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AMCON Seeks Court Permission to Possess Houses of Defaulters in Suit Filed Against Maimako International Limited

Federal High Court Orders AMCON to Recover ₦478 Million Debt from Contractor

The Asset Management Corporation of Nigeria (AMCON) has filed a lawsuit before the Federal High Court in Abuja seeking to take possession of two houses belonging to Maimako International Limited over a N50 million debt.

In the suit filed by AMCON’s legal team, Salimon Sarafadeen and Company, the agency said the company obtained the overdraft facility from Mainstreet Bank Plc (now Polaris Bank) and Bank PHB Plc (now defunct) but defaulted in repaying the loans. The suit, which was assigned to Justice Inyang Ekwo of the Federal High Court, Abuja, is still pending.

In the originating summons filed before the court, AMCON is seeking to enforce a lien over the respondents’ landed properties, Maimako International Limited and Alhaji Munir Shuaibu Bature, located at Plot 2, Block A, Zone A07 along Keffi Road, Maraba, Nasarawa State.

The first to third defendants are also being asked to disclose all their assets and properties within and outside Nigeria.

In the application filed before the court, AMCON alleged that Maimako International Limited and Bature, the promoters of the company, approached the defunct Afribank and Bank PHB, which is now Skye Bank, requesting that a N50 million overdraft facility be granted to them.

The loan was to be repayable in six months and was to be secured by a legal mortgage over the respondents’ landed properties.

According to AMCON, the respondents failed to repay the loans despite repeated demands, and the loans were later classified as non-performing loans.

The agency, in the suit, prayed for a declaration that under the provisions of Section 48(1)(2) of the AMCON Act, the corporation is entitled to a lien on the landed properties of the respondents by the terms and conditions under which the N50 million loan was granted to the first and second respondents.

AMCON also asked the court to make an order compelling the respondents to disclose all their landed properties in and outside Nigeria.

It is also asking the court to determine whether, by the provision of Sections 48 and 49 of the AMCON Act, it is entitled to possession of the respondents’ landed properties mentioned in the originating summons.

It further asked the court to make an order compelling the respondents to execute all necessary documents, including a power of attorney, to enable the corporation to take possession of the landed properties and sell them at an auction.

No date has been fixed for the hearing of the case by the court.

The Federal High Court in Abuja has been the venue of several debt recovery suits filed by AMCON in recent times.

For example, in 2021, the court ordered the forfeiture of properties belonging to the promoter of Nasco Group, Augustine Tawiah, over his failure to repay a N2.55 billion debt.

Similarly, in 2022, the court ordered the forfeiture of two properties belonging to Adebisi Aileru, the managing director of Summit Oil, for his failure to pay a N1.6 billion debt owed to AMCON.

The agency has recently intensified its efforts at recovering debts from loan defaulters, and it has recorded some success in its drive to recover over N5 trillion owed by individuals and companies.

It has secured the conviction of several individuals for loan defaults, and the Economic and Financial Crimes Commission (EFCC) has also arrested some individuals who have been unable to repay the debts owed.

This Article is Fact-Checked. See Policy.
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