Beracah Lubrications faces court battle as AMCON seeks N9.96bn in debt recovery
AMCON
Published By: Kazeem Ugbodaga
By Akin Kuponiyi
The Asset Management Corporation of Nigeria (AMCON) has filed a lawsuit against Beracah Lubrications Nigeria Limited at the Federal High Court in Lagos for failing to repay a debt of N9,960,479,265.
The company’s directors, Sola Oluwadare, Osadare Edebisi Williams, and Kola Adesina, are also named as co-defendants in the case.
They are identified as key shareholders and controlling figures of Beracah Lubrications.
According to the statement of claim submitted by AMCON’s lawyer, Chineme Nweke of Anfield Solicitors, the debt arose from credit and overdraft facilities totaling $10,000,000 that were granted to Beracah Lubrications by two legacy banks, Spring Bank PLC and Bank PHB Plc.
Since the acquisition of the loan, AMCON, has made repeated efforts to recover the debt but claims the defendants have deliberately evaded communication and ignored all notices, both verbal and written.
AMCON stated that the loan was secured by a vessel named ‘MT Oragreen.’
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However, a search conducted with the Nigerian Maritime Administration and Safety Agency (NIMASA) revealed that the vessel had been deleted from the agency’s records, rendering it untraceable, either due to its loss of seaworthiness or being used for scrap.
Additionally, a property located at Plot 1b, Block 104, Peninsula Residential Scheme, Eti-Osa, Lagos, was used as collateral for the loan. AMCON alleges that the property was fraudulently offered as security by Sola Oluwadare without the consent of its rightful owner, Akintayo Abiodun Sokunbi.
As of December 2022, the total debt owed by Beracah Lubrications and its directors stands at N9,960,479,265, including accrued interest.
AMCON is seeking a court order for the payment of this amount, with additional interest of 24% per annum from June 2022 until judgment, and 21% per annum thereafter until the debt is fully repaid.
AMCON is also requesting an order to seize funds linked to the defendants in any Nigerian bank to satisfy the judgment sum.
The case is scheduled for hearing on October 29, 2024.
