A Federal high court in Lagos, Southwest Nigeria has adjourned till 5th of November, 2019 for hearing of debt recovery suit of N176,586 487.86 instituted against former Customs official, Dr. Kamoru Bolaji Yusuff by the Asset Management of Nigeria (AMCON).
In a statement of claim filed before the court by a Lagos lawyer, Fola Alade on behalf of the debt recovery agency, the plaintiff alleged that Dr Kamoru Bolaji Yusuf who is a former staff of the Nigerian Customs service and owner of shares in 13 stock exchange quoted companies was also a customer of defunct Intercontinental bank approached the bank for a loan of N50 million and he was granted the loan
The tenure of the loan, which was for 180 days, was to finance the purchase of stocks of blue chip companies through Intercontinental Securities Ltd on the floor of Nigeria stock Exchange.
The loan was granted upon the conditions and terms as contained in the offer letter.
However, Yusuff was alleged to have failed, and refused to liquidate his indebtedness to the bank.
As a result of the default on the part of the defendant to pay off the facility, the margin facility rose to the tune of N176,586,487.86 at the rate of 15% per annum as at 30th April, 2018.
The defendant has refused to pay the loan despite repeated letters of demand served on him.
Upon the failure and refusal of the defendant to repay the credit facilities granted him by the bank, the credits were classified as non-performing loans, hence the taken over of the loan for recovery by AMCON in furtherance of its statutory mandate under the Asset management Corporation of Nigeria Act 2010.
Consequently, AMCON claims against the defendant is as follows: “The sum of N176,586,487.86 being the outstanding sum owed to the AMCON by the defendant as at 30th April, 2018 and interest on the said sum. An order granting leave to AMCON to sell the defendant’s shares in full or partial liquidation to the defendant’s indebtedness to AMCON. The sum of N20 million being the cost of prosecuting this suit.”