The Asset Management Corporation of Nigeria (AMCON) has dragged Demayo Holdings Nigeria Limited before a Federal High Court in Lagos over alleged N319,658,903.56 million debt.

This legal action is to recover the outstanding indebtedness of Demayo Holdings to AMCON arising from the various facilities granted to Demayo Holdings by Enterprise Bank Ltd (now Heritage Banking Company Ltd).

According to AMCON, Demayo Holdings had allegedly defaulted in the repayment of the facilities.

AMCON in an Ex parte Motion marked FHC/L/AMC/22/2022 asked the court to recover the sum of N319,658,903.56 from the defendants.

Joined as co-defendants in the suit are directors of the company identified as Moshood Ademola Omidiran, Wulayat Omidiran and Abdulmalik Omidiran.

The court documents read in part, “WHEREOF the claimant claims against the Defendants as follow; the sum of N319,658,903.56 (Three Hundred and Nineteen Million, Six Hundred and Fifty-Eight Thousand, Nine hundred and Three Naira, Fifty-Six Kobo.) being the outstanding indebtedness of the Defendants as At February 2, 2022.

“Interest at the rate of Fifteen percent (15%) per annum on the said sum from February 02, 2022, until judgment is delivered. Interest at the rate of ten percent (10%) per annum on the judgement sum from the date of the entry of final judgement in the suit until the said judgement is fully and finally liquidated.”