In a bid to recover NN251,168,302.77 debt Asset Management Corporation of Nigeria, AMCON, has dragged the former president of Institute of Chartered Accountant of Nigeria, ICAN, Dr Catherine Okpareke before a Federal high court in Lagos.
Joined as co-defendants are Lagos lawyer Isaac Anumudu and two limited liability companies Geez Management Services Limited and Rohi Properties Limited.
In a statement of claim accompanied by sworn affidavit by Credit Analyst of AMCON Wilfred Monn filed before the court by the law firm of Akanbi and Wigwe, It was alleged that, Geez Management Services Limited a customer of Access Bank operating two different accounts applied for and was granted a term loan facility of N175 million by the bank for the purpose of purchasing a property at plot 2834, Minister Hill Cadastal Zone A06 Maitama, Abuja, now known as 3, Danube Close Ministers Hill Maitama, Abuja.
Dr Catherine Okpareke accepted the loan and executed the repayment of the principal sum and the accrued interest on the said loan facility.
The loan was further secured by a lien on investment Portfolio in the custody of Marina Securities Limited valued at N50 million, a mortgage on the property at Plot 2834 Danube Close Ministers Hill, Maitama, Abuja.
The loan facility became due and remained unpaid despite several demands and thus qualified as non performing loan which was purchased by AMCON.
Geez Management Company is now indebted to the plaintiff to the tune of 251,168,302.77 which the company and Catherine Okpareke have failed to pay despite several demands.
Pursuant to another offer letter dated 23rd July, 2007, Oceanic bank now Ecobank granted Geez Management Company, a margin facility in the sum of N45,500,000 via an offer letter dated 6th November 2007.
The company also obtained a mortgage loan facility to the tune of N395million to facilitate the purchase and renovation of a property situated at Plot 1098, 6 Agoro Adiyan Street, Victoria island, Lagos that will facilitate the expansion of their twelve room hotel (Dukes Court).
The company on 24th of July 2008 also obtained overdraft facility of N70 million from Oceanic Bank International for the purpose of augmenting its working capital requirement.
The security for the loan includes assignment of five million units of Access Bank shares valued at N15.98 per share as at 18th July, 2008 and title documents of property on Aba Express Road, Port Harcourt valued at N85 million.
The loan facilities became due and remained unpaid despite repeated demands, as at the time it was purchased by AMCON.
The indebtedness was to the tune of N579,972,655.50 according to a letter by Dr Catherine Okpareke dated 18th September, 2017 addressed to AMCON.
Geez Management Services Company, through an offer letter dated 5th June, 2009 renewed an overdraft facility in the sum of N95 million from Bank PHB Plc now Keystone bank limited to finance acquisition of Stocks.
The security for the facility as stated on the offer letter includes: Lien on shares of various blue chip companies.
Personal Guarantee of the Managing Director /Chief Executive officer of the company.
Duly executed Board Resolution accepting the facility
Execution of all agreements in respect of the facility and submission of all required documents to the bank.
The facility became challenged and the Geez Management refused, neglected and failed to repay the principal sum and the accrued interest on the facility to the tune of N203,515,882.13.
The loan became due and remained unpaid despite repeated demands.
The total outstanding obligation of Geez Management Company on the facilities granted by Access Bank, Oceanic bank now Ecobank and Bank PHB now Keystone bank limited encompassing the eligible bank assets which was purchased by AMCON stood at N1,991,475,815.40 as at 31st May, 2017.
Rohi Properties Limited is a customer of Bank PHB now Keystone Bank, pursuant to a letter dated 24th of December, 2007 applied for and granted a term loan facility of N170million for the purpose of purchasing some stocks.
The company pursuant to a board resolution authorized Mr Isaac Anumudu to request, accept and sign the required documents on behalf of the company but the company refused and neglected to repay the loan.
Rohi Properties’ outstanding indebtedness to AMCON as at 31st of August, 2017 stood at the sum of N650,004,663.54.
Consequently the Plaintiff is urging the court to declare that Geez Management Services Company and Dr Catherine Okpareke are jointly and severally liable and indebted to AMCON in the sum of N251,168,302.77.
Therefore should direct them to pay or in the alternative, the court should direct them to deliver to AMCON possession of mortgage property situate at Plot 2834, Danube close, Ministers Hill Abuja used as collateral for the loan, and an order of foreclosure of Geez Management Company’s right of redemption and grant an order to the plaintiff to sell the property.
An order directing the company to pay N579,972,655.50 being an outstanding loan facility granted to the company by Oceanic International Bank now Ecobank Plc or in the alternative an order of the court directing the company to deliver to the plaintiff properties situated at 6, Agoro Odiyan street Victoria island and at Nico House 42, Old Aba Road/Aba express road, Port Harcourt, River State used as collateral for the loan and or an order for same to be sold to offset the debt.
An order of the court directing Rohi Properties to pay to the plaintiff the sum of N324,957,816.98 plus interest being the company’s outstanding indebtedness of the company’s loan taken from Keystone Bank.
The presiding judge, Saliu Saidu has adjourned the case till 9th of October, 2018 for mention.