Risikat Adeniyi Adegeye, wife of Juju legend, King Sunny Ade is reportedly in debt.

The wife of the legendary musician and guitarist is embroiled in a legal battle over a 45.4 million Naira debt, being the alleged outstanding amount due on a loan facility given to her by Sterling Bank in 2008. 

Risikat is presently in court to contest an order granted the Asset Management Company of Nigeria (AMCON), to take temporary possession of the property which was used as collateral to secure the loan.

According to the court papers, she had sometime in 2008 secured a loan facility of 23 million Naira from Sterling Bank, which she augmented with 10 million Naira to purchase a property valued at 33 million Naira.

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The property, located at Plot A2, House 3, Adonai Tekts Estate, Central Business District, Alausa Ikeja was duly bought and also served as guarantee for the loan. 

In a sworn affidavit presented to the court by George Fola Adeniyi, one of Madam Risikat’s children, said that she had been servicing the loan since inception and had even asked her bank manager to furnish her with her loan statement of account to enable her ascertain and liquidate the balance.

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The plaintiff claimed that the bank never provided her with the statement, instead unilaterally passing off her debt to AMCON in 2011.

She also claimed that AMCON has since then been imposing unilateral and extortionate interest on the loan balance without carrying her along, and  prayed the court to set aside the February 22nd 2018 ruling which granted temporary possession of the house in contention.