Business

Ifeanyi Ubah, Jimoh Ibrahim Top List of Nigerians Biggest Debtors

Published

7 years ago

May 20, 2019

Eric

The Asset Management Corporation of Nigeria (AMCON) has fulfilled the promise it made to name and shame some very important persons in the country owing the corporation huge amount of money worth N906.109 Billion.

According to the list, Business Magnates, Ifeanyi Ubah of Capital Oil and Gas is indebted to the tune of N115.952 billion while Jimoh Ibrahim of NICON Investments Limited is indebted with N59.544 billion with other 103 individuals and companies also on the list summing the debt to N906.109 Billion.

AMCOM made the list of the 105 individuals and companies public after running out of patience with repeated promises of repayment on the part of the debtors. Below is the list of the debtors and their debts:

Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
Josepdam & Sons Limited Late Mrs. Josephine Damilola Kuteyi, Saheed Kuteyi, Ganiyu Kuteyi 39,056,674,951.55
Tinapa Business Resort Cross River State Government 36,006,319,844.68
Home Trust Savings Chukwukadibia Ajaegbu, Funmu Ademosun. 30,626,243,344.71
Geometric Power Limited; Prof. Barth Nnaji, Nnaji Agatha, Obibuaru 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
Roygate Properties Limited; Wale Babalakin (SAN), Agumadu John, Alarape Olabode, Okhaleke Ndudi. 28,137,176,532.32
Shell Development Petroleum Company–West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
Anyiam Osigwe Limited; Anyiam-Osigwe, Dorothy Chinyere 20,523,322,350.29
Platinum Capital; Obire Richard, Francis Atuche. 20,378,820,507.19
Flotsome Investment Limited; Oboden Ibru, Tejiro Ibru 20,218,703,550.96
Lonestar Drilling; Late Chief Idisi; Margaret Idisi. 20,207,979,803.22
Petrologistics Limited; Ugoji Egbujo. 19,576,962,565.35
Lorna Global Resources; H.E. Chimaroke Nnamami. 18,919,109,352.85
Hosanna Properties Limited; Anionye Chika, Obi Ike C. 18,059,895,396.27
Minaj Holdings Limited; Ajegbo Mike Nnayeluchudihu, Luke Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle, Attueyi Joe, Oladele Afolabi, Okpere Kisito and Kokoricha Paul 17,306,900,257.66
Afrijet Airlines Limited; Inoelle Willam Barry, Carr Collin. 13,122,022,439.57
Petroleum Brokers Limited; Wilcox Awopuolagha 13,076,314,937.26
Hotel De Island; Kasmal Properties; Island Autos & Nacoil; Kashamu Prince Buruji 13,015,595,907.67
Zarm Stores Limited; Gbadamosi Muftau, The Olofa of Offa 12,410,560,226.18
Tak Continental Limited; Thomas Akoh Etuh 11,585,755,562.89
Netlink Digital Television; Fashewe Oyewole, Varderpuije Ahmed 11,550,782,130.79
Mobil Workers (EKET) Multipurpose Cooperative Society Mobil Workers, represented by Okeke Eze (legal practitioner) 11,504,121,133.06
DWC Drilling Limited; Etheridge Kyle, John Ayeke. 11,363,388,024.05
Sammy Beth Interbiz Limited; H.E. Chimaroke Nnamani 11,017,336,899.00
Ferdinand Oil Mills; Chief Ferdinand, Anyaoha Anghara 10,855,175,005.53
Octopus Trust Nigeria Limited; Erastus Akingbola 10,175,717,163.07
Avian Spec; Femi James, Funmi Ayorinde 7,619,760.034.02
Brooke Investments Limited; Chief S.I. Adegbite, Adegbite Adewale Michael, Adegbite Ademola Olumide, Sofela Michael Olufemi. 7,341,118,227.21
Resource Intermediaries Limited; Soji Oyawoye (MD/CEO), Ebun Bamigboye, Weyinmi Jemide, Ido Ohiwere 7,282,308,754.08
Jummai Mahmud; Senator Joshua Dariye. 6,823,110,429.13
Genprogetti Nigeria Limited; Nnamdi O. Okoye, Charles Umeadi 6,637,593,140.34
Ray Gold Silver Plus Limited; Oboden Ibru, Tejiro Ibru 6,392,813,914.61
Camden Resources Limited; H.E. Chimaroke Nnamani 5,875,022,498.73
Riverside Logistics Limited; H.E. Chimaroke Nnamani 5,874,161,281.46
Robo Michael Limited; Kassabali Samir Ibrahim, Egirani Arobo, Egirani Olotu. 5,837,512,139.51
Lexcap Partners; Albert Okumagba, Chibundu Edozie. 5,696,111,908.02
Osigwe Foods & Agro Industries; Moh’d Anselm Kayode, Raji A. Usman. 5,648,190,385.41
Rangk Limited; Kanu Godwin Ndubuisi 5,390,589,104.93
Afro-Arab Investment Limited; Baba-Ahmed Moufitah, Baba-Ahmed Muna Beitah. 5,340,204,984.21
Dormanlong Engineering Limited; Austen Peters 4,700,000,000.00
Abasa Nigeria Enterprises Limited; NPK1 A Ezuma Innocent Ozoemena 4,666,999,131.41
Lawal Obelawo Plastics Industries Limited (LOPIN); Prince Lawal Olaosebikan Yesufu, Ramota Lawal 4,361,717,794.63
Eres N V (Nig.) Limited; Chief Pius Akinyelure 4,171,546,113.09
Al-Kahf Motorcycle Company Limited; Shehu Badamasi, Safiya M. Badamasi 4,067,369,214.72
Madunka Motorcycle Company Limited; Abdullahi A. Haido, Zainab A. Haido 3,561,115,889.09
