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Former ICAN President Catherine Opareke Dragged Over ₦199 Billion Debt

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Former ICAN President Catherine Opareke Dragged Over ₦199 Billion Debt

A former president of the Institute of Chartered Accountants of Nigeria (ICAN) Dr Catherine Opareke was on Tuesday dragged before a federal high court in Lagos to answer questions regarding an alleged ₦1.99 billion debt. 
Joined as co-defendants in the suit instituted by the Asset Management Company of Nigeria (AMCON) are a Lagos lawyer Isaac Anumudu and two limited liability companies Geez management services Limited and Rohi Properties limited.
The ex-ICAN boss is facing legal scrutiny over her role in the alleged non-payment of various loans which one of her companies Geez Management Services obtained at various times between 2007 and 2009 from Access Bank, Keystone Bank and Ecobank.
According to the statement of claim filed in behalf of AMCON by the law firm of Akanbi and Wigwe, the lending banks, have tried but were unsuccessful in their efforts to recover the loans totalling ₦1.99 billion from the plaintiffs. This necessitated them transferring it to AMCON as bad debts.
The company also alleged that Rohi Properties Limited, another company linked to Dr Catherine Opareke had borrowed a separate amount from Access Bank but defaulted on repaying part of the principal and interest to the tune of ₦650 million.
AMCON is therefore seeking a court judgement ordering the plaintiffs to pay the cumulative sum of about ₦1.99 billion to settle their alleged indebtedness. Alternatively it is seeking a directive ordering the plaintiffs to forfeit the choice properties used as collateral to secure the loans and an order empowering AMCON to take possession of said properties and sell them off to offset the debt.
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