AMCON Offers Otedola’s Aircraft 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, THISDAY gathered, was flown in June this
year and parked at the local wing of the Murtala
Muhammed Airport in Ikeja.
Sources, who confirmed to THISDAY 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.