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Ifeanyi Ubah, Jimoh Ibrahim, Wale Babalakin Top AMCON’s List of Debtors Owning N906bn (Full List)

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The Assets Management Corporation of Nigeria (AMCON) has published the names of its top 105 debtors owing a total of N906 billion. In an advertorial published on some National dailies, the group said all avenues to reach the “deliquent” debtors have proved abortive.

“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.” the statement read

See the list below

S/N Obligor Name Main Promoter(s) Current Exposure
1 Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
2 NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
3 Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
4 Josepdam & Sons Limited Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi 39,056,674,951.55
5 Tinapa Business Resort Cross River State Government 36,006,319,844.68
6 Home Trust Savings Chukwukadibia AjaegbuFunmu Ademosun 30,626,243,344.71
7 Geometric Power Limited Prof. Barth NnajiNnaji AgathaObibuaru Eluma

Anike Paul

Nwobodo Benjamin Chukwuemeka

Dozie Chijioke

Akpe Austine

Nnaji Okechukwu

UBA Trustees Limited

Kunoch Limited

Diamond Capital & Financial Market Limited

29,844,500,896.77
8 Roygate Properties Limited Wale Babalakin (SAN)Agumadu JohnAlarape Olabode

Okhaleke Ndudi

28,137,176,532.32
9 Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
10 Anyiam Osigwe Limited Anyiam-Osigwe Dorothy Chinyere 20,523,322,350.29
11 Platinum Capital Obire RichardFrancis Atuche 20,378,820,507.19
12 Flotsome Investment Limited Oboden IbruTejiro Ibru 20,218,703,550.96
13 Lonestar Drilling Late Chief IdisiMargaret Idisi 20,207,979,803.22
14 Petrologistics Limited Ugoji Egbujo 19,576,962,565.35
15 Lorna Global Resources H.E. Chimaroke Nnamami 18,919,109,352.85
16 Hosanna Properties Limited Anionye ChikaObi Ike C. 18,059,895,396.27
17 Minaj Holdings Limited Ajegbo Mike NnayeluchudihuLuke Chidi ChudihuiloguMiller Gregrey

Ethridge Kyle

Attueyi Joe

Oladele Afolabi

Okpere Kisito

Kokoricha Paul

17,306,900,257.66
18 Afrijet Airlines Limited Inoelle Willam BarryCarr Collin 13,122,022,439.57
19 Petroleum Brokers Limited Wilcox Awopuolagha 13,076,314,937.26
20 Hotel De Island; Kasmal Properties; Island Autos & Nacoil Kashamu Prince Buruji 13,015,595,907.67
21 Zarm Stores Limited Gbadamosi Muftau, The Olofa of Offa 12,410,560,226.18
22 Tak Continental Limited Thomas Akoh Etuh 11,585,755,562.89
23 Netlink Digital Television Fashewe OyewoleVarderpuije Ahmed 11,550,782,130.79
24 Mobil Workers (EKET) Multipurpose Cooperative Society Mobil Workers, represented by Okeke Eze (legal practitioner) 11,504,121,133.06
25 DWC Drilling Limited Etheridge KyleJohn Ayeke 11,363,388,024.05
26 Sammy Beth Interbiz Limited H.E. Chimaroke Nnamani 11,017,336,899.00
27 Ferdinand Oil Mills Chief Ferdinand Anyaoha Anghara 10,855,175,005.53
28 Octopus Trust Nigeria Limited Erastus Akingbola 10,175,717,163.07
29 Avian Spec Femi JamesFunmi Ayorinde 7,619,760.034.02
30 Brooke Investments Limited Chief S.I. AdegbiteAdegbite Adewale MichaelAdegbite Ademola Olumide

Sofela Michael Olufemi

7,341,118,227.21
31 Resource Intermediaries Limited Soji Oyawoye (MD/CEO)Ebun BamigboyeWeyinmi Jemide

