Ex-Bank PHB Director, Samuel Ademosun In Debt Mess
By all standards, Samuel Olufunmilayo Ademosun is a fulfilled banker.
His status makes him the envy of many: he is a former director of Bank PHB; he is chairman of Hometrust Saving & Loans Limited and Magna Building Society Limited; he is a former vice-chairman of Investment & Allied Assurance Company (IAAC) and CEO of numerous blue-chip companies, including H.T. Real Estate Limited, H.T. Asset Management Limited, Coral BDC Limited and Greenwich Trust Limited. He is well-connected. But sadly, his friends could not help him at the moment as he is gradually losing the respect hitherto accorded him by many, following an order of a federal high court sitting in Lagos granting the possession of seven choice properties belonging to him and his wife, Toluleke, to the Asset Management Corporation of Nigeria (AMCON) over N32,031,255,380.44-debt owed four commercial banks: Ecobank (N29,121,017.752), Union Bank Plc (N91,065,219.52), Polaris Bank Plc (N1,673,903,046,90) and Access Bank Plc (N1,014,040,445.81).
It was gathered that the properties were allegedly used as securities for credit facilities granted by the banks to both Hometrust Saving & Loans Limited and Magna Building Society Limited between 2007 and 2008.
Society Watch further learnt that AMCON, through its counsel, wrote demand letters to the respondents, which were ignored.
The respondents, it was also learnt, allegedly neglected to repay the loans.