Business
Hometrust Savings&Loans boss, Olufunmilayo Adenmosun, In Monumental Trouble
By all standards, Samuel Olufunmilayo Ademosun, is a fulfilled banker.
His status makes him the envy of many: he is a former Director of Bank PHB; he is Chairman of Hometrust Saving & Loans Limited and Magna Building Society Limited; he is a former Vice Chairman of Investment & Allied Assurance Company (IAAC) and Chief Executive Officer of numerous blue chip companies, including H.T. Real Estate Limited, H.T. Asset Management Limited, Coral BDC Limited and Greenwich Trust Limited.
He is has friends at the top and he is well connected, sadly his friends could not help him at the moment as he is gradually losing the respect hitherto accorded him by many, following an order of a Federal High Court in Lagos granting the possession of seven choice properties belonging to him and his wife, Toluleke, to the Asset Management Corporation of Nigeria, AMCON, over a N32, 031,255,380.44 debt owed four commercial banks: Ecobank(N29,121,017.752), Union Bank Plc (N91,065,219.52), Polaris Bank Plc (N1,673,903,046,90) and Access Bank Plc (N1,014,040,445.81).
It was gathered that the properties were allegedly used as securities for credit facilities granted by the banks to both Hometrust Saving & Loans Limited and Magna Building Society Limited between 2007 and 2008.
www.crystal. com.ng further learnt that AMCON, through its counsel, wrote demand letters to the respondents, which were ignored.
The respondents, it was also learnt, allegedly neglected to repay the loans.
In his ruling , Justice Ayotunde Faji also ordered that nine bank accounts belonging to the first respondent, Samuel Olufunmilayo Ademosun, domiciled in two different banks as well as four bank accounts of Hometrust Savings & Loans Limited be frozen pending the hearing and determination of the debt recovery suit to be filed by AMCON.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships
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