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Alleged N243.9m AMCON Debt: Court Freezes Firm’s Account

A Federal High Court in Lagos has frozen all bank accounts belonging to Sprawling Nigeria Ltd and its two directors, pending the determination of a debt recovery suit brought against them by the Assets Management Corporation of Nigeria (AMCON).

The directors are Lukman Olawale Ogunyemi and Yetunde Atilade.

Justice Chuka Austine Obiozor made the order following an ex parte application AMCON filed through its counsel, Olaitan Adeboye, in a suit marked FHC/L/CS/1952/2019, Professor Obiozor also ordered all banks in Nigeria to furnish the court, AMCON and its counsel the respondents’ statement of accounts, stating the total sum standing to their credit.

The judge also ordered AMCON to, in the interim, take possession all the defendants’ assets, movable and immovable anywhere in Nigeria, pending the determination of the substantive suit.

He directed AMCON to serve the suit’s originating motion on all the respondents and adjourned hearing till February 5.

In its application, AMCON alleged that Sprawling and its two directors were indebted to it in the sum of N243, 955, 686.01 million, and all efforts made to recover the debt had proved abortive.

The agency averred in an affidavit deposed to by one of its Credit Officer, David Funsho George, that the first defendant/respondent was a customer to the defunct Oceanic Bank Plc, while second defendant is the Managing Director of the first defendant and also a personal guarantor of the credit facilities obtained by the company from the defunct Oceanic Bank Plc, while the third defendant is a director in the company.