AMCON: Josepdam Not Indebted to Us

The Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited are free of any debt obligation to the Corporation.

AMCON in a letter, referenced; AMC/ABJ/ERM/21/473/MPE/39831, jointly signed by the Head, Enterprise Risk Management, AMCON, Suleiman Abdul Majeed, and the Group Head, Enforcement, AMCON, Joshua Ikioda, revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion.

According to AMCON, the letter, titled, “Letter of Non-Indebtedness– Josepdam & Sons Limited and Josepdam Sugar Company Limited,” serves to “confirm that Josepdam & Sons Limited and Josepdam Sugar Company Limited, whose loans were sold to AMCON as detailed below has fully liquidated its indebtedness to the Corporation.”

A breakdown of the liquidated loans showed that AMCON purchased a total of N13.479 billion from Wema Bank in respect of Josepdam & Sons Limited; another N4.479 billion from Keystone Bank on behalf of Josepdam & Sons Limited as well as N466.445 million from Keystone Bank in respect of Josepdam Sugar Company Limited.

A section of the media (not THISDAY) had recently erroneously listed Josepdam alongside other obligors that are yet to liquidate their indebtedness to the corporation. 

The said publication also alleged that Mrs. Josephine Kuteyi and Mr. Saheed Kuteyi were both deceased. 

However, the Head of Administration of Josepdam claimed that Mr. Saheed Kuteyi was in fact the current Chairman of Josepdam Group and was alive. 

She advised authors of the report to learn to verify information before rushing to the press.

On whether her company will sue the media house involved for damages, she said the company was not going to waste her time chasing media houses, which are grossly unprofessional and at best only exist in social media space as sane Nigerians do not ascribe any credence to such publications.