AMCON Drags Lawyer To Court Over N100m Debt

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Asset Management Corporation of Nigeria (AMCON) has dragged a limited liability company, Reachout Nigeria Limited and its Chairman, Barrister Steve Ahaneku before a Federal High Court in Lagos over unpaid loan of N99,969,754.13.
   Joined as co-defendants in the debt recovery suit are the Managing Director of the company, Bona Nlemadim and Maxwell Ignatius Eze who is the owner of the property located at 14 Chief Idowu Rufai  venue, Off Ago Palace that was pledged as security for the loan. 
     According to a statement of  claim filed before the court by a Lagos lawyer, Barrister Gerald Eguaroje, it was alleged that, on the 28th of May 2008 Reachout Nigeria Limited company applied for and was granted a contract finance facility in the sum of N27million by Intercontinental Bank Plc. 
     Barrister Steve Ahaneku and Bona  Nlemadim acted as the Chairman and Managing Director of the company respectively and  Maxwell Ignatius Eze  is the owner of the property located at 14,Chief Idowu Rufai Avenue, Off Ago Palace way Okota, Lagos State that was pledged as security under tripartite legal mortgage executed for the contract finance facility availed the company by the bank. 
    AMCON had in line with statutory powers under the AMCON Act 2010 vide a loan Purchase Agreement with the bank acquired all rights and proceeds arising from and in connection with the defendants indebtedness therewith including without limitation the proceeds of cash in or under, right to choose in relation to the said facility and all right, title, interests, benefits, and proceeds arising from the collateral.
       AMCON appointed JAVEGE ASSOCIATES as asset management partner with mandate to recover from the defendants the entire debt due. 
Messers JAVEGE Associate followed up with several telephone calls and held meeting with the defendants where they admitted owing the claimant but have refused and failed to liquidate their indebtedness. 
Consequently, the claims against the defendants jointly and severally are as follows :
 The sum of N99,969,754.13 being the sum owed to the claimant by the defendants 
 Interest on the said sum of N99,969,754.13 as at July 19,2017 at the rate of 15%.
An order granting AMCON power of sale and /disposal of the under listed properties. 
    1.Mortgage property located at 14,Chief Idowu Rufai Avenue, Off Ago Palace Way, Okota Lagos. 
  2.Property located at Martins Adamu Close, Off At. Monica Cresent, Rantya, Jos, Plateau State covered by a certificate of Occupancy number PL 3967.
      However, the defendants in their state of defence filed before the court by Chief Joe -Kyari Gadzama (SAN), denied almost all the claims of the claimant, and stated that the interest rate charged on the loan facility by the bank was excessive and illegal. 
      The defendants averred further that their company could not liquidate the loan and accrued interest within the 90 days tenure of the loan facility. That the right of the bank to recover the loan capital with accrued interest became due on 29th August, 2008.
   The right of the bank to realise the loan and accrued interest through the defendants properties also accrued on the 29th August upon default of the company to liquidate the loan and accrued interest. 
      Consequently, six years from the accrual of the bank’s cause of action to enforce its right over the defendants properties used as security for the loan elapsed on 29th August, 2014.