Ido Ohiwere

7,282,308,754.08
32 Jummai Mahmud Senator Joshua Dariye 6,823,110,429.13
33 Genprogetti Nigeria Limited Nnamdi O. OkoyeCharles Umeadi 6,637,593,140.34
34 Ray Gold Silver Plus Limited Oboden IbruTejiro Ibru 6,392,813,914.61
35 Camden Resources Limited H.E. Chimaroke Nnamani 5,875,022,498.73
36 Riverside Logistics Limited H.E. Chimaroke Nnamani 5,874,161,281.46
37 Robo Michael Limited Kassabali Samir IbrahimEgirani AroboEgirani Olotu 5,837,512,139.51
38 Lexcap Partners Albert OkumagbaChibundu Edozie 5,696,111,908.02
39 Osigwe Foods & Agro Industries Moh’d Anselm KayodeRaji A. Usman 5,648,190,385.41
40 Rangk Limited Kanu Godwin Ndubuisi 5,390,589,104.93
41 Afro-Arab Investment Limited Baba-Ahmed MoufitahBaba-Ahmed Muna Beitah 5,340,204,984.21
42 Dormanlong Engineering Limited Austen Peters 4,700,000,000.00
43 Abasa Nigeria Enterprises Limited NPK1 A Ezuma Innocent Ozoemena 4,666,999,131.41
44 Lawal Obelawo Plastics Industries Limited (LOPIN) Prince Lawal Olaosebikan YesufuRamota Lawal 4,361,717,794.63
45 Eres N V (Nig.) Limited Chief Pius Akinyelure 4,171,546,113.09
46 Al-Kahf Motorcycle Company Limited Shehu BadamasiSafiya M. Badamasi 4,067,369,214.72
47 Madunka Motorcycle Company Limited Abdullahi A. HaidoZainab A. Haido 3,561,115,889.09
48 Terminal Zero Obadina GbengaNiyi Oyedele 3,318,675,426.60
49 Ocean Deep Properties Limited Ray Nduka J. OkpuRay Ufoma Okpu 3,075,367,362.75
50 Claremount Management Limited Okobi Paul UcheAkpan Patrick 2,944,490,078,53
51 Ena-Bell Limited Ojo Osamuede BelleOjo Osamuede Enahoro 2,910,142,971.76
52 Omega Sunshine Ventures Limited Segun AgbetuyiTolulope O. Fadahunsi 2,763,085,587.14
53 Tuns Farm Nigeria Limited Olatunde Adekunle BadmusJoseph Zopy 2,738,973,788.06
54 Nakem Oil & Gas Company Limited Alebe Nathaniel UzeziAlebe O. Gift 2,718,933,557.79
55 Hyacinnth U.F. Enuha Hyacinth Uzu-Fela Enuha 2,710,078,325.77
56 Ray Okpu Ray Okpu 2,673,346,469.66
57 Bao Yao Future Lex Garba Idris AbubakarYaozhang Shen 2,669,859,056.59
58 Aquitane Oil and Gas Limited Ikechukwu Okolo 2,640,490,132.20
59 Waziri B. Mustapha Alhaji Waziri B. Mustapha 2,612,458,766.09
60 Riggs Securities Limited Yomi TokosiTokosi TokumboFrederick Fasheun

Ralph Obiha

Awosika Kola

2,601,085,572.34
61 Likam Nigeria Limited Alhaji Ibrahim HamzaYashuwah Hamza 2,525,755,239.96
62 Safe Nigeria Limited Itohan Ogieva-OmosighoOsa Ogieva-Omosigho 2,369,063,554.93
63 Woksons International Limited Chief William OkiOke E. Cynthia 2,326,577,517.14
64 Travaux Investments Limited Lambo JumokeOgutuga KemiSheri William

