Capital Oil, others owe N906bn to AMCON

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Capital Oil and Gas Limited, owned by millionaire businessman, Mr. Ifeanyi Ubah tops the list of 105 companies that owe N906, 109,840,662.99 to Asset Management Corporation of Nigeria (AMCON).

The corporation said in an advertorial that publishing the list was the last resort as the top 105 “delinquent debtors” had failed to work out an amicable settlement of the huge debts.

“This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts,” said the corporation.

Among the alleged debtors are Capital Oil & Gas Limited, which reportedly owed N115 billion; Tinapa Business Resort, owned by the Cross River State government N36 billion and Geometric Power Limited being promoted by a former minister of power, Prof. Barth Nnaji, N29.84 billion.

Also indebted to the corporation are Shell Development Company’s Multi-purpose Cooperative Society Limited, N26. 47 billion; Platinum Capital, N20.37 billion; Minaj Holdings Limited, N17.3 billion; Sammy Beth Interbiz Limited, N11 billion; and Octopus Trust Nigeria Limited, N10.17 billion.

Also in the list are Mobil Workers (Eket) Multipurpose Cooperative Society, N11.5 billion; Dormalong Engineering Limited, N4.7 billion; Aquitane Oil and Gas Limited, N2.64 billion; Omega Savings and Loans N2.28 billion; defunct Bellview Airlines Limited, N2.25 billion; and Chevron Oil Staff Multipurpose Cooperative, N1.59 billion, among others.

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