HOMETRUST SAVINGS&LOANS BOSS, OLUFUNMILAYO ADENMOSUN, IN MONUMENTAL TROUBLE

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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 Chief Executive Officer 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 has friends at the top and  he is well connected, 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 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 a 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.

It was 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.

In his ruling , Justice Ayotunde Faji also ordered that nine bank accounts belonging to the first respondent, Samuel Olufunmilayo Ademosun, domiciled in two different banks as well as four bank accounts of Hometrust Savings & Loans Limited be frozen pending the hearing and determination of the debt recovery suit to be filed by AMCON.

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