Babalakin, Ifeanyi Ubah, 18 others in trouble over N5trillion AMCON Debts

Senator Ifeanyi Ubah has emerged the biggest debtor in Nigeria as Vice President Yemi Osinbajo has set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the Assets Management Corporation of Nigeria (AMCON).

The agencies tasked to go after the debtors are Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the ministry of justice.

At the meeting that held at the Presidential Villa in Abuja, Muiz Banire, AMCON’s chairman, said the top 20 debtors owe 67% of the N5 trillion debt.

Here are AMCON’s top 20 debtors;

  1. Capital Oil & Gas Industries Limited owned by Ifeanyi Ubah – N115,952,152,265.92
  2. NICON Investments Limited owned by Jimoh Ibrahim – N59,544,633,980.31
  3. Bi-Courtney Limited (MMA2) owned by Wale Babalakin (SAN) – N40,798,422,374.02
  4. Josepdam & Sons Limited owned by Late Mrs. Josephine Damilola Kuteyi, Saheed Kuteyi and Ganiyu Kutey – N39,056,674,951.55
  5. Tinapa Business Resort owned by Cross River State Government – N36,006,319,844.68
  6. Home Trust Savings owned by Chukwukadibia Ajaegbu and Funmu Ademosun – N30,626,243,344.71
  7. Geometric Power Limited owned by Prof. Barth Nnaji, Nnaji Agatha, Obibuaru Eluma, Anike Paul, Nwobodo Benjamin Chukwuemeka, Dozie Chijioke, Akpe Austine, Nnaji Okechukwu, UBA Trustees Limited, Kunoch Limited, Diamond Capital & Financial Market Limited – N29,844,500,896.77
  8. Roygate Properties Limited owned by Wale Babalakin (SAN), Agumadu John, Alarape Olabode and Okhaleke Ndudi – N28,137,176,532.32
  9. Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda – N26,474,541,188.17
  10. Anyiam Osigwe Limited owned by Anyiam-Osigwe and Dorothy Chinyere – N20,523,322,350.29
  11. Platinum Capital owned by Obire Richard and Francis Atuche – N20,378,820,507.19
  12. Flotsome Investment Limited owned by Oboden Ibru and Tejiro Ibru – N20,218,703,550.96
  13. Lonestar Drilling owned by Late Chief Idisi and Margaret Idis – N20,207,979,803.22
  14. Petrologistics Limited owned by Ugoji Egbujo – N19,576,962,565.35
  15. Lorna Global Resources owned by H.E. Chimaroke Nnamami- N18,919,109,352.85
  16. Hosanna Properties Limited owned by Anionye Chika and Obi Ike C. – N18,059,895,396.27
  17. Minaj Holdings Limited owned by Ajegbo Mike, Nnayeluchudihu Luke, Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle, Attueyi Joe, Oladele Afolabi, Okpere Kisito and Kokoricha Paul – N17,306,900,257.66
  18. Afrijet Airlines Limited owned by Inoelle Willam Barry and Carr Collin – N13,122,022,439.57
  19. Petroleum Brokers Limited owned by Wilcox Awopuolagha- N13,076,314,937.26
  20. Hotel De Island; Kasmal Properties; Island Autos & Nacoil owned by Prince Buruji Kashamu – N13,015,595,907.67

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