AMCON Resumes Legal Battle To Recover N14.7bn Debt From Cooperative Society

The Asset Management Corporation of Nigeria (AMCON) has reignited its legal fight against the Mobil Workers Multipurpose Co-operative Society, Eket, Akwa Ibom State in a bid to reclaim a debt totaling N14,733,502,334.06.

In an amended statement of claim presented before a Federal High Court in Lagos by a Lagos Attorney on behalf of AMCON, the corporation revealed that it acquired the non-performing loan of the Defendant from the United Bank of Africa (UBA) Plc in 2012, exercising its powers under the Asset Management Corporation of Nigeria Act 2019.

AMCON alleges that prior to taking over the loan, the bank had granted a N7 billion Term Loan facility to the defendant for the personal needs of its members. The terms included the irrevocable domiciliation of monthly contributions and deductions by Mobil Producing Nigeria Unlimited, the parent company of the defendant.

The defendant, according to AMCON, accepted the facilities through its board resolutions in September 2007 and March 2008, making a complete drawdown of the N7 billion.

AMCON claims that the defendant failed to carry out the agreed instructions, leading to multiple defaults in monthly interest and half-yearly principal repayment.

The corporation is seeking a judgment of N14,733,502,334.06 against the Defendant and additional interest until the complete liquidation of the judgment debt.

The case is scheduled for hearing on February 19, 2024.