Jimoh Ibrahim, Ubah, Babalakin Top List of Nigeria’s Delinquent Debtors, Owe N906.109 billion – AMCON

The Asset Management Corporation of Nigeria (AMCON), has described the publisher of ailing National Mirror and the now defunct Newswatch, Mr. Jimoh Ibrahim one of Nigeria’s delinquent debtors.

Jimoh Ibrahim is amongst the 105 persons including the Chairman of Capital Oil and Gas, Ifeanyi Ubah, and Chairman of Bi-Courtney limited and Roygate Properties Limited, Wale Babalakin (SAN), described in that manner.

In specific terms, AMCON through a list it made public argued that the businessmen made the top of the list of delinquent debtors and who have also failed to settle the debts running to nearly a trillion naira.

AMCON contended that Jimoh Ibrahim alongside other debtors are owing a total of N906.109 billion with Ubah, Ibrahim, Babalakin, the Kuteyi family (Josephdam & Sons Limited) and Cross River State Government, promoters of Tinapa Business Resort, emerging the biggest delinquent debtors.

The corporation revealed that Ubah, through his Capital Oil and Gas is owing to the tune of N115.952 billion, while Babalakin through two of his companies; Bi-Courtney limited and Roygate Properties Limited is owing to the tune of N69.642.

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On his part, Jimoh Ibrahim is said to be owing to the tune N59.5billion through NICON Investment Limited, and the Kuteyi family owes N39billion and Cross River State owe N36billion.

According to AMCON, sequel to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria (CBN) in April 2015, it has made public the list of the chronic debtors after all avenues provided by the Corporation for them (debtors) to propose acceptable resolution terms have failed.

It would be recalled that AMCON through its Managing Director (MD) Chief and Chief Executive Officer (CEO), Ahmed Kuru, had stated that there are plans on the side of the corporation to publish the list of delinquent debtors and directors where applicable, who have failed to reach or refused to reach settlement resolution with the corporation.

Kuru further revealed that the corporation is set for a new stage that would not involve negotiation but name and shame as well as take-over of properties of debtors that have refused to meet it halfway on the negotiation table.

The AMCON boss further stated that in situations where the registered assets of a company that is indebted to the corporation was not enough to clear their obligation, the corporation would go after the directors and their private companies.

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