Special Adviser to Ex-Ogun State Governor Dragged to Court over Unpaid Loan

In a bid to recover alleged debt of N68,061,269.02 Asset management Corporation of Nigeria AMCON, has dragged before a Federal high court in Lagos

Mojibola Oluwole Sanni was former adviser to the former Governor of Ogun state Ibikunle Amosu on Economic Planning and Development, Joined as co-defendant in debt recovery suit is a limited liability company Green Courts Limited.

In a statement of claim filed before the court by an Ibadan based legal practitioner, Barrister Oluwole Olukole on behalf of AMCON, the debt recovery agency alleged thus:

Green courts Limited is a company in businesses of brand marketing and distribution amongst others with an office at 33 Issa Williams Street, Oke Arin Lagos, whilst Mojibola Oluwole Sanni is the Managing Director and alter ego of the company. He is also the sole signatory to the accounts of the company.

The  Green Courts company was a customer of defunct Intercontinental Bank Plc  and operated accounts with the bank at the Oke Arin branch, Lagos.

Sometime in 2002 and 2003, the company  through the 2- defendant applied for several credit facilities of =N=1,000,000, = N=1,500,000 and later =N=2,500,000 from Intercontinental Bank Plc to finance working capital requirements of their businesses.

Consequently, Intercontinental Bank Plc offered the defendants the aforesaid credit facilities. 

     The first three facilities were granted for 30 days while the last was for 45 days.

  The bank disbursed the monies requested and it was paid into the company’s account. The defendants used the money for the purposes for which it was granted.

     After  the disbursement of the facilities to the defendants,the defendants consistently  failed to repay the debt as at when due and same kept accumulating interest and thereafter became a bad debt.

     By 2011, the outstanding balance on the company’s account had degenerated to a non-performing loan of -N-31,275, 723 (Thirty one million  Two Hundred and Seventy Five Thousand, Seven Hundred and Ninety Three Naira only)

    The continuous refusal of the Company to liquidate its indebtedness to the bank occasioned great hardship to the bank which led to the AMCON taking over the non-performing facilities granted to the company from the bank

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

      Consequent upon the above, all rights including but not limited to the right to institute an action in respect of any indebtedness were assigned to AMCON by the Bank.

    The Defendants were alleged to have failed neglected and/or refused to settle the outstanding indebtedness of the defendants till date despite repeated demands

The indebtedness has continued to grow at an interest rate of 15% per annum and will continue to grow until full liquidation of the outstanding indebtedness.

    AMCON has incurred various substantial costs in its efforts to recover the indebtedness of the defendants by engagement and/or payment of various professional  services/fees including but not limited to the institution of this legal action.

     As at the 31st of January,2019 the outstanding of the company indebtedness stood at N68,061,269.02 

       AMCON further stated that the defendants have several properties,bank accounts deposits and, even shares of business entities operating in Nigeria to the detriment of paying his debt.

        AMCON avers that the Defendants have no defence to this suit whatsoever to the Claimant’s claim as the debt is wholly undisputed. 

Whereof the Claimant claims against the Defendants jointly and severally is for:-

The payment of the sum of N68,061,269.02 (Sixty Eight Million, Sixty One Thousand, Two Hundred and Sixty Nine Naira, Two Kobo Only)being the outstanding balance as at 31st January 2019 of the credit facilities granted by Intercontinental Bank Plc but were personally guaranteed by the other defendant ,but which the Defendants have refused to pay despite repeated demands.

The sum of 15% interest on the said sum from the 1st of February , 2019 until the said sum is finally liquidated.

Cost of this action.

However, in a preliminary objection filed before the court, the defendants are challenging the jurisdiction of the court on the ground that the case is statute barred and being an abuse of court process.