AMCON Impounds Femi Otefola's Private Jet Over Debt (Put It For Sale)

Indications have emerged that the Asset Management Corporation of the Nigeria (AMCON) has offered the private aircraft it took over from the Chairman of Forte Oil Plc, Mr. Femi Otedola, for sale.

The aircraft, a Bombardier Challenger 605, was put up for sale following Otedola’s transfer of his assets to AMCON as settlement of his indebtedness to AMCON.

Following the assumption of Otedola debts from the banks, AMCON went into negotiations with the Forte Oil chairman in a debt payment deal that involved the transfer of his assets, including the aircraft, as full and final payment for the debts.
Investigations revealed that the price tag placed on the aircraft by AMCON is between $45 to $50 million.
The aircraft, it was gathered, was flown in June this year and parked at the local wing of the Murtala Muhammed Airport in Ikeja.
Sources, who confirmed that the state of the aircraft, said it is a 2013 manufactured business jet with two General Electric CF34-3B turbofan engines; one Honeywell 36-150(CL) gas turbine APC and imported to the country in June.

The Central Bank of Nigeria (CBN) had in a move aimed at strengthening financial stability and instilling discipline in the banking sector last year, blacklisted Otedola, Zenon and 112 other companies as well as their principal shareholders and directors where the outstanding value of the loans purchased by AMCON amounted to N5 billion or more, and barred them from taking further credit from banks, until full liquidation of the agreed indebtedness.

The list had revealed Otedola as the biggest debtor to the corporation from a total bank loans of N192, 422,889,943.56, which was offset by the businessman at an agreed price of N140, 999,620,395.80.