AMCON Goes After Debtors, Seizes AA Oil Bosses’ Assets


• As EFCC detains Avian Specialty CEO, Gbenga James, over unpaid loans

Demonstrating its resolve to recover the loans that its obligors owe, the Asset Management Company of Nigeria has seized choice properties belonging to billionaire business man, Alhaji Abubakar Aliyu, chairman of AA Group, after a Supreme Court ruling against the Kogi-born businessman. Aliyu’s debt was part of the non-performing loans that AMCON bought over from ailing financial institutions and other businesses.

That was as the Economic and Financial Crimes Commission arrested Chief Executive Officer of Avian Specialty, Gbenga James, on account of his indebtedness to AMCON. An EFCC source confirmed that James was detained by the agency following his arrest at his Ibadan residence last week.

THISDAY gathered that while Aliyu’s indebtedness to AMCON was put at N1.9 billion, that of James was estimated to be about N3 billion. The two debts were bought over from Union Bank.

A judicial source in the know listed the seized properties, located in prime places in the nation’s capital, as “No 32 Mediterranean Street, Maitama, Abuja; No 42, Gana Street, Maitama, Abuja; plot 101, Cadastral ZONE B09, Kado, Abuja; and plot 1189, Cadastral Zone A05, Maitama Abuja.”

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THISDAY investigation revealed that the legal battles to take over the choice properties were long drawn and ended at the Supreme Court. It was learnt that the apex court entered judgement against Aliyu when it was convinced that he could not pay up the debt.

The EFCC source, who spoke to THISDAY on condition of anonymity, said, “We have several pending cases that were instituted by AMCOM bordering on loan recovery besides that of Alhaji Abubakar Aliyu. I can confirm to you that we have arrested Managing Director of Avian Specialty, Gbenga James. He was arrested in his Ibadan residence and is currently being detained in our office pending his arraignment in court next week (this week).”

Following the appearance of the new management of AMCON at the National Assembly recently, the lawmakers had tasked the management of the corporation to recover all loans owed by its obligors. This was followed up with publications in national dailies of the names of debtors.
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The recent actions taken by the Asset Management Company of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) against debt defaulters are a clear testament to the agencies' commitment to ensuring financial discipline and accountability in the Nigerian business sphere. The seizure of choice properties from Alhaji Abubakar Aliyu and the detention of CEO Gbenga James signal a rigorous enforcement of financial regulations. These events emphasize the importance of businesses maintaining a clear financial stance, especially in dealings with financial institutions. The long legal battles that culminated in Supreme Court rulings highlight the strength and persistence of institutions in ensuring that loans are not merely written off but are actively pursued. It's a stark reminder to all business entities in Nigeria about the dire consequences of unpaid debts and the overarching reach of regulatory bodies in ensuring compliance.