Terminal Zero; Obadina Gbenga, Niyi Oyedele. 3,318,675,426.60
Ocean Deep Properties Limited; Ray Nduka J. Okpu, Ray Ufoma Okpu. 3,075,367,362.75
Claremount Management Limited; Okobi Paul Uche, Akpan Patrick. 2,944,490,078,53
Ena-Bell Limited Ojo Osamuede Belle, Ojo Osamuede Enahoro. 2,910,142,971.76
Omega Sunshine Ventures Limited; Segun Agbetuyi, Tolulope O. Fadahunsi. 2,763,085,587.14
Tuns Farm Nigeria Limited; Olatunde Adekunle Badmus, Joseph Zopy. 2,738,973,788.06
Nakem Oil & Gas Company Limited; Alebe Nathaniel Uzezi, Alebe O. Gift 2,718,933,557.79
Hyacinnth U.F. Enuha; Hyacinth Uzu-Fela Enuha 2,710,078,325.77
Ray Okpu; Ray Okpu 2,673,346,469.66
Bao Yao Future Lex; Garba Idris Abubakar, Yaozhang Shen 2,669,859,056.59
Aquitane Oil and Gas Limited; Ikechukwu Okolo 2,640,490,132.20
Waziri B. Mustapha; Alhaji Waziri B. Mustapha 2,612,458,766.09
Riggs Securities Limited; Yomi Tokosi,Tokosi Tokumbo, Frederick Fasheun, Ralph Obiha, Awosika Kola 2,601,085,572.34
Likam Nigeria Limited; Alhaji Ibrahim Hamza, Yashuwah Hamza 2,525,755,239.96
Safe Nigeria Limited; Itohan Ogieva-Omosigho, Osa Ogieva-Omosigho 2,369,063,554.93
Woksons International Limited; Chief William Oki, Oke E. Cynthia 2,326,577,517.14
Travaux Investments Limited; Lambo Jumoke, Ogutuga Kemi, Sheri William, Folarin Rotimi Williams 2,303,470,835.43
Omega Savings and Loans; Agbetuyi Segun, Adeniyi A. Adeuyiwa 2,283,749,521.09
Bellview Airlines Limited; Kayode Odukoya AVM, Emmanuel Ombu (Rtd) 2,258,232,021.87
Sage Int. Nig. Limited; Atikoro Uyovbukerhi, Maureen Uyovbukerhi 2,241,719,528.00
Van Vliet Trucks Limited; Nol Van Vliet, Adetunmbi Dayo, Kome Agodo 2,136,216,694.00
Baba Haruna; Ibrahim Baba, Hruna Ibrahim 2,076,544,891.02
Abbey Lincoln Limited; Awoleye T. Abisodun, Francis T. Abisodun 2,065,489,600.50
Shell Staff West Shell Staff; represented by Ikponmwosa Ogiemuda 2,004,956,109.70
L.O. Consult Ogbeogonogo; Chief Uche Luke Okpuno 1,984,819,888.82
Variations Industries Limited; Nwazulu Prince Dennis, Nwazulu Protus 1,969,012,064.04
Tuns Holdings Limited; Olatunde Adekunle Badmus, Joseph Zopy 1,965,039,873.11
Shelter Development, Bayero Usman Ja’afaru, Ibrahim Isa Wada 1,875,156,385.12
Lynq Communications; Joe Obiora Udeagbala, Sylvia Udeagbala 1,847,974,990.21
Petlib Envi-Chem Ser; Ibiam Eleanya E, Ekwo Eteakamba Edem 1,706,415,936,54
Amsalco Ind. Limited; Aminu Saleh, Bashir Aminu Saleh 1,646,184,931.54
Aminu Saleh Alhaji; Aminu Saleh Alhaji 1,630,812,798.76
Chevron Oil Staff Multipurpose Cooperative Chevron Staff 1,595,966,334.11
Micro Products Int’l Nig. Limited; Chris Anugwolu 1,568,839,810.06
The Franklin Hotel & Suites; Frank Omosigo 1,566,984,396.77
Titanium Oil and Energy Limited; Acholonu Patrick, Ekezie Chief Ralph 1,564,295,090.70
Alcomp Computers Limited; Engineer Emeka Vitus Ezenwanne, Gloria Uzoamaka Ezenwanne 1,559,711,000.55
Tina Stores Limited; Matthew Nmezi, Clementina Nmezi 1,558,068,328.38
Shemofeyo Ventures Limited; Sheba A. Acholonu, Patrick Modupe Olorunfemi 1,549,586,200.57
Westoil Petroleum Services Limited; Bidemi H. Fahn, Hamdalat Ajayi Omotayo Fahn 1,540,787,598.44
Ohzed Oil and Gas Company Limited; Stella O. Dike Engr Matthew A. Dike 1,516,937,763.45
KDC Construction Limited Alh Waziri B. Mustapha 1,480,572,356.42
Deep Sea Oil Gas Limited; Itelima Steve Yeowuma, Itelima Patricia Yeowuma 1,386,834,554.36
Ascot Fabricators and Constr. Limited; Henry E. Imasekha, Joey Chuma Obue 1,374,274,319.42
C.M.G. Limited; Mike Osime 1,339,507,291.77
Huf Engineering Nigeria Limited; Enuha Hyacinth Uzu Fela, Enuha Carol 1,288,402,095.13
Integral Petrochemicals Limited; Oludare O. Olagoke, Adeyemi Y. Olagoke 1,269,386,433.60
Unicorn Place Leisure Services Limited; Ike Nwabuoku 1,256,178,425.11
Ibika Investment & Property Limited; Fashina Kofoworola Olakunle, Fashina Mabayomije Omololu 1,230,763,959.94
Assorted Foods & Beverages; Ifabiyi Ademola Ifabiyi, Eyitope Ifabiyi Toyin 1,185,194,335.36
Al-Fil Petroleum Company Limited; Alao Idris Alao Abdullatif 1,151,788,405.05
Primeview Investment and Property Gabriel Orene Esule George 1,119,804,330.77
Merepainti Nigeria Limited/BPT Equipment; Engr Mohammed Nura Khalil 987,172,183.55
Rainbownet Limited; H.E. Chimaroke Nnamani 804,985,922.59
Paveblocks Nigeria Limited; Alh. Waziri B. Mustapha 633,128,165.50
Honourable Adetunji Adeniyi; Honourable Adetunji Adeniyi 491,220,414.05
Sarki Labaran; Engr. Sarki Labaran 471,402,281.70
Senator Usman Bayero Nafada; Senator Usman Bayero Nafada 409,502,652.84

