Diezani Alison-Madueke’s Husband in Debt Scandal
Just as a former Minister of Petroleum Resources, Diezani Alison-Madueke, is trying to wriggle herself from the claws of the law over her alleged involvement in corruption, her husband, Rear Admiral Alison Madueke (rtd) is currently enmeshed in yet another court scandal.
Unlike his wife who is being wanted by the EFCC to face the corruption charges against her, the retired Chief of Naval Staff has been taken to court by the Asset Management Corporation of Nigeria (AMCON) over a debt of N1.6 billion.
The loan recovery agency recently obtained an order from a Federal High Court in Lagos to freeze and attach his accounts domiciled in any of the 27 commercial banks in Nigeria listed before the court.
It was alleged that sometime between 2007 and 2009, the Galaxy Wireless Communication Limited, with the approval of its Board of Directors, applied for and was granted various credit facilities from First Inland Bank to finance its telecommunications operations.
The telecommunications firm, it was gathered, has the retired Rear Admiral as its Chairman.
By an offer letter dated August 2, 2007, the bank was said to have granted a facility sum of $2 million disbursed in three tranches to the company to facilitate its telecommunication services. The tenor of the loan was 90 days.
Society Watch gathered that the loan was secured by an all asset debenture of the present and future assets of the company’s comprehensive insurance of the equipment purchased with the facility, denoting the bank as first loss payee; domiciliation of the company’s subscription payment with the bank and personal guarantee of Engr. Gerald Nwosu.
By a Board Resolution of the company dated August 10, 2007, the above-mentioned facility was accepted by the defendants.
On January 28, 2008, another credit facility in the sum of N40,000,000.00 was granted by the bank in favour of the company. The tenor of the facility was 12 months at an interest rate of 19 per cent per annum. The loan was also secured by the previous conditions.
The said offer was accepted by the company through its board resolution dated January 30, 2008.
On September 23, 2008, a further credit facility in the sum of N327 million was granted to the company by the bank to facilitate a contract with the Rivers State government. The tenor of the loan was 12 months and the same was secured with a lien on the APG funds of N327,600,000; personal guarantee of Nwosu; and counter indemnity from Fin Insurance company as a director. The loan was accepted by the company through its board resolution dated September 24, 2008.