Josepdam Clears N18.78bn Debts With AMCON

Josepdam & Sons Limited and Josepdam Sugar Company Limited have cleared about N18.78 billion debt bought over by the Asset Management Corporation of Nigeria (AMCON).

To this end, a letter from AMCON to Josepdam revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion, hence, clearing the firm of any debt obligation.

According to the letter from AMCON to the company , titled ‘Letter of Non-Indebtedness– Josepdam & Sons Limited and Josepdam Sugar Company Limited,’ “this serves to confirm that Josepdam & Sons Limited and Josepdam Sugar Company Limited, whose loans were sold to AMCON as detailed below has fully liquidated its indebtedness to the Corporation.”

A breakdown of the liquidated loans shows that AMCON purchased a total of N13.479 billion from Wema Bank in respect of Josepdam & Sons Limited; another N4.479 billion from Keystone Bank on behalf of Josepdam & Sons Limited as well as N466.445 million from Keystone Bank in respect of Josepdam Sugar Company Limited.

Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the corporation.
The said publication also alleged that Mrs. Josephine Kuteyi and Mr. Saheed Kuteyi were both deceased.

Responding to this, in a statement made available to LEADERSHIP yesterday, the head of Administration of Josepdam claimed that Mr. Saheed Kuteyi was in fact the current chairman of Josepdam Group and is alive.

She advised the media to always verify information before rushing to the press.

She said the company will not waste its time to sue media houses involved in the malicious publication, adding that, “the company will not waste its time chasing media houses, which are grossly unprofessional and at best only exist in social media space as sane Nigerians do not ascribe any credence to such publications.”