CHECK THIS LIST! AMCON Names 105 Bad Debtors
This is a clear case of debt gone bad.
As an adage has it, running into debt isn’t so bad. It’s running into creditors that hurts.
All those who ran into debt with the government’s bad bank, the Asset Management Corporation of Nigeria, have run into their creditors.
And it really hurts because the bank has decided to shame them by publishing their names in the newspapers.
AMCON released the list of what it calls delinquent debtor firms who allegedly owe it N906,109,840,662.99 in total.
In an advertorial published on Monday, the bad debt manager said the list contained the top 105 delinquent debtors and that the publication was pursuant to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria in April 2015.
“This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts,” AMCON stated.
Among the alleged debtors are Capital Oil & Gas Limited, whose main promoter was listed as Mr Ifeanyi Ubah, which reportedly owed 115 billion naira; Tinapa Business Resort, which is owned by the Cross River State Government and allegedly owing 36 billion naira; and Geometric Power Limited being promoted by a former Minister of Power, Prof. Barth Nnaji, 29.84 billion naira, and others.
Also on the list are Shell Development Company’s Multi-Purpose Cooperative Society Limited, which is reportedly indebted to the corporation to the tune of 26. 47 billion naira; Platinum Capital, 20.37 billion naira; Minaj Holdings Limited, 17.3 billion naira; Sammy Beth Interbiz Limited, 11 billion naira; and Octopus Trust Nigeria Limited, 10.17 billion naira.
Others are Mobil Workers (Eket) Multipurpose Cooperative Society, 11.5 billion naira; Dormalong Engineering Limited, 4.7 billion naira; Aquitane Oil and Gas Limited, 2.64 billion naira; Omega Savings and Loans 2.28 billion naira; Bellview Airlines Limited, 2.25 billion naira; and Chevron Oil Staff Multipurpose Cooperative, 1.59 billion naira.
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