AMCON Drags Beracha Lubrications Company to Court over Failure to Pay N9.9billion Debt

Asset management corporation of Nigeria has dragged a private limited liability Company Beracah Lubrications Nigeria Limited before a Federal high court in Lagos over the failure of the company  to pay a debt of N,9,960,479,265 

   joined as co-defendants in the debt recovery suit, are Sola Oluwadare, Osadare Edebisi Williams,and Kola Adesina who are all Directors, shareholders, the alter egos and controlling minds of the 1st Defendant, Beracha Lubrications Nigeria Limited.

     According to statement of claim filed before the court by a Lagos lawyer, Barrister Chineme  Nweke of Anfield Solicitors on behalf of AMCON, the debt recovery agency alleged thus: that by virtue of customer bankers relationship that existed between Beracah Lubrications Nigeria Limited  Company  and two legacy banks Spring bank PLC and Bank PHB Plc, the defendants applied and were availed various credit and overdraft facilities, in the total sum of  $10,000,000(Ten Million Us Dollars) and N900,000,000(Nine Hundred Million Naira)

       Since the acquisition of the Loan, AMCON has made frantic and diligent efforts to contact the Defendants who have clandestinely and deliberately evaded all spoken and written communications with AMCON or its recovery agent including service of demand notices which the Respondents have stylishly evaded

     AMCON avers that the various facilities availed the 1st Defendant were secured with a Vessel known and called the MT Oragreen. However, a search at the Nigerian Maritime Administration and Safety Agency (NIMASA) revealed that the vessel has been deleted from the record of the Agency because it has either lost its seaworthiness and used for scrap purpose or the owner does not flag the Nigerian flag again. Consequently, the vessel cannot be traced.

   Also used as security for the loan is the property situate at Plot 1b, Block104, Peninsula Residential Scheme,Eti-Osa Local Government, Lagos State

    However AMCON alleged further that investigation conducted by AMCON on the property mentioned above revealed that the property was fraudulently used as collateral by Sola Oluwadare without the consent of the rightful and bonafide owner to wit: one Mr. Akintayo Abiodun Sokunbi.

     As at December 2022, the Defendants total indebtedness to the Plaintiff inclusive of the accrued interest is a whopping sum of N9,960,479,265.07 (Nine Billion, Nine Hundred and sixty Million Four Hundred and seventy Nine Thousand Two Hundred sixty Five naira Seven Kobo Only).

Wherefore,the AMCON’s claims severally and jointly against the Defendant are as follows:

Payment of the sum of N9,960,479,265.07 (Nine Billion, Nine Hundred and Sixty Million Four Hundred and Seventy Nine thousand Two hundred and two hundred sixty five Naira Seven Kobo.Kobo Only) being the outstanding indebtedness of the Defendants to the Plaintiff as at December 2022

Interest on the principal sum at the rate of 24% per annum from June 2022 until judgment and hereafter at the rate of 21% per annum on the judgment sum until it is finally liquidated.

     An  order to attach and pay over to the Funds maintained by the Defendant or linked to the accounts of the Defendant in any bank operating in Nigeria in satisfaction of the judgment sum.

     The hearing of the case has been fixed for 29th of October, 2024.