Honourable Michael Opeyemi Bamidele is in hot soup as the All Progressives Congress (APC) topshot is currently standing trial before a Federal High Court in Lagos on a debt recovery suit brought against him by the Asset Management Corporation of Nigeria (AMCON).

The former Lagos State Commissioner for Information has been accused of defaulting in the payment of a loan, N210 million he secured from defunct Oceanic Bank Plc in 2007. The loan has now risen to ₦511.3 million including principal and interest.

The statement of claim filed by AMCON’s lawyer, Godwin Chigbo revealed that Bamidele had obtained an overdraft facility through an “Offer of Margin” facility for the express purpose of buying shares in some blue-chip stocks.

However, efforts by the bank to compel him to liquidate the loan upon maturation fell on deaf ears as the politician allegedly evaded his obligations up until the debt was transferred to AMCON.

AMCON disclosed that it proceeded to write several letters to him, through his email and also to his given address, demanding he pays up on the loan and accumulated interest, but all to no avail. Hence, they were left with no choice but to commence legal action to recover the debt.

The presiding judge on the case Justice Saliu Saidu has however adjourned the case to October 17, 2018 for commencement of hearing.