Home / Business & Economy / Capital Oil, NICON top AMCON’s list of ‘delinquent debtors’ owing N906b

Capital Oil, NICON top AMCON’s list of ‘delinquent debtors’ owing N906b

ASSET Management Corporation of Nigeria (AMCON) on Monday released a list of 105 companies that it described as delinquent debtors that owe the corporation to the tune of N906, 109,840,662.99.

The advertorial, AMCON noted, was the last resort as the top 105 “delinquent debtors” had failed to work out an amicable settlement of the huge debts.

The list released in an advertorial has as top, Capital Oil and Gas Limited, owned by millionaire businessman, Mr. Ifeanyi Ubah which reportedly owed N115 billion; while another Business mogul, and owner of NICON Group, Jimoh Ibrahim came next with N59,544,633,980.31.

From the aviation industry, while on number fourty-eight of the list is terminal zero with a N3,326,675,426.60 debt

On the publication of the names of the debtors, AMCON in their statement said, “This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts.”

Among other alleged debtors are Tinapa Business Resort, owned by the Cross River State government with N36 billion and Geometric Power Limited being promoted by a former minister of power, Prof. Barth Nnaji, N29.84 billion.

Also indebted to the corporation are Shell Development Company’s Multi-purpose Cooperative Society Limited, N26. 47 billion; Platinum Capital, N20.37 billion; Minaj Holdings Limited, N17.3 billion; Sammy Beth Interbiz Limited, N11 billion; and Octopus Trust Nigeria Limited, N10.17 billion.

Also in the list are Mobil Workers (Eket) Multipurpose Cooperative Society, N11.5 billion; Dormalong Engineering Limited, N4.7 billion; Aquitane Oil and Gas Limited, N2.64 billion; Omega Savings and Loans N2.28 billion; defunct Bellview Airlines Limited, N2.25 billion; and Chevron Oil Staff Multipurpose Cooperative, N1.59 billion, among others.

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Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

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