Senator Opeyemi Bamidele, former Lagos State Commissioner for Information has finally opened up on his N511.3 million debt scandal.

In the suit marked FHC/L/CS/588/2018, AMCON claimed that the defunct Oceanic Bank, on October 10, 2007, granted Bamidele an overdraft of N210 million at the interest rate of 18 per cent per annum, for the purpose of buying shares, and the tenor was 12 months.

It claimed that upon maturity of the loan facility, Bamidele failed to liquidate the loan leading to the accumulation of interest amounting to over N511.3m.

However, Bamidele has disputed AMCON’s version of events and counterclaimed for N464.1million, among other sums.

The Senator alleged in his statement of defence that the defunct Oceanic Bank fraudulently induced him into a margin facility agreement and misrepresenting, concealing and/or suppressing fundamental facts as to its requisite knowledge, skills and expertise in managing the investment.

He averred that the breach of the margin trading facility agreement, fraudulent misrepresentations and mismanagement of his account by the bank occasioned huge losses to him.

Bamidele prayed for an order for the payment of N464, 146, 864.69 million, representing the 30 per cent equity contribution, compound interest of four years between 2007 and 2011, and compound interest of seven years between 2012 to March 1, 2018, among others.