMCON averred that the defendant sometime in 2008 applied for and was granted a credit facility for N50 million only to purchase shares of blue-chip companies quoted on the stock exchange acceptable to the bank.

It said that the facility was to be paid back within 270 days and repayment was to come from operational cash flow but not limited to the sale of the shares.
The claimant averred that it disbursed the funds under the facility and that the defendant utilised the facility by issuing cheques to various relevant parties to the transaction that were honoured by the bank.

“Upon the disbursement of the facility to the defendant, the defendant rather than honour the express terms of the facilities failed and /or refused to repay the debt and kept accumulating interest,” it said.
AMCON further stated that sometime in 2011, some staff members of Intercontinental Bank loyal to the senior management of the bank tried to delete and in fact deleted some computer files belonging to some customers, including that of the defendant.

Efforts to have the files of the defendant totally gone proved futile as the bank had backup files to reprint the documents they tried to delete, and retrieve the same.
“The effect of this act of sabotage was to render some files and documents of the defendant, including the offer letter illegible and not very clear,” AMCON said.

The claimant pleaded that when the facility of the defendant expired, it was not repaid by him and that it degenerated to a non-performing loan of N69,280,723.57.

It said the continuous refusal of the defendant to liquidate his indebtedness to the bank occasioned great hardship for the bank which led to AMCON taking over the non-performing facility from Intercontinental Bank Plc.

Pursuant to its powers under the AMCON Act 2010 (as amended), the claimant said it purchased the defendant’s outstanding indebtedness arising from the facility granted her by Intercontinental Bank Plc.

Consequently, all rights including but not limited to the right to institute an action in respect of any indebtedness were assigned to the claimant by the bank.

The claimant contended that the defendant has failed and/ or refused to settle the outstanding indebtedness to date despite repeated demands.

It added that the indebtedness has continued to grow at an interest rate of 15% per annum and would continue to grow until full liquidation of the outstanding indebtedness.
The claimant said it has incurred various substantial costs in its efforts to recover the indebtedness of the defendant by engagement and/or payment of various professional services/fees including but not limited to the institution of this action.

The claimant stated that the defendant has numerous accounts with other banks where he has money standing to his credit and that he also has millions of shares standing to his credit at the Central Securities Clearing System Plc.

The claimant’s claims against the defendant are for the payment of the sum of N167,242,515.22 being the outstanding balance as of 29th September 2020 of the credit facility granted by Intercontinental Bank Plc to the defendant (which debt was purchased by the Claimant) but which the defendant has refused to pay despite repeated demands.

Meanwhile, the court has adjourned till after vacation for the report of service.