Aregbesola’s Aide Dragged to Court over Unpaid N167M Loan

Matilda Omonaiye/

In a bid to recover a debt of N167,242,515.22, Asset Management Corporation of Nigeria (AMCON) has filed a debt recovery suit against Ademola Adeyinka, the Senior Special Adviser to the Minister of Interior, Ogbeni Rauf Aregbesola.

According to a statement of claim accompanied with a witness sworn statement on oath of AMCON supervisor Mr. David Funso George, filed before a Federal High Court in Lagos by Ibadan based Legal practitioner, Barrister Oluwole Olukole, AMCON avers that the defendant sometime in 2008 applied for and was granted credit facility for =N=50,000,000 to purchase shares of blue-chip companies quoted on the stock exchange acceptable to the bank.

The aforesaid facility was tenured to be paid back within 270 days and repayment was to come from operational cash flow but not limited to the sale of the shares.

The claimant disbursed the funds under the facility and the defendant utilized the facility by issuing cheques to various relevant parties to the transaction that were honored by the Bank.

Upon the disbursement of the facility to the defendant, the defendant rather than honoring the express terms of the facilities failed and /or refused to repay the debt and same kept accumulating interest.

Adeyinka was a banker with Intercontinental Bank Plc (acquired by Access Bank Plc). He is now a politician with residential addresses in Lagos, Osogbo, and Abuja. The defendant is a Senior Special Adviser to the Minister of Interior of the Federal Republic of Nigeria, Ogbeni Rauf Aregbesola. The defendant at all material times was a customer of the erstwhile Intercontinental Bank Plc and operated accounts with the bank at their Plot 999C Danmole Street, Victoria Island branch in Lagos.

AMCON stated that sometime in 2011, some staff of Intercontinental bank loyal to the senior management of the bank tried to delete and in fact deleted some computer files belonging to some customers including that of the defendant.

The efforts to delete the files of the defendant proved futile as the bank had backed up files to reprint the documents they tried to delete, and in fact, retrieved the same.

The effect of this act of sabotage was to render some files and documents of the defendant including the offer letter illegible and not very clear.

The Claimant says the facility of the defendant expired, it was not repaid by him, and it degenerated to a non – performing loan of =N=69,280,723.57.

The continuous refusal of Defendant to liquidate his indebtedness to the bank occasioned great hardship for the bank which led to AMCON taking over the non-performing facility from Intercontinental Bank Plc.

Pursuant to its powers under the AMCON Act 2010 (as amended), the Claimant purchased Defendant’s outstanding indebtedness arising from the facility granted by Intercontinental Bank Plc.

Consequent to the above, all rights including but not limited to the right to institute an action in respect of any indebtedness were assigned to the Claimant by the Bank.

The Claimant contended that Defendant has failed, neglected, and/ or refused to settle the outstanding indebtedness to date despite repeated demands.

The indebtedness has continued to grow at an interest rate of 15% per annum and will continue to grow until the full liquidation of the outstanding indebtedness.

The Claimant has incurred various substantial costs in its efforts to recover the indebtedness of the Defendant by engagement and/or payment of various professional services/fees including but not limited to the institution of this action.    

The claimant states that the defendant has numerous accounts with other banks where he has money standing to his credit. The defendant also has millions of shares standing to his credit at the Central Securities Clearing System (CSCS) Plc.

It is the Claimant’s case that it cannot allow the flagrant breach of the Defendant’s obligations to continue as its own duty amongst others is to efficiently acquire eligible bank assets from Eligible Financial Institutions and to efficiently resolve them as necessary or expedient to protect, enhance or realize the value of the bank assets.

The Claimant pleads all correspondents made by and to Defendant and all relevant documents relating to and concerning the indebtedness of Defendant. It will rely on all such documents at the hearing of the suit. The Claimant gave notice to Defendant to produce at the hearing of the suit the originals of such documents in his possession.

 The claims against the defendant are “The payment of the sum of N167,242,515.22 being the outstanding balance as of 29th September 2020 of the credit facility granted by Intercontinental Bank Plc to the Defendant (which debt was purchased by the Claimant) but which the Defendant has refused to pay despite repeated demands.

“The sum of 15% interest on the said sum from September 30, 2020, until the said sum, is finally liquidated.”

Meanwhile, the court has adjourned till after vacation for a report of service.

AMCON is a corporation established by Act 2010 (as amended) and duly empowered for the purpose of acquiring Eligible Bank Assets (EBA) from Eligible Financial Institutions (EFI) and efficiently resolving the EBA.

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