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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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Fuel Subsidy Removal: FG, Labour Meeting Ends in Deadlock

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Talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers.

The hours-long meeting which was held at the Presidential Villa was to, among other things, prevent a labour crisis following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy.

Earlier on Wednesday, the Nigerian National Petroleum Corporation Limited said it had adjusted the pump price of Premium Motor Spirit to reflect the market realities. The agency, however, failed to state the new prices of petrol.

However, several retails outlets sold the product between 600 and N800 in Lagos, Abuja , Ogun and some other states.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, pointed out that the hike in the cost of PMS would trigger galloping inflation in the country, stressing that some outlets in the South-East were currently dispensing the product at N1,200/l.

Ukadike stated, “Once NNPCL retail stations have adjusted their pumps to reflect the new price, there is nothing you can do about it; that is the new price. As I speak with you, all of them are now selling at the new prices. The situation is so bad, that somewhere in Ebonyi State our members informed us that it is now N1,200/litre.

“We thought the President would remove the subsidy through a seamless means because the source of this petrol is the NNPCL. They are the ones subsidising petroleum products, they are the people who use their revenue to subsidise this product.’’

The IPMAN spokesperson expressed worry over the rate of increase in inflation and hardship that would come as a result of the latest hike in petrol price.

“This hike in petrol price will definitely lead to galloping inflation and will worsen the hardship already being faced by the Nigerian masses. It is not something to cheer about. It came as a surprise and in the coming days, we will see the very harsh ripple effects,” he stated.

Meanwhile, Ukadike has called on the Federal Government and the NNPCL to give other marketers the opportunity to start importing petrol in order to create competition in the sector.

“The NNPCL is importing and has not given people the opportunity to join them in importing so as to see whether private sector operators can import the product cheaper or not. So there is no competition. In a deregulated regime, there must be competition, everyone with capacity should be allowed to import,” the IPMAN official stated.

When asked whether other marketers could resume imports since the government had finally deregulated petrol prices, Ukadike replied, “Marketers can import, but let me tell you some of the factors militating against this. The first is that there won’t be availability of dollars.

“You will source your dollar from the parallel market and if you are not careful in doing this, and you go into the importation of petroleum products, you might not ‘come out of it alive’ at the end of the day.

“So what we are saying is that those advantages that NNPCL has, should be shared with other major importers of petroleum products. If it is through crude buy-back, they should let us know so that independent players such as IPMAN members can come together and be able to use it in the buy-back model.’’

He added, “For independent marketers, the most important thing is that there should be availability of petroleum products, and the government should open up the space for importers and investors to come in.”

NNPCL, the sole importer of petrol into Nigeria for several years running, confirmed the hike in petrol price in a statement and a new pricing template released to marketers nationwide.

But the move has sparked a groundswell of anger across the nation with the Nigeria Labour Congress demanding an immediate reversal of the decision.

The union also said it would hold an emergency meeting on Friday on the fuel price increase which had triggered hoarding and scarcity across the country with attendant rise in transport fares, goods and services.

The fuel price hike by the oil firm is coming 72 hours after President Bola Tinubu declared in his inaugural address on Monday that the subsidy regime had ended.

To pacify the growing anger over the situation, the FG hastily summoned some labour leaders to a meeting at the Presidential Villa, Abuja, on Wednesday evening.

The meeting had in attendance the NLC President, Joe Ajaero and his Trade Union Congress counterpart, Festus Osifo, former NLC President and immediate past governor of Edo State, Adams Oshiomhole, Permanent Secretary, State House, Tijjani Umar, Head of Service of the Federation, Dr Folashade Yemi-Esan, Group Chief Executive Officer of the NNPCL, Mele Kyari, and others, however, ended in a deadlock as the labour and government teams failed to reach a consensus.

Speaking at the end of the meeting, Joe Ajaero, said “As far as labour is concerned, we didn’t have a consensus in this meeting.”

He faulted the NNPCL over an official release published hours earlier reviewing the petrol pump price in its filling stations nationwide.

He said the move puts the labour unions in a difficult position on the negational table.

“That’s the principle of negotiation. You don’t put the partner, ask them to negotiate under gunpoint. The prayer of the NLC is that we go back to the status quo, negotiate, think of alternatives and all the effects and how to manage the effects this action is going to have on the people. If it is an action that must take off.

“The subsidy provision has been made up to the end of June. And before then, conscious people, labour management, and the government should be able to think of what will happen at the end of June. You don’t start it before the time,” Ajaero said.

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Breaking: Founder, DAAR Communications, Raymond Dokpesi is Dead

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By Eric Elezuo

The Founder of DAAR Communications, owners of the foremost radio and television stations in Nigeria, Raypower and African Independent Television (AIT), High Chief Raymond Dokpesi, is dead.

Reliable sources said the High Chief died while exercising on a treadmill on Monday afternoon.

The source said Dopkesi suffered a stroke some weeks ago.

Details soon…

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I Stand on Rule of Law, with Our Candidate, Atiku Abubakar, PDP, Says Dele Momodu

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By Eric Elezuo

Frontline journalist and Director of Strategic Communications of the Atiku/Okowa Presidential Council in the just concluded Presidential election, Chief Dele Momodu, had said that he remains a loyal member of the Peoples Democratic Party (PDP), and will always stand on the side of rule of law, and with the party’s presidential candidate, Alhaji Atiku Abubakar.

Momodu made the revelations in a statement he signed himself, noting that the last election, which brought Asiwaju Bola Tinubu to power, was savagely manipulated by the ruling All Progressives Congress (APC).

He praised the steps Atiku, and the presidential candidate of the Labour candidate, Mr. Peter Obi, have taken in seeking legal redress.

The statement in details:

I STAND ON RULE OF LAW

My position on the state of our country NIGERIA is simple and straightforward. I’m a loyal member of PDP who owes absolute allegiance to Nigeria and its Rule of Law. My political party PDP and others passionately hold the view that the last Presidential election was savagely manipulated by the ruling party APC and the cases are already in courts. Nothing will make me abandon my party on the altar of convenience and profit. Win or lose, I will continue to stand on this principle without any malice or prejudice against those who think otherwise. Democracy is a game of choice and I’m resolutely standing by our candidate, the former Vice President ALHAJI ATIKU ABUBAKAR (GCON) who has taken the honorable and peaceful step of going to court to seek redress. This is the only way we can deepen our hard earned Democracy. Sacrifice is not always convenient but painful.

I salute and respect The Wazirin Adamawa and others like my dear friend and Brother, former Governor Peter Obi, the Labor Party Presidential candidate, for promoting the best tenets of Democracy in Nigeria and I’m willing to encourage them rather than discourage their onerous quests…

CHIEF DELE MOMODU

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