AMCON Moves To Recover N784m Debt From Chief Great Ogboru

Mr Jude Nwauzor, AMCON Head of Communications

The Asset Management Corporation of Nigeria (AMCON) appears to be firing on all cylinders this period as it has asked the Federal High Court in Lagos to seize the funds in the bank accounts of one of its obligors, Chief Great Ogboru.

Ogboru is a former All Progressives Congress (APC) governorship candidate in Delta State. Between him and his firm, Fiogret Limited, they are indebted to AMCON to the tune of over N784 million in judgment debt. In an ex-parte application before Justice Maureen Onyetenu, AMCON said the debt arose from a July 5, 2013 consent judgment entered in its favour by Justice Okon Abang.

The corporation said seven years since after that consent judgement was entered, Ogboru and Fiogret “have not taken any step(s) to satisfy/liquidate the judgment sum and the accruable interest.” AMCON said Ogboru and Fiogret had accounts in 22 banks in Nigeria, which it is praying the court to summon all the banks to disclose how much they have with them.

The Corporation further wants the court to make an order attaching the monies “to prevent the judgment-debtors from dissipating their funds with the various garnishees (banks).” AMCON, through its counsel Mr Kunle Ogunba (SAN) of Insolvency Forte, said this was the only means it could “reap the fruits of its hard-earned judgment in the suit herein.”

But Ogboru and Fiogret Limited are challenging Justice Onyetenu’s jurisdiction to hear the ex-parte motion. They contended that they had already appealed Justice Abang’s judgment and filed a motion for stay of execution at the Supreme Court. Besides, they said the Federal Government also owed Fiogret Limited N4.3billion, which the Federal Ministry of Justice had acknowledged on October 20, 2015. Justice Onyetenu adjourned until February 2, 2021, for ruling on jurisdiction.

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