AMCON Sues Logistics Firm, Beracha Lubrications over N9.9bn Debt

Wale Igbintade

Asset Management Corporation of Nigeria (AMCON), has dragged a private limited liability Company, Beracha Lubrications Nigeria Limited before a Federal High Court in Lagos over alleged failure to pay a debt of N,9,960,479,265

Joined as co-defendants in the debt recovery suit are, Sola Oluwadare, Osadare Edebisi Williams, and Kola Adesina who are all Directors, shareholders, and the alter egos of the company, Beracha Lubrications Nigeria Limited.

AMCON in its statement of claim filed before the court by its counsel, Chineme Nweke, alleged that by virtue of customer bankers’ relationship that existed between Beracha Lubrications Nigeria Limited Company and two legacy banks, Spring Bank Plc and Bank PHB Plc, the defendants applied and were availed various credit and overdraft facilities, in the total sum of $10,000,000 (Ten Million US Dollars) and N900,000,000 (nine hundred million Naira) respectively.

AMCON stated it made frantic and diligent efforts to contact the defendants who have clandestinely and deliberately evaded all spoken and written communications with AMCON or its recovery agent including service of demand notices which the defendants have stylishly evaded.

AMCON further stated that the various facilities availed the 1st defendant were secured with a Vessel known and called the MT Oragreen.

However, a search at the Nigerian Maritime Administration and Safety Agency (NIMASA) revealed that the vessel has been deleted from the record of the agency because it has either lost its seaworthiness and used for scrap purposes or the owner does not fly the Nigerian flag again. Consequently, the vessel cannot be traced.

Also used as security for the loan is the property situate at Plot 1b, Block104, Peninsula Residential Scheme, Eti-Osa Local Government, Lagos State

However, AMCON alleged further that investigation conducted by its officials on the property revealed that the property was fraudulently used as collateral by one of the defendants without the consent of the rightful owner to wit: one Mr. Akintayo Abiodun Sokunbi.

AMCON stated that as at December 2022, the defendants’ total indebtedness to the plaintiff inclusive of the accrued interest is a whopping sum of N9,960,479,265.07 (nine billion, nine hundred and sixty million four hundred and seventy-nine thousand two hundred and sixty-five naira, seven kobo only).

Wherefore, the AMCON’s claims severally and jointly against the Defendant are as follows: “Payment of the sum of N9,960,479,265.07 (nine billion, nine hundred and sixty million four hundred and seventy-nine thousand two hundred and two hundred sixty-five naira, seven kobo only) being the outstanding indebtedness of the Defendants to the Plaintiff as at December 2022.

‘’Interest on the principal sum at the rate of 24% per annum from June 2022 until judgment and hereafter at the rate of 21% per annum on the judgment sum until it is finally liquidated.

“An order to attach and pay over to the funds maintained by the defendant or linked to the accounts of the defendant in any bank operating in Nigeria in satisfaction of the judgment sum.

The hearing of the case has been fixed for October 29, 2024.