Top 20 Loan Defaulters In Nigeria

Today QUICK LOAN ARENA, the number 1 review website for lending platforms and digital banks and other traditional banks brings you a list of the top 20 loan defaulters in Nigeria.

Vice President Yemi Osinbajo, in 2019 set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the Assets Management Corporation of Nigeria (AMCON) by top loan defaulters in Nigeria.

Top 20 Loan Defaulters In Nigeria
Top 20 Loan Defaulters In Nigeria

The agencies tasked to go after the loan defaulters in Nigeria are Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the ministry of justice.

According to AMCON, the top 20 loan defaulters in Nigeria owe 67% of the N5 trillion debt.

Vice President Yemi Osinbajo says the federal government has set up a task force to monitor the top 20 debtors on the list of the Asset Management Corporation of Nigeria (AMCON).

The federal government says it has renewed efforts to recover the N5 trillion debt owed by the loan defaulters and chronic debtors.

List of Top 20 Loan Defaulters In Nigeria

According to a list released by the Assets Management Corporation of Nigeria (AMCON) in October 2019, below are AMCON’s list of top 20 loan defaulters in Nigeria.

  1. Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
  2. NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
  3. Bi-Courtney Limited (MMA2)Wale Babalakin (SAN)40,798,422,374.02
  4. Josepdam & Sons Limited Late Mrs. Josephine, Damilola Kuteyi, Saheed KuteyiGaniyu Kuteyi 39,056,674,951.55
  5. Tinapa Business Resort Cross River State Government 36,006,319,844.68
  6. Home Trust Savings Chukwukadibia Ajaegbu, Funmu Ademosun 30,626,243,344.71
  7. Geometric Power Limited Prof. Barth NnajiNnaji AgathaObibuaru ElumaAnike PaulNwobodo Benjamin Chukwuemeka
    Dozie Chijioke

    Akpe Austine

    Nnaji Okechukwu

    UBA Trustees Limited

    Kunoch Limited

    Diamond Capital & Financial Market Limited 29,844,500,896.77

  8. Roygate Properties Limited Wale Babalakin (SAN) Agumadu John Alarape Olabode Okhaleke Ndudi 28,137,176,532.32
  9. Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC)Shell Staff, represented by Ikponmwosa Ogiemuda26,474,541,188.17
  10. Anyiam Osigwe LimitedAnyiam-Osigwe Dorothy Chinyere20,523,322,350.29
  11. Platinum CapitalObire RichardFrancis Atuche20,378,820,507.19
  12. Flotsome Investment LimitedOboden IbruTejiro Ibru20,218,703,550.96
  13. Lonestar DrillingLate Chief IdisiMargaret Idisi20,207,979,803.22
  14. Petrologistics LimitedUgoji Egbujo19,576,962,565.35
  15. Lorna Global ResourcesH.E. Chimaroke Nnamami18,919,109,352.85
  16. Hosanna Properties LimitedAnionye ChikaObi Ike C.18,059,895,396.27
  17. Minaj Holdings Limited, Ajegbo Mike Nnayeluchudihu, Luke Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle
    Attueyi Joe

    Oladele Afolabi

    Okpere Kisito

    Kokoricha Paul

    17,306,900,257.66

  18. Afrijet Airlines LimitedInoelle Willam BarryCarr Collin13,122,022,439.57
  19. Petroleum Brokers LimitedWilcox Awopuolagha13,076,314,937.26
  20. Hotel De Island; Kasmal Properties; Island Autos & NacoilKashamu Prince Buruji13,015,595,907.67

List Of Top 20 Loan Defaulters In Nigeria In Tabular Format

S/N Obligor Name Main Promoter(s) Current Exposure
1 Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
2 NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
3 Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
4 Josepdam & Sons Limited Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi 39,056,674,951.55
5 Tinapa Business Resort Cross River State Government 36,006,319,844.68
6 Home Trust Savings Chukwukadibia AjaegbuFunmu Ademosun 30,626,243,344.71
7 Geometric Power Limited Prof. Barth NnajiNnaji AgathaObibuaru ElumaAnike Paul

