AMCON Sues Indian Entrepreneur in Lagos Over N473m Loan Default

Asset Management Corporation of Nigeria (AMCON) has filed a suit against Mrs. Ratinani Minal Anil at a Federal High Court in Lagos. The claim is for an outstanding debt of N473,297,110.39 arising from a 2007 term loan granted by the former Oceanic Bank Plc (now Ecobank). According to the statement of claim, Mrs. Anil secured $701,700 to finance a penthouse on Banana Island. The loan was backed by the property title and pledged shares. Repeated demands for repayment failed, and the facility was classified as non-performing in 2009. AMCON acquired the non-performing loan in December 2010 under the AMCON Act. It then instructed its solicitors to recover the debt, engaging asset tracing and credit checks. The case is adjourned to July 13, 2026.

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