Former President of Athletics Federation of Nigeria, Solomon Ogba is in hot soup.

Asset Management Corporation of Nigeria (AMCON) has dragged him before a Federal High Court in Lagos over a debt of N513,534,765.76

In an affidavit sworn to by one Benjamin Akahi, and filed before the court by an Abuja-based lawyer Oluwatosin Ajayi, it was alleged that at various times between 2006 and 2007 Cleopas Communication Company, a company owned by Ogba, a former Sports Commissioner in Delta state applied for various margin facilities and enhancements, from Oceanic Bank International for the purposes of promoting their business objectives and acquiring shares, in certain companies in Nigeria.

The aggregate of all the sums of money advanced by the bank to the defendants amounted to the sum of N380 million.

Upon the expiration of the tenor period advanced to the company the defendants ignored, refused and neglected to pay or liquidate its debt to the bank.

Eventually the bank’s interest and right in respect of the said loan facilities were acquired by AMCON, who later became entitled to the benefits, rights and interest of the unpaid loan.

As at the time of acquisition of the debt by AMCON from Oceanic bank in January 2011 the sum due and outstanding for payment was the sum of N298,505,439.42, and since then the aforementioned sum has continued to accumulate interest at the rate of 15%per annum.

In view of the recalcitrant posture of the defendants, towards liquidating the indebtedness to the plaintiff, AMCON briefed and instructed the law firm of Gerald Green and Associate, to recover the debt due to AMCON from the defendants.

Pursuant to the instructions, the said law firm wrote two letters to the defendants urging them to take steps in liquidating their indebtedness, notwithstanding the said letters the defendants have failed and refused to liquidate their indebtedness.

Meanwhile, the court has made the following orders against the defendants: An order granting interim possession and compelling the respondents to deliver possession of all their shares held in various blue-chip companies.

The court has also granted an order freezing the company’s account in several banks pending the final determination of this case.

AMCON by this legal action is claiming against the defendants as follows: The sum of N513, 534, 765.76 representing the principal sum plus all the accrued interest at the rate of 15% per annum drawn up to the 15th day of November 2018.

The sum of N4 million as cost of filling and prosecuting this claim.