AMCON is a corporation established by the Asset Management Corporation of Nigeria Act 2010 (as amended) and duly empowered for the purpose of acquiring eligible bank assets from Eligible Financial Institutions and efficiently resolving the Eligible Bank Assets.

Adeyinka was a banker with Intercontinental Bank Plc (acquired by Access Bank Plc) but is now a politician with residential addresses in Lagos, Osogbo and Abuja.

AMCON said the defendant at all material times was a customer of the erstwhile Intercontinental Bank Plc and operated accounts with the bank at their Plot 999C Danmole Street, Victoria Island branch in Lagos.

AMCON averred that the defendant sometime in 2008 applied for and was granted a credit facility for N50 million only to purchase shares of blue-chip companies quoted on the stock exchange acceptable to the bank.

It said that the facility was to be paid back within 270 days and repayment was to come from operational cash flow but not limited to the sale of the shares.
The claimant averred that it disbursed the funds under the facility and that the defendant utilised the facility by issuing cheques to various relevant parties to the transaction that were honoured by the bank.

“Upon the disbursement of the facility to the defendant, the defendant rather than honour the express terms of the facilities failed and /or refused to repay the debt and kept accumulating interest,” it said.
AMCON further stated that sometime in 2011, some staff members of Intercontinental Bank loyal to the senior management of the bank tried to delete and in fact deleted some computer files belonging to some customers, including that of the defendant.

Efforts to have the files of the defendant totally gone proved futile as the bank had backup files to reprint the documents they tried to delete, and retrieve the same.
“The effect of this act of sabotage was to render some files and documents of the defendant, including the offer letter illegible and not very clear,” AMCON said.


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