Folarin Rotimi Williams

2,303,470,835.43
65 Omega Savings and Loans Agbetuyi SegunAdeniyi A. Adeuyiwa 2,283,749,521.09
66 Bellview Airlines Limited Kayode OdukoyaAVM Emmanuel Ombu (Rtd) 2,258,232,021.87
67 Sage Int. Nig. Limited Atikoro UyovbukerhiMaureen Uyovbukerhi 2,241,719,528.00
68 Van Vliet Trucks Limited Nol Van VlietAdetunmbi DayoKome Agodo 2,136,216,694.00
69 Baba Haruna Ibrahim Baba Hruna Ibrahim 2,076,544,891.02
70 Abbey Lincoln Limited Awoleye T. AbisodunFrancis T. Abisodun 2,065,489,600.50
71 Shell Staff West Shell Staff, represented by Ikponmwosa Ogiemuda 2,004,956,109.70
72 U.L.O. Consult, Ogbeogonogo Chief Uche Luke Okpuno 1,984,819,888.82
73 Variations Industries Limited Nwazulu Prince DennisNwazulu Protus 1,969,012,064.04
74 Tuns Holdings Limited Olatunde Adekunle BadmusJoseph Zopy 1,965,039,873.11
75 Shelter Development Bayero Usman Ja’afaruIbrahim Isa Wada 1,875,156,385.12
76 Lynq Communications Joe Obiora UdeagbalaSylvia Udeagbala 1,847,974,990.21
77 Petlib Envi-Chem Ser Ibiam EleanyaEEkwo Eteakamba Edem 1,706,415,936,54
78 Amsalco Ind. Limited Aminu SalehBashir Aminu Saleh 1,646,184,931.54
79 Aminu Saleh Alhaji Aminu Saleh Alhaji 1,630,812,798.76
80 Chevron Oil Staff Multipurpose Cooperative Chevron Staff 1,595,966,334.11
81 Micro Products Int’l Nig. Limited Chris Anugwolu 1,568,839,810.06
82 The Franklin Hotel & Suites Frank Omosigo 1,566,984,396.77
83 Titanium Oil and Energy Limited Acholonu PatrickEkezie Chief Ralph 1,564,295,090.70
84 Alcomp Computers Limited Engineer Emeka Vitus EzenwanneGloria Uzoamaka Ezenwanne 1,559,711,000.55
85 Tina Stores Limited Matthew NmeziClementina Nmezi 1,558,068,328.38
86 Shemofeyo Ventures Limited Sheba A. Acholonu PatrickModupe Olorunfemi 1,549,586,200.57
87 Westoil Petroleum Services Limited Bidemi H. FahnHamdalat AjayiOmotayo Fahn 1,540,787,598.44
88 Ohzed Oil and Gas Company Limited Stella O. DikeEngr Matthew A. Dike 1,516,937,763.45
89 KDC Construction Limited Alh Waziri B. Mustapha 1,480,572,356.42
90 Deep Sea Oil Gas Limited Itelima Steve YeowumaItelima Patricia Yeowuma 1,386,834,554.36
91 Ascot Fabricators and Constr. Limited Henry E. ImasekhaJoey Chuma Obue 1,374,274,319.42
92 I.C.M.G. Limited Mike Osime 1,339,507,291.77
93 Huf Engineering Nigeria Limited Enuha Hyacinth Uzu FelaEnuha Carol 1,288,402,095.13
94 Integral Petrochemicals Limited Oludare O. OlagokeAdeyemi Y. Olagoke 1,269,386,433.60
95 Unicorn Place Leisure Services Limited Ike Nwabuoku 1,256,178,425.11
96 Ibika Investment & Property Limited Fashina Kofoworola OlakunleFashina Mabayomije Omololu 1,230,763,959.94
97 Assorted Foods & Beverages Ifabiyi AdemolaIfabiyi EyitopeIfabiyi Toyin 1,185,194,335.36
98 Al-Fil Petroleum Company Limited Alao IdrisAlao Abdullatif 1,151,788,405.05
99 Primeview Investment and Property Gabriel OreneEsule George 1,119,804,330.77
100 Merepainti Nigeria Limited/BPT Equipment Engr Mohammed Nura Khalil 987,172,183.55
101 Rainbownet Limited H.E. Chimaroke Nnamani 804,985,922.59
102 Paveblocks Nigeria Limited Alh Waziri B. Mustapha 633,128,165.50
103 Honourable Adetunji Adeniyi Honourable Adetunji Adeniyi 491,220,414.05
104 Engr. Sarki Labaran Engr. Sarki Labaran 471,402,281.70
105 Senator Usman Bayero Nafada Senator Usman Bayero Nafada 409,502,652.84

 

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Attorney-General Asks Court to Deregister ADC, Accord, Three Other Parties

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The Attorney-General of the Federation has urged the Federal High Court in Abuja to compel the Independent National Electoral Commission (INEC) to deregister five political parties, arguing that their continued existence violates constitutional provisions and undermines Nigeria’s electoral integrity.

In court filings, the Attorney General contended that unless the court intervenes, INEC would “continue to act in breach of its constitutional duty” by retaining parties that have failed to meet the minimum requirements prescribed by law.

The filing stressed that the right to associate as a political party is not absolute and must be exercised within constitutional limits. It further argued that it is in the interest of justice for the court to grant the reliefs sought by the plaintiffs.

The suit, marked FHC/ABJ/CS/2637/2026 and filed at the Abuja Judicial Division of the Federal High Court, lists the Incorporated Trustees of the National Forum of Former Legislators as the plaintiff.

The defendants include INEC as the first defendant and the Attorney General of the Federation as the second defendant, alongside five political parties: African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord (A), and Zenith Labour Party (ZLP).

At the center of the issue in the case is whether INEC has a constitutional obligation to remove parties that fail to meet electoral performance thresholds set out in Section 225A of the 1999 Constitution (as amended) and reinforced by the Electoral Act 2022 and INEC’s own regulations.

The plaintiffs argue that the affected parties have persistently failed to satisfy the constitutional benchmarks required to retain their registration. These include winning at least 25 per cent of votes in a state during a presidential election or securing at least one elective seat at the national, state or local government level.

They contend that the parties performed poorly in the 2023 general elections and subsequent by-elections, failing to win seats across key tiers of government, yet continue to be recognised by INEC as eligible political platforms.

The plaintiffs maintain that this continued recognition is unlawful and undermines the integrity of Nigeria’s electoral system.

