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

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

The Federal High Court in Abuja has mandated the Asset Management Corporation of Nigeria (AMCON) to pursue the recovery of ₦478 million from Perfect Aims Global Engineering Limited and associated parties.

This decision stems from their failure to settle outstanding debts owed to Keystone Bank (formerly Platinum Habib Bank Plc) dating back to September 2016.

Justice Inyang Ekwo, in a judgment marked Suit No: FHC/ABJ/AMC/50/2022, concurred with AMCON’s argument, highlighting the defendants’ neglect in fulfilling their loan obligations, including the 20% annual interest rate specified in the agreement.

According to Barrister Olatunji Muritala, representing AMCON, the defendants, engaged in road rehabilitation and construction, received multiple contract finance facilities over time. Despite the loan accumulating to ₦478 million, they failed to make timely repayments and provided misleading information to the bank.

Muritala stated, “The defendants exposed the claimant to unwarranted litigation by failing to liquidate its outstanding indebtedness as and when due and securitizing the debt with a property whose location is not ascertainable.”

The court noted the defendants’ failure to present a legal defence as an acknowledgement of AMCON’s claims, leading Justice Ekwo to conclude, “I find that the claimant has established its case by a preponderance of evidence as required by law.”

Documents reveal that Perfect Aims Global Engineering Limited and its director were customers of Platinum Habib Bank, with the bank extending various contract finance facilities, starting from ₦130 million. Following the bank’s inability to recover the debt, AMCON acquired all rights, titles, and interests through a Loan Purchase and Limited Servicing Agreement.

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