Jimoh Ibrahim, Ifeanyi Ubah, Babalakin Top List Of 105 Delinquent Debtors Owing N1tn

FUNSHO AROGUNDADE

Controversial businessmen, Ifeanyi Ubah, Jimoh Ibrahim and Wale Babalakin topped the list of just released 105 delinquent debtors by Asset Management Corporation of Nigeria (AMCON), and who have failed to settle the debts running to nearly a trillion naira.

According to the list, all the 105 debtors owe a total of N906.109 billion with Ubah, Ibrahim, Babalakin, the Kuteyi family (Josephdam & Sons Limited) and Cross River State Government, promoters of Tinapa Business Resort, emerged the biggest delinquent debtors.

Ubah, through his Capital Oil and Gas, is indebted to the tune of N115.952 billion, while Babalakin through two of his companies -Bi-Courtney limited and Roygate Properties Limited owed N69.642.

Ibrahim, the maverick publisher of ailing National Mirror has a debt burden of N59.5billion via his NICON Investment Limited, the Kuteyi family owes N39billion and Cross River State owe N36billion.

AMCON, pursuant to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria, CBN in April 2015, has to released the list of the chronic debtors after all avenues provided by the Corporation for them (debtors) to propose acceptable resolution terms have failed.

Ahmed Kuru, MD/CEO of AMCON, earlier in the year had mentioned plans of the corporation to publish the list of delinquent debtors and directors where applicable, who have failed to reach or refused to reach settlement resolution with the corporation.

With its sunset date only a few years away, Kuru said the corporation is set for a new stage that would not involve negotiation but name and shame as well as take-over of properties of debtors that have refused to meet it halfway on the negotiation table.

According to him, going forward, in cases where the registered assets of a company that is indebted to the corporation was not enough to clear their obligation, AMCON would go after the directors and their private companies.

He said with over N5.4 trillion debt owed the corporation, AMCON had become tired of obligors (debtors), coming to its office and “telling lies about wanting to embark on a staggered payment which they ended up never complying.”

Former governor of Enugu State and Peoples Democratic Party Enugu East Senatorial Candidate, Chimaroke Nnamani also appeared on the list with a debt of N42.49 billion owed to AMCON under the names of Iorna Global Resources, Sammy Beth Interbiz Limited, Camden Resources Limited, Riverside Logistics Limited and Rainbownet Limited.

Also on the list of debtors is Senator Buruji Kashamu who owes the corporation N13.015 billion. Jailed former governor of Plateau State, Joshua Dariye who had purchased All Progressive Congress senatorial nomination form but failed to secure a ticket was also on the list.

The former governor who is currently serving a 14 year jail term for corruption charges currently owes AMCON N6.823 billion which he has yet to come to reach a payment agreement.

Another prominent name on the list is former Minister of Power, Professor Bart Nnaji, whose name appeared as a director of Geometric Power Limited which is indebted to the tune of N29.844 billion, Idris and Lateef Alao Arisekola owing N1.1billion; Olofa of Offa, Oba Mufutau Gbadamosi who owe NN12.4billion through his Zarm Stores and Oboden Ibru and Tejiro Ibru owing a combined of N26.5billion.