Access Bank is shielding an alleged debtor, Oyekunle Oyesola R, from the law, it should be punished, AMCON says in a Court paper obtained by Platforms Africa
Asset Management Corporation of Nigeria (AMCON) has dragged Access Bank Plc before a Federal High Court in Lagos, praying the Court to inflict heavy sanction, including a N23 million fine, on the bank.
Platforms Africa reports that AMCON in an Exparte Motion marked FHC/L/AMC/90/2021, accuses the bank of shielding an alleged debtor, Oyekunle Oyesola R, from the law.
The AMCON’s Exparte Motion filed by it’s Counsel, Godwin Okoli, was brought pursuant to sections 31 (4) & (6) and 50A (1) (2) and (4) of AMCON (Amendment No. 2) Act 2019 and under the inherent jurisdiction of the court was exclusively obtained by Platforms Africa.
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In the suit AMCON is praying the court for a declaration that Access Bank Plc’s failure to disclose the alleged Debtor’s particulars violates the provisions of sections 31 (2) & (4) and 50A (1), (2) & (4) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019.
AMCON is also seeking for an order compelling Access Bank Plc, to immediately comply with the requirements of the Written Notice dated June 15, 2020 as directed by 50A (4) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019.
“An order of the court awarding a total cost of N23 million against Access Bank Plc, for violation of sections of section 50A (2) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019 and being the statutorily prescribed costs for bringing this Action as provided in 50A (4); 31 (4) & (6) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019. And a cost for failure to of non-compliance with the requirements of Written Notice dated the 15th day of June, 2020 bringing it in violation of section 50A (2) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019.
AMCON claimed, according to the Exparte Motion sighted by Platforms Africa, that the grounds for the application are that the bank is an Eligible Financial Institution within the contemplation of the Asset Management Corporation Act of 2010 .
AMCON also claimed that is empowered by law to require by written notice that any eligible Financial Institution from which it has acquired an Eligible Bank Asset or any director, manager or officer of such Eligible Financial Institution should furnish it with information and produce documents, books, accounts, and records in relation to the Eligible Bank Asset acquired by the Applicant
And that Access Bank’s consistence refusal to comply with the written notice of the Applicant has now come in violation of the provisions of Sections 31 (2)(4); 530A (1)(2)(4) of the Asset Management Corporation of Nigeria (Amendment No, 2) Act of 2019, which made it to be liable to be fined according to the provisions of sections 31(2)(4) and 50A (2)(4) of the Asset Management Corporation of Nigeria (Amendment No. 2) Act of 2019,
AMCON in its affidavit in support of the application deposed to by one of its Credit Officers, Oyetunji Osilowo, stated that Access Bank Plc is an Eligible Financial Institution within the contemplation of the AMCON Act, 2010 as amended and that it is pursuant to its duties as provided under the AMCON Act, 2010 as amended purchased several non-performing loans from the Respondent.
The deponet stated that Mr Oyekunle Oyesola R., applied and was availed various loan facilities by Access Bank (Formally known as Intercontinental Bank Plc). And that due to the default Mr Oyekunle Oyesola R. towards the full and final satisfaction of the Credit Facility afforded him, the facility became non-performing necessitating its intervention, herein who maintains the mandate of resolving all the eligible Bank’s Toxic assets as one of its statutory functions.
He stated that pursuant to the aforementioned transaction, AMCON acquired all rights and interests towards the eligible bank assets granted to Mr Oyehunle Oyesola R. as at December 31, 2010, and is now the assignee of the rights to enforce repayment and liquidation of the Non-performing Loans of the Respondent.
The deponet stated that according to the powers granted to the AMCON under section 31(2) of the AMCON (Amendment No. 2) Act 2019, the Applicant sent various Written Notice through its appointed partner to Access Bank Plc, to furnish information
