AMCON Debtor List: Ifeanyi Ubah, Jimoh Ibrahim, 103 others owe over N900B

AMCON Debtor List: Ifeanyi Ubah, Jimoh Ibrahim, 103 others owe over N900B

Business magnates, Ifeanyi Ubah and Jimoh Ibrahim are top of a list of 105 high-profile Nigerians who collectively owe the Asset Management Corporation of Nigeria (AMCON) the princely sum of N906.109 billion.

AMCON made the list of 105 individuals and companies public after running out of patience with repeated failed promises of repayment on the part of the debtors.
Apart from Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, other top debtors on the list include NICON Investments Limited which was possessed by Jimoh Ibrahim, Bi-Courtney Limited owned by Wale Babalakin, Josephdam and Sons Limited which is owned by the Kuteyi family and the Cross River State government run Tinapa Business Resort.
The release of the list is coming some years after the ‘indebted individuals’ list was released by AMCON, as a reminder to the debtors who have refused to pay up despite several warnings.
The Managing Director and Chief Executive Officer (CEO) of AMCON, Ahmed Kuru, had, earlier in the year, mentioned plans by the corporation to publish the list of delinquent debtors and directors who have failed to reach or refused to reach a settlement resolution with the corporation. Kuru said that with the deadline given to the debtors ticking away, the body is set for a ‘name and shame’ of the defaulters as there will be no more period of grace as they did not utilize the one earlier given to them.
A breakdown of the debt reveals that Capital Oil and Gas is indebted to the tune of N115.952 billion while Wale Babalakin whose name appears on the on both Bi-Courtney Limited and Roygate Properties Limited, owes N69.642 billion.
Former Governor of Enugu State and Peoples Democratic Party (PDP) candidate for the Enugu East Senatorial Candidate, Chimaroke Nnamani, is indebted to the tune of N42.49 with his name appearing under Iorna Global Resources, Sammy Beth Interbiz Limited, Camden Resources Limited, Riverside Logistics Limited and Rainbownet Limited.
Other debtors on the list include Senator Buruji Kashamu who is said to owe AMCON N13.015 billion; former Minister of Power, Professor Bart Nnaji, whose name showed up as an executive of Geometric Power Limited, is indebted to the tune of N29.844 billion.

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