In the affidavit supporting the suit, the forum’s national coordinator, Igbokwe Raphael Nnanna, states that allowing parties that have not met constitutional requirements to remain on the register “is unconstitutional, illegal and a violation” of the governing legal framework.

The suit asks the court to declare that INEC is duty-bound to deregister such parties and to compel the commission to do so before preparations for the 2027 elections advance further.

Beyond declaratory reliefs, the plaintiffs are also seeking far-reaching orders that would bar the affected parties from participating in the next general elections or engaging in political activities such as campaigns, rallies and primaries. They further request injunctions restraining INEC from recognising or dealing with the parties in any official capacity unless and until they comply strictly with constitutional provisions.

Central to the plaintiffs’ argument is their interpretation of the law as imposing a mandatory duty on INEC. They argue that the use of the word “shall” in the Constitution leaves no room for discretion once a party fails to meet the stipulated thresholds.

In their written address, they rely on statutory provisions and judicial precedents to contend that electoral performance is an objective condition that must be enforced to maintain discipline, transparency, and accountability in the political system.

Tribune

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Supreme Court to Rule on ADC, PDP Leadership Crises Today

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Attention has shifted to the Supreme Court, which has fixed April 30 (today) for judgment in the leadership tussle within the African Democratic Congress (ADC).

A five-member panel led by Justice Mohammed Garba will resolve the appeal filed by the David Mark-led faction concerning the authentic leadership of the party.

Also on Thursday, the court is expected to determine the leadership dispute rocking the Peoples Democratic Party (PDP).

Two PDP factions—one led by Kabir Turaki and the other by the Minister of the Federal Capital Territory, Nyesom Wike—are laying claim to the leadership of the party.

The Supreme Court had on April 22 reserved judgment in the ADC crisis to a date to be communicated to the parties involved in the tussle.

However, on Tuesday, the ADC formally wrote to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, pleading for the quick delivery of judgment in the leadership tussle at the national level.

The party claimed it would suffer irreparable harm if judgment in the protracted battle was not delivered within the period allowed by the Electoral Act for fielding candidates for the 2027 general elections.

It stated in part: “Without the delivery of judgment within the next three days from the date of this letter, the ADC stands the grave and irreversible risk of being excluded from participating in the 2027 general elections.

“This would disenfranchise millions of Nigerians who have subscribed to the ideals of the ADC and deny them their constitutional right to freely associate and contest elections through a political party of their choice.”

At the April 22 hearing, Jibrin Okutepa, SAN, who represented David Mark, urged the Supreme Court to allow the appeal, arguing that the apex court had earlier, on March 21, 2025, held that “no court has jurisdiction to entertain matters bordering on the internal affairs of political parties.”

During the hearing, Okutepa urged the apex court to hold that the Federal High Court in Abuja lacked jurisdiction to entertain the suit.

However, Robert Emukperu, SAN, who represented the first respondent, Nafiu Gombe, urged the court to dismiss the appeal and affirm the judgment of the lower court, which held that the suit was premature.

It will be recalled that a three-member panel of the Court of Appeal dismissed Mark’s appeal, ruling that it was premature and filed without leave of the trial court.

In the PDP matter, the first appeal, marked SC/CV/164/2026, stems from a decision of Justice Peter Lifu of the Federal High Court in Abuja, who restrained the party from proceeding with its planned convention pending the determination of a suit filed by former Jigawa State Governor Sule Lamido.

On November 14, the court issued a final order restraining the PDP from conducting its national convention.

Justice Lifu held that Lamido was “unjustly denied” the opportunity to obtain a nomination form to contest for national chairman, in violation of the PDP constitution and internal regulations.

The Court of Appeal later upheld the decision on March 9, prompting the PDP to appeal.

The second appeal, SC/CV/166/2026, was filed by the PDP, its National Working Committee (NWC), and National Executive Committee (NEC).

It arose from a judgment delivered by Justice James Omotosho, which stopped the party from holding its Ibadan national convention.

The Court of Appeal upheld that decision, agreeing that INEC should not validate the outcome of the convention.

After hearing all arguments, the Supreme Court reserved judgment, stating that the date would be communicated to the parties.

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Obasanjo Knocks Tinubu’s Govt over Inability to Protect Lives, Property

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Former President Olusegun Obasanjo has lambasted the administration of President Bola Tinubu over insecurity bedeviling the country.

In an interview with News Central, Obasanjo said any government that cannot protect lives and property of its citizens has no basis to exist.

The former leader was reacting to the recent wave of insecurity, which has confronted Nigeria, resulting in the killing of several citizens and abduction of others.

“Let me tell you, the government that cannot give security of life and property of its citizen has no right of existence.

“The elected members of our National Assembly have no right to fix their own salary and their own emolument.

“It’s not in our constitution for them to do that. It’s the revenue mobilization and allocation commission that should do it,” he said.

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