AMCON: Capital Oil, Bellview Airlines, Seawolf, Others Owe N1.14tn

Mr. Ahmed Kuru; AMCON Boss

The Asset Management Corporation of Nigeria (AMCON) yesterday released a list of its top debtors totaling N1.14 trillion with  Seawolf Nigeria Limited and  nine others in the top ten list. The overall list has a total of 219 companies including the top debtors.  

Releasing the list for publication to the media, it was reportedly revealed that the topmost debtor owes the Corporation a sum of N479.33 billion, representing 42 percent of the total indebtedness.

Apart from Seaworlf   Nigeria Limited whose indebtedness stands at N160 billion, others in the list are: Capital Oil- N104.8billion; Tanzila Petroleum Limited-N49.23 billion; Resort International Limited-N36.3 billion; Home Trust Savings -N25.75 billion; Suru Worldwide Ventures -N24.41 billion; Roygate Properties -N23.26 billion; Ziglagsis Network Limited -N20.33 billion; Lexcap Partners -N18 billion; and Anyiam Osigwe Limited -N17.25 billion.

It would be recalled that the Corporation had severally given the defaulting companies ultimatum to clear the bills or be blacklisted for the attention of the general public. From our investigations, some companies complied while the majority remained recalcitrant leading the Corporation to taking the action. However, it was also stated by an official of the Corporation who wouldn’t want his name in print that the publication of the debtors names is the first action lined up towards recovering the huge debts.

The Managing Director of AMCON, Mr. Ahmed Kuru who confirmed this stated that the Corporation resorted to publish the names against those that refused to respond to its invitation in respect of the debts adding that the companies and individuals without substantial repayment plan would have to have the assets or business forfeited.

Stating the rationale over the publication of the names, he said “Those that are avoiding us will have their names published because things have changed.

For some of the assets, we paid 80%, some 90% and some even 100%. The ones we paid 80-100 per cent means that there was something tangible for us to hold on to.

“Now if the business cannot thrive anymore, come and surrender the assets to us. We either sell them off or give it to some other parties interested in running the business.

If somebody took N10 billion and you don’t want to repay, obviously, there is a little conflict somewhere,” Kuru said.