Courtesy: Dailyadvent

Business

ConOil, TotalEnergies Sign Massive Production Contract to Boost Nigeria’s Oil and Gas Output

Published

3 weeks ago

November 13, 2025

Eric

By Eric Elezuo

In a bid to boost Nigeria’s oil and gas output, Conoil Producing Limited has partnered Total Energies Limited to sign a massive production contract.

The contract-signing ceremony, which took place on Thursday, at LA DEFENSE, in Paris, France, saw the Chairman of Conoil Producing, and Commander of the French Légion d’Honneur (CdrLR), Dr. Mike Adenuga Jr., signing on behalf of Conoil while the Chairman and Chief Executive Officer of TotalEnergies, Mr. Patrick Pouyanné, signed for TotalEnergies, in whose headquarters office served as the venue of the event.

Details soon…

Business

Tinubu’s 15% Import Duty on Petrol is Good for Nigeria, Says Rewane, Marketers Disagree

Published

1 month ago

November 3, 2025

Eric

Popular economist and chief executive of Financial Derivatives Company Limited, Bismark Rewane, has explained that President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel is good for the country.

Rewane, speaking in an interview on Channels TV, said the import tariff is designed to encourage local production of petroleum products.

According to the policy, it is aimed to discourage imports and retain jobs in Nigeria.

“Petrol import duty is good for the country. Why is it good? Because it encourages domestic production. Anytime you import, you are actually creating jobs for other countries rather than your own country. Basically, import protection is good,” he said.

The move means that Nigerians would have to pay more for fuel consumption when it is implemented.

