Ifeanyi Ubah’s company, Tinapa among N906bn bad debtors’ list

The Asset Management Corporation of Nigeria has released the list of what it calls delinquent debtor firms who allegedly owe it N906,109,840,662.99 in total.

In an advertorial published on Monday, the bad debt manager said the list contained the top 105 delinquent debtors and that the publication was pursuant to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria in April 2015.

“This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts,” AMCON stated.

Among the alleged debtors are Capital Oil & Gas Limited, whose main promoter was listed as Mr Ifeanyi Ubah, which reportedly owed N115bn; Tinapa Business Resort, which is owned by the Cross River State Government and allegedly owing N36bn; and Geometric Power Limited being promoted by a former Minister of Power, Prof. Barth Nnaji, N29.84bn, and others.

Also on the list are Shell Development Company’s Multi-purpose Cooperative Society Limited, which is reportedly indebted to the corporation to the tune of N26. 47bn; Platinum Capital, N20.37bn; Minaj Holdings Limited, N17.3bn; Sammy Beth Interbiz Limited, N11bn; and Octopus Trust Nigeria Limited, N10.17bn.

Others are Mobil Workers (Eket) Multipurpose Cooperative Society, N11.5bn; Dormalong Engineering Limited, N4.7bn; Aquitane Oil and Gas Limited, N2.64bn; Omega Savings and Loans N2.28bn; Bellview Airlines Limited,N2.25bn; and Chevron Oil Staff Multipurpose Cooperative, N1.59bn.