AMCON To Go After Babalakin, Ubah, Kashamu, 17 Others Owing N5trillion Debt

Wale Babalakin

Following the new approaches adopted in the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON), the agency has taken some steps to immediately recover the N5trillion debt from its debtors.

In a document published by AMCON’s, prominent Nigerians like Wale Babalakin, Ifeanyi Uba, Buruji Kashamu and a host of others were listed as top debtors.

Vice President Yemi Osinbajo had on Monday announced that the directive was part of President Muhammadu Buhari’s renewed efforts to ensure the effective recovery of the debts.

Osinbajo said a special task force comprising the heads of AMCON, Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC) and permanent secretaries of the Ministries of Justice and Transportation, would be in charge of the recovery.

Ahmed Kuru, AMCON’s Managing Director/Chief Executive Officer, had lamented that the country was structured and ruled in a way to allow the debtors to get away with the debt.

With the new directive, the agency would be going after 20 highest debtors including Ifeanyi Ubah, Jimoh Ibrahim, Wale Babalakin and Kashamu Buruji.

S/N	Obligor Name	Main Promoter(s)	Current Exposure
1	Capital Oil & Gas Industries Limited	Ifeanyi Ubah	115,952,152,265.92
2	NICON Investments Limited	Jimoh Ibrahim	59,544,633,980.31
3	Bi-Courtney Limited (MMA2)	Wale Babalakin (SAN)	40,798,422,374.02
4	Josepdam & Sons Limited	Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi	39,056,674,951.55
5	Tinapa Business Resort	Cross River State Government	36,006,319,844.68
6	Home Trust Savings	Chukwukadibia AjaegbuFunmu Ademosun	30,626,243,344.71
7	Geometric Power Limited	Prof. Barth NnajiNnaji AgathaObibuaru Eluma Anike Paul Nwobodo Benjamin Chukwuemeka Dozie Chijioke Akpe Austine Nnaji Okechukwu UBA Trustees Limited Kunoch Limited Diamond Capital & Financial Market Limited	29,844,500,896.77
8	Roygate Properties Limited	Wale Babalakin (SAN)Agumadu JohnAlarape Olabode Okhaleke Ndudi	28,137,176,532.32
9	Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC)	Shell Staff, represented by Ikponmwosa Ogiemuda	26,474,541,188.17
10	Anyiam Osigwe Limited	Anyiam-Osigwe Dorothy Chinyere	20,523,322,350.29
11	Platinum Capital	Obire RichardFrancis Atuche	20,378,820,507.19
12	Flotsome Investment Limited	Oboden IbruTejiro Ibru	20,218,703,550.96
13	Lonestar Drilling	Late Chief IdisiMargaret Idisi	20,207,979,803.22
14	Petrologistics Limited	Ugoji Egbujo	19,576,962,565.35
15	Lorna Global Resources	H.E. Chimaroke Nnamami	18,919,109,352.85
16	Hosanna Properties Limited	Anionye ChikaObi Ike C.	18,059,895,396.27
17	Minaj Holdings Limited	Ajegbo Mike NnayeluchudihuLuke Chidi ChudihuiloguMiller Gregrey Ethridge Kyle Attueyi Joe Oladele Afolabi Okpere Kisito Kokoricha Paul	17,306,900,257.66
18	Afrijet Airlines Limited	Inoelle Willam BarryCarr Collin	13,122,022,439.57
19	Petroleum Brokers Limited	Wilcox Awopuolagha	13,076,314,937.26
20	Hotel De Island; Kasmal Properties; Island Autos & Nacoil	Kashamu Prince Buruji	13,015,595,907.67

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