N145m Debt: AMCON Threatens Lawmaker With Sanction

October 23, 2016


By Ebitonye Akpodigha

A member of House of Representatives has been threatened with a sanction over a debt in the region of N145 million.

The federal lawmaker, Mr Mustapha Dawakin Bala, was threatened by the Asset Management Corporation of Nigeria (AMCON).

It was learnt that Mr Bala allegedly refused to service the said debt and has now been given 14-days to pay up or risk sanction.

The congressman is representing Dawakin Kudu/Warawa federal constituency of Kano State in the green chamber.

A letter dated July 20, 2016, and signed by Kamar Raji on behalf of Wande Okeya and co., a consortium-Asset Management Partner appointed by AMCON had warned Mr Bala that “failure to positively respond to this letter within 14 days of its receipt will leave us with no other choice than to initiate the process of recovery against you in line with the power conferred upon AMCON under the law.”

But the lawmaker did not respond to the letter since July, according to Mr Raji.

He said in a letter that, “We are aware that you requested for and granted a Share Purchase Facility to purchase 2000.000 units of Zenith Bank Plc shares. We have been informed from the documents made available to us that your indebtedness to AMCON currently stands at N145, 980,886.99.

“We have also been informed that you have refused to liquidate your indebtedness till date.

“We wish to inform you that upon your refusal to liquidate your indebtedness till date, interest at rate of 21% per annum has continued to accrue on the said indebtedness and will continue accruing till final payment of this indebtedness.

“In view of the above stated mandatory, we hereby demand for the immediate payment of the sum of N145, 980, 889.99 and all accrued interests towards liquidating the indebtedness.

“We believe a man of your calibre and standing in society will give room to reasoning and good counsel in the resolution of this indebtedness.”

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

Previous Story

$13.8b Illicit Transfer: Why We Didn’t Respect The Law—MTN

Next Story

Innoson Group Targets 7,000 Jobs

Latest from Economy

Don't Miss