Asset Management Corporation of Nigeria AMCON has filed a suit against Agagu Olufunke Ibidun, the wife of former Governor Olusegun Agagu at a Federal High Court in Lagos over a debt of N32,136,877.25.

Prime-Gentry Chartered Secretaries & Attorneys on behalf of AMCON filed the statement of claim before the court.

Other defendants in the debt recovery suit are Feyisayo Opeyemi Agagu and Central Securities Clearing Systems Plc

Agagu Feyisayo Opeyemi is the son of the former Ondo State Governor Olusegun Agagu.

In the statement of claim filed by AMCON, It was alleged that Agagu Feyisayo Opeyemi, a customer at United Bank for Africa Plc had applied for a loan. He was granted a letter of offer, a loan with astonishing value of N6,177,600. UBA had approved the loan to Mr. Agagu for the acquisition of shares either from the capital market or public offer in June 19, 2007. With a tenor repayment of one year, reimbursement of the loan was expected by the 18th of June, 2008. The loan, unpaid, became a non-performing debt till the time of suit.

On the 12th of December, 2018 the court granted an interim order directing Central Securities Clearing System Plc to transfer the subject shares to AMCON, pending the filing of the substantive suit. However, on the 13th of December, 2018, Mr. Feyisayo Agagu Opeyemi transferred ownership of the sold shares to Mrs. Agagu, his mother, a tortoise move that still didn’t prevent him from being dragged to court.

AMCON thereby ordered a claim against Mr. Feyi for the payment of the sum of N32,136,877.25 with an interest at the rate of 15% per annum from the 16th of August, 2018 until judgement. Thereafter, reducing the rate to 10% per annum until liquidation of the judgement sum.

AMCON is seeking an order to sell holdings of Agagu Feyisayo Opeyemi’s including other shares owned by him as liquidation of his indebtedness. Amongst the claims AMCON filed against Mr. Agagu is also an order to nullify the transfer of ownership to Mrs. Agagu, a premise AMCON reportedly believed is an illusory sale to foist fait accompli.

Professor Chuka Obiozor, the presiding judge, has adjourned the case till October 8, 2019.