Nwobodo Benjamin Chukwuemeka

Dozie Chijioke

Akpe Austine

Nnaji Okechukwu

UBA Trustees Limited

Kunoch Limited

Diamond Capital & Financial Market Limited

29,844,500,896.77
8 Roygate Properties Limited Wale Babalakin (SAN)Agumadu JohnAlarape OlabodeOkhaleke Ndudi 28,137,176,532.32
9 Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
10 Anyiam Osigwe Limited Anyiam-Osigwe Dorothy Chinyere 20,523,322,350.29
11 Platinum Capital Obire RichardFrancis Atuche 20,378,820,507.19
12 Flotsome Investment Limited Oboden IbruTejiro Ibru 20,218,703,550.96
13 Lonestar Drilling Late Chief IdisiMargaret Idisi 20,207,979,803.22
14 Petrologistics Limited Ugoji Egbujo 19,576,962,565.35
15 Lorna Global Resources H.E. Chimaroke Nnamami 18,919,109,352.85
16 Hosanna Properties Limited Anionye ChikaObi Ike C. 18,059,895,396.27
17 Minaj Holdings Limited Ajegbo Mike NnayeluchudihuLuke Chidi ChudihuiloguMiller GregreyEthridge Kyle

Attueyi Joe

Oladele Afolabi

Okpere Kisito

Kokoricha Paul

17,306,900,257.66
18 Afrijet Airlines Limited Inoelle Willam BarryCarr Collin 13,122,022,439.57
19 Petroleum Brokers Limited Wilcox Awopuolagha 13,076,314,937.26
20 Hotel De Island; Kasmal Properties; Island Autos & Nacoil Kashamu Prince Buruji 13,015,595,907.67

AMCON Submits Fresh List of Top 1000 Loan Defaulters In Nigeria To National Assembly

Meanwhile the Asset Management Corporation of Nigeria reported end of last year, 2021 that it had submitted a fresh list of its top 1,000 list of loan defaulters in Nigeria for 2021/2022 to the National Assembly as part of the strategy to intensify its debt recovery drive.

AMCON put the total current exposure the loan defaulters and chronic debtors on all eligible bank assets at N4.4tn, saying the market values of the assets had significantly reduced below the valuation at the point of purchase due to the socio-economic downturn, making it extremely difficult to consummate sales transactions.

It said in a statement the list of the “recalcitrant obligors” (loan defaulters in Nigeria) was submitted to the members of the House of Representatives Committee on Banking and Currency at a retreat of the committee in Lagos.

A top source quoted by Punch Newspaper says the 1,000 loan defaulters in Nigeria were responsible for 90 per cent of the total debt of N4.4tn, translating to N3.9tn.

The source said, “The 1,000 debtors (loan defaulters in Nigeria) are those responsible for the big-ticket debts. Many prominent Nigerians across different sectors of the economy are on the list. These people and their companies are responsible for 90 per cent of the total current exposure on all eligible bank assets put at N4.4tn.”

The AMCON Act provides for the extension of the tenor of the resolution cost fund and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to, among others, “take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets, and related matters.”

The Chairman of the House of Representatives Committee on Banking and Currency, Mr Victor Nwokolo, who received the list of loan defaulters in Nigeria from the Managing Director/Chief Executive Officer of the corporation, Mr Ahmed Kuru, was quoted as saying that the committee called for the list so that the National Assembly would know all “those holding the country to ransom.”

He said this would enable the lawmakers to meet with relevant agencies of the Federal Government on how to further deal with the debtors to ensure the realisation of AMCON’s mandate in the overall interest of the Nigerian economy. According to him, the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors’ list.

He said he was happy Buhari had signed the amended AMCON Act into law as it would help the corporation to recover the huge outstanding debt and ensure the achievement of the Federal Government’s aim of setting up AMCON in 2010.

While presenting the list, Kuru said, “To enable AMCON to succeed in its national call to duty, AMCON solicits the continued support of this distinguished committee.

“The judiciary must be encouraged to respect the provisions of the law that require them to fast-track cases before them, issue certificate of judgement on properties, which the corporation has no collateral and demand debtors to deposit judgment sum before proceeding to appeal any judgement.”

Kuru said the judiciary had been of tremendous support, adding that the corporation’s recovery drive “is heavily dependent on the judiciary in the country because AMCON has over 4,000 cases in court.”

Frequently Asked Questions About Loan Defaulters In Nigeria (FAQs)

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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