EXPOSING NIGERIA'S SHAM BILLIONAIRES: Tony Elumelu and Others Accused of Defaulting on Billions in Loans

Tony Elumelu's Heirs Holdings took a N41.5 billion loan at a 15% interest rate per annum and defaulted, according to the Central Bank of Nigeria (CBN).

There are still many individuals living opulent lifestyles while owing significant amounts of money. If the CBN were to publish the names of all defaulters, it would reveal that about 20 of them owe over N5 trillion Naira.

The past government established a committee through AMCON to recover the money from these individuals. However, like a game played by elites, Nigerians did not hear much about what happened.

These individuals are super elites and seem to be above the law, with most of their debts now classified as bad debts. Despite this, they continue to amass riches and some even run for political office or hold positions in the National Assembly, where they make laws for the country.

These individuals are responsible for the current state of affairs. Huge sums of money deposited in banks have vanished without a trace, and efforts to retrieve these debts have often failed. Furthermore, some loans were granted without proper collateral, making it difficult to reclaim assets for auction. This illustrates the severity of the financial crimes they have committed against Nigeria.

President Tinubu must prioritize revitalizing the banking industry. Those who have contributed to the parlous state of the economy must be held accountable. They must repay what they have taken. Nigeria can only thrive if we are willing to make tough decisions regarding critical economic matters.

Here are the debtors:

Promoter(s) Current Exposure

1 Capital Oil & Gas Industries Limited Ifeanyi Ubah N115,952,152,265.92

2 NICON Investments Limited Jimoh Ibrahim N59,544,633,980.31

3 Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) N40,798,422,374.02

4 Josepdam & Sons Limited Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi N39,056,674,951.55

5 Tinapa Business Resort Cross River State Government N36,006,319,844.68

6 Home Trust Savings Chukwukadibia Ajaegbu, Funmi Ademosun N 30,626,243,344.71

7 Geometric Power Limited Prof. Barth Nnaji Nnaji, Agatha Obibuaru Eluma,
Anike Paul Nwobodo, Benjamin Chukwuemeka Dozie, Chijioke
Akpe Austine, Nnaji Okechukwu
UBA Trustees Limited Kunoch Limited
Diamond Capital & Financial Market Limited N29,844,500,896.77

8 Roygate Properties Limited Wale Babalakin (SAN) Agumadu John Alarape Olabode Okhaleke Ndudi N28,137,176,532.32

9 Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda N26,474,541,188.17

10 Anyiam Osigwe Limited Anyiam-Osigwe Dorothy Chinyere N20,523,322,350.29

11 Platinum Capital Obire Richard Francis Atuche N20,378,820,507.19

12 Flotsome Investment Limited Oboden IbruTejiro Ibru  N20,218,703,550.96

13 Lonestar Drilling Late Chief Idisi Margaret Idisi 20,207,979,803.22

14 Petrologistics Limited Ugoji Egbujo 19,576,962,565.35

15 Lorna Global Resources H.E. Chimaroke Nnamami
N18,919,109,352.85

Among others.

©️Otunba Mark Adesanya