After years of delays and face by a winding down date that just around the corner, the Asset Management Corporation of Nigeria (AMCO), on Tuesday morning mustered courage, publishing its much awaited list of 105 delinquent debtors, led by Capital Oil and Gas Industries Limited, promoted by Ifeanyi Ubah, one time governorship aspirant in his native Anambra State and publisher of Authority Newspapers.
Ubah owes AMCON a total of N115.952bn, leading a pack of companies promoted by known names in corporate Nigeria, the top-10 of which together owe the Federal Government a whopping N426.96bn, much more than the 2018 budget of a combination of almost 10 states in the country.
AMCON lamented recently that 350 Nigerians owe 80%, or N4.3tr of its N5.4tr outstanding loans purchased from the nation’s banks following the financial crisis that led to the liquidation of many banks, following their overexposure to mainly to the oil and gas, as well as the capital market.
Following the promoter of Ifeanyi Ubah Football Club on the name-and-shame list, is NICON Investment, owned by self-styled “corporate turnaround wizard,” serial newspaper publisher, owner of failed Air Nigeria, and also one-time governorship aspirant- Jimoh Ibrahim,listed as owing N59.544bn.
Also on the top 10 list are: Bi-Courtney Limited, operator of the Murtala Muhammed Airport Terminal 2, whose current exposure is put at N40.798bn, whose main promoter is listed as Wale Babalakin (SAN), who is also promoter of Roygate Properties Limited, which owes a another N28.137bn. Josepdam & Sons Limited, promoted by Mrs. Josephine Damilola Kuteyi (late), Saheed and Ganiyu Kuteyi owes N39.056bn; while Tinapa Business Resort, promoted by the Cross River State Government during the administration of Donald Duke between 1999 and 2007, owes N36.006bn.
Also on the top 10 list, owing N30.626bn, is Home Trust Savings promoted by Chukwukadibia Ajaegbu and Funmi Ademosun; followed by Geometric Power Limited, promoted by Prof Bartholomew Nnaji, a former minister of power, and science and technology. Other listed as main promoters include Nnaji Agatha, Nnaji Okechukwu, Anike Paul, Obibuaru Eluma, Nwobodo Benjamin Chukwuemeka, Dozia Chijioke, UBA Trustees Limited, Kunoch Limited, and Diamond Capital & Financial Market Ltd, which had another N29.844bn debt against it.
Shell Development Petroleum Company- West Multi-Purpose Co-operative Society Limited, which has Ikponmwosa Ogbemudia, according to AMCON, is exposed to AMCON to the tune of N24.474bn; while Anyiam Osigwe Ltd, promoted by Anyam-Osigwe Dorothy Chinyere, occupies number 10 on the list with its debt at N20.523bn.
Platinum Capital, with Richard Obire and Francis Atuche of PlatinumHabib Bank (liquidation) is listed as owing N20.523bn; ahead of the N20.218bn by Flotsome Investment Limited promoted by Oboden Ibru, former executive director of Oceanic Bank International, and Tejiro Ibru, both of who are also listed as promoters of Ray Gold Silver Plus Ltd, owing N6.28bn. Lonestar Drilling, owned by late Chief Idis and Margaret Idisi, owe AMCON N20.207bn; Petrologistics Ltd of Dr. Ugoji Egbujo, N19.576bn.
Ioma Globa Resources, promoted by Chimaroke Nnamani, ex-Governor of Enugu State is indebted to the tune of N18.919bn, Sammy Beth Interbiz Ltd which owes another N11.017bn; as well as RainbowNet Ltd, owing N804.895m; Camden Resources, owing AMCON N5.075bn; and Riverside Logistics Ltd, N5.874bn. Hosanna Properties Ltd, owes N18.059bn; while Minaj Holdings Limited owned by Senator Mike Ajegbo and others follows with N17.306bn.
Afrijet Airlines Ltd owes N13.122bn; Petroleum Brokers Ltd, N13.076bn; while Senator Buruji Kashamu’s Hotel De Island, Kasmal Properties, Island Autos and Macoil, are listed as owing N13.015bn.
Other obligors on the list are Zarm Stores, promoted by Oba Muftau Gbadamosi, the Olta of Otta; Octopus Trust Nigeria, promoted by Erastus Akingbola, Executive Vice Chairman of Intercontinental Bank Plc (in liquidation); Brook Investments Ltd, which has the late Chief Samuel Adegbite, former chief executive of Wema Bank Plc as one of the promoters, as well as some members of his family.
The list also has Albert Okumagba and Chibundu Edozie as owing AMCON N5.69bn through Lexcap Partners; Kanu Godwin Ndubuisi (it is not known whether he is the same as the retired Rear Admiral appointed Governor of Imo State under the military regime in 1976), is listed as owing N5.39bn through Rangk Ltd. There are: DormanLong Engineering Ltd promoted by Austen Peters, N4.7bn; Eres N V (Nig) Ltd, owned by Chief Pius Akinyelure, National Vice Chairman (South West) of the ruling All Progressives Congress (APC), owes N4.171bn.
Also on the list are Omega Sunshine Ventures, and Omega Savings & Loans, promoted by Venerable Segun Agbetuyi, former chief executive of Omega Bank Plc, owing N2.783bn and N2.283bn respectively.
The list also has Henry Imasekha and Joey Chuma Obue listed as promoters of Ascot Fabricators and Construction Ltd, indebted to the tune of N1.374bn; and Unicorn Place Leisure Services Ltd, promoted by Ike Nwabuoku, former chief executive of Continental Trust Bank, owing N1.256bn; among others.