N1.6bn Debt: Court Hammer Rainoil, 13 Others

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Rainoil Limited, and 13 others on Thursday came under the hammer of the Federal High Court Lagos, freezing the bank accounts and shares owned by the downstream oil and gas company over a debt of N1.6 billion.

In the ruling Justice C.J. Aneke listed among affected persons to be: David Ogwu, Anthony Ezeh, Clara Rotzler, Vincent Otiono, Vincent Sankey, Victoria Alo, Preye Ogriki, Treasure Afolanyan, Chief Nwagwu, Peter Ololo, Gordons Ejikeme, Joe Idudu and Falcon Securities Ltd are among the 13 others affected according to the Asset Management Company of Nigeria, (AMCON)

AMCON said it took effective possession of the seven properties as listed by the court through Etonye & Etonye, its Debt Recovery Agent.

The properties are Mile 3 Old Isheri Road, Ikeja, Lagos State; Plot 13, Block 65 Magodo Residential Scheme, Lagos State; No. 73, Femi Kila Street, Okota, Isolo, Lagos State; Plot 22, Block 91, Lekki Peninsula Residential Scheme, Lekki Area, Lagos; and Government Land Allocation, Lekki Peninsula Scheme II. Some of the properties include Plots 14, 15, 16 and 17 in Block 1B, Isolo-Ishaga Area, Mushin, Lagos State;

The statement read: David Ogwu, Anthony Ezeh, Clara Rotzler, Vincent Otiono, Vincent Sankey, Victoria Alo, Hon. Preye Ogriki, Treasure Afolanyan, Chief Nwagwu, Peter Ololo, Gordons Ejikeme, Joe Idudu, Falcon Securities Ltd and Rainoil Limited. The court also ordered the freezing of the bank accounts and the shares of the directors of the company.

AMCON spokesman Jude Nwauzor confirmed that AMCON had taken over all the property as listed in the court order with the assistance of court bailiffs, among other law enforcement officials.

Nwauzor said, “It takes a process to execute these orders,” as to why AMCON had to wait for over a month to execute the order. We are a government agency governed by law and order, and before any enforcement is carried out, we must fulfil all the legal conditions. The length of delay, then, is not the problem. The important thing is to execute the order as directed by the law.

AMCON, the Federal Government’s debt recovery agency, enforced the assets belonging to the company’s Chief Promoter, Emmanuel Ugboh, in July 2020, after offering him concessions and exploring all ways to harmoniously resolve the debt in vain.

Due to the lack of adequate collateral, however, AMCON had to begin asset tracing on the directors of the Company, an exercise that revealed the seven properties that the Corporation has now enforced. The action by AMCON is in line with Section 61 of the 2010 AMCON Act and Section 49(1) & (2) of the 2019 AMCON Act (as amended).

During the first phase of Eligible Bank Assets purchases from Zenith Bank and FCMB in 2011, AMCON acquired the Non-Performing Loan of Deap Capital Management & Trust Plc

 


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