Recently, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that 69 per cent of petrol consumed in Nigeria is imported, while 31 per cent is locally produced.

The policy places Dangote Refinery in an advantageous position in the country’s oil and gas sector.

However, Nigerians have kicked against the move, saying it would cause more hardship in the country.

This comes as an All Progressives Congress chieftain in Delta State, Ayiri Emami, on Thursday urged President Tinubu to withdraw the 15 per cent import duty tariff because it will bring more hardship for Nigerians.

Meanwhile, Petroleum marketers have warned that the pump price of Premium Motor Spirit, popularly called petrol, could exceed N1,000 per litre following the 15 per cent ad valorem import tariff on fuel imports.

The new policy, which takes effect after a 30-day transition period expected to end on 21 November 2025, is part of the government’s strategy to protect local refiners and reduce the influx of cheaper imported products that threaten domestic refining investments.

However, marketers say the move could backfire and push retail prices beyond the reach of average Nigerians.

Commenting in a telephone interview on Thursday, multiple depot operators with knowledge of the matter, who spoke on condition of anonymity, said the decision could further raise the price of petrol, which already sells for around N920 per litre, in many parts of the country.

“As it is, the price of fuel may go above N1,000 per litre. I don’t know why the government will be adding more to people’s suffering,” one of the depot operators said.

Another depot operator added, “Unfortunately, some of the importers are working in alignment with Dangote, which is why the last price increase was general; all players raised their prices at once. Let’s just wait and see what happens next.”

Another operator added that without a clear framework to stabilise market forces and ensure fair competition, the new import duty could trigger another round of price hikes and worsen the hardship faced by consumers.

The National Vice-President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, also agreed that the tariff had its implications, saying it might lead to a price surge.

Fashola said the policy had both positive and negative effects, adding that it could discourage importation while promoting local refining.

The IPMAN leader opined that some marketers moght perceive it as an opportunity to monopolise the sector in favour of Dangote and a few other refineries.

“The 15 per cent tariff on imported fuel has its own implications. Maybe the price will go up, and equally, it will discourage importers from bringing in fuel if it becomes too costly.

“But it has both negative and positive effects on the sector. I see that the government is trying to protect local refiners, but it will have its own implications because people will see it as a way of monopolising the industry for certain people. At the same time, the government aims to protect the local refiners.”

However, Fashola stressed that the failure of the local refiners to supply enough fuel into the domestic market could trigger a fuel crisis.

“If the local refiners fail, it will have its own implications. It may lead to scarcity, and people will not have an alternative. So, it has both positive and negative effects. That’s the way I see it,” he added.

Business

FirstBank Partners Verve to Issue Free Debit Cards in Nationwide Promo

Published

1 month ago

November 2, 2025

Eric

First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards.

The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM cards have expired.

The free cards will be issued daily to 131 customers on a first-come, first-served basis across the Bank’s branches, nationwide. FirstBank’s unwavering commitment to convenience, accessibility, and customer satisfaction.

Speaking on the rewards to FirstBank customers, Chuma Ezirim, the Group Executive, e-Business and Retail Products at FirstBank, said: “The Verve Flash Promo is not just about rewarding customers with free verve debit cards; it is about celebrating our legacy of 131 years of trust, resilience, and innovation in the Nigerian financial services industry. At FirstBank, we remain committed to providing customer-centric solutions that enable secure, seamless, and convenient payment experiences. Partnering with Verve International on these initiatives, including the Verve Good Life promo, underscores our shared vision of deepening financial inclusion while rewarding our loyal customers for their continuous patronage.”

Also commenting, Vincent Ogbunude, Managing Director, Verve International, noted:

“Through strategic collaborations like this with FirstBank, we continue to demonstrate Verve’s commitment to enhancing access to seamless payment solutions for every Nigerian. The Verve Flash Promo not only rewards loyal customers but also reinforces our vision of making everyday transactions more rewarding, secure, and convenient. As we extend the Good Life Promo, we remain steadfast in our goal of deepening financial inclusion while delivering real value to Verve cardholders across the country.”

Meanwhile, the ongoing Verve Good Life promo, designed to reward Verve debit card holders for using their cards at specific merchant points, has been extended to 30 November 2025.

During the period, Verve Card holders enjoy 10% cashback at The Place Restaurant, Quickteller, Buypower, Filmhouse, AlliExpress, Addide Supermarkets, and Chowdeck app every Thursday to Sunday.

Verve cardholders can now enjoy a 10% cashback on the Google Play Store any day of the week throughout the Good Life Promo, which runs until 30 November 2025. Moreso, every transaction made with a Verve card whether on ATMs, POS terminals, or online platforms automatically earns customers a chance to win up to ₦1,000,000.