AMCON Drags Lagos Business Man To Court Over N2.4 Billion Debt

AMCON Drags Lagos Business Man To Court

OpenLife Nigeria reports that in a bid to recover a debt of N2,497,651,196,.76.,Asset Management Corporation of Nigeria AMCON has dragged a Lagos business man Taiwo Adesanya trading under the name of Taiwo Adesanya & Company before a Federal high court in Lagos.

In a statement of claim accompanied by witness written statement on oath of Credit Enforcement Officer of AMCON Abdulrazak Sani and filed before the court by Barrister C.O. Eze of Macmilton Law Firm, the deponent avers thus:
Mr Taiwo Adesanya is the proprietor of Taiwo Adesanya & Co and executed all loan documents.
By an Offer Letter dated 10th September 2008, the Intercontinental Bank Plc granted the Defendant a renewal of share loan Facility in the sum of N617,909,354.71(Six Hundred and Seventeen Million, Nine Hundred and Nine Thousand, Three Hundred and Fifty-Four Naira,Seventy -One Kobo).

The Offer Letter is pleaded and shall be relied on during the trial of this Suit.
The facility was duly accepted.

The Defendant duly utilized the facility but defaulted on the repayment leading to the acquisition by AMCON.

AMCON wrote demand Letter to the Defendant. The Demand Letter dated 1st July 2020. The demand Letter with Redstar Courier receipt is pleaded and shall be relied on during the trial of this Suit.

The balance the Defendant owes the Claimant stands at N2,497,651,196.76 (Two Billion, Four Hundred and Ninety-Seven Million, Six Hundred and Fifty- One Thousand Naira, One Hundred and Ninety- Six Naira,Seventy Kobo) as at October 25, 2023 on which interest continues to accrue.

The Claimant pleads and will rely at the trial of this suit on any other relevant documents in proof of its claim before this Honourable Court.
WHEREOF the AMCON claims against the Defendant are as follows:

The sum of N2,497,651,196.76(Two Billion,Four Hundred and Ninety Seven Million, Six Hundred and Fifty One Thousand Naira, One Hundred and Ninety Six Naira,Seventy – Six Kobo) the Defendant owes the Caimant, being the outstanding indebtedness of the Defendant to the Claimant as at October 25,2023 on which interest continues to accrue.

Interest at the rate of Fifteen percent (15%) per annum on the said sum of N2,497,651,196.76 (Two Billion,Four Hundred and Ninety-Seven Million,Six Hundred and Fifty One Thousand Naira, One Hundred and Ninety Six Naira,Seventy Kobo) from October 25, 2023 until judgment is delivered.

Interest at the rate of ten percent (10%) per annum on the judgment sum from the date of entry of final judgment in the suit until the said judgment sum is fully and finally liquidated.

An order directing the Defendant to pay the Claimant the cost of this action in the sum of N2,000,000.00(Two Million Naira Only).
Accelerated hearing of this Suit.