Agagu Feyisayo Opeyemi, son of former governor of Ondo State, has been dragged before a Federal High Court in Lagos, over a N32 million debt.
The Asset Management Corporation of Nigeria (AMCON), filed a suit against Opeyemi, which also has her mother, Olufunke Ibidun, and Central Securities Clearing Systems Plc as co-defendants, in a bid to recover a debt of N32,136,877.25
In a statement of claim filed by Prime-Gentry Chartered Secretaries &Attorneys on behalf of the debt recovery agency, it was alleged that Opeyemi, who was a customer of United Bank for Africa Plc applied for a loan and was granted by virtue of a letter of offer of loan value at N6,177,600 on June 19, 2007.
The loan was said to be meant for the acquisition of UBA approved shares from the capital market.
The agency said the facility, which stipulated a repayment period of 12 months, has however, remained unpaid, leading to it being categorized as non- performing loan.
AMCON is seeking a judgment against Opeyemi for failing to repay the loan facility.
Pursuant to an application filed by AMCON on October 9, 2018, the court granted an interim order on December 12, 2018, directing Central Securities Clearing System Plc to transfer the subject shares to AMCON to preserve same, pending the filing of the substantive suit.
However, it was argued that in a calculated attempt to frustrate the efforts of the agency to recover the debt, he purportedly sold and transferred the shares to his mother, Olufunke, on December 13, 2018.
Consequently, AMCON is, among other things, seeking an order nullifying the purported sale of the shares to his mother on the premise that the said “illusory sale” was a deliberate and calculated attempt to frustrate effort to recover the debt.
It is also asking the court to grant it power to sell the stocks belonging to Opeyemi, and all other shares owed by him to be applied towards liquidation of his indebtedness.
Professor Chuka Obiozor, the presiding Judge, adjourned the matter until October 8, 2019.