The Asset Management Corporation of Nigeria (AMCON) has instituted legal proceedings against Indian businesswoman Mrs Ratinani Minal Anil over an alleged unpaid debt of ₦473.3 million arising from a loan facility originally granted by the defunct Oceanic Bank Plc, now Ecobank Plc.

The suit, filed before the Federal High Court in Lagos, seeks a declaration that the defendant remains indebted to AMCON and an order compelling repayment of the outstanding amount.

According to court documents, Mrs Anil obtained a loan facility of $701,700 in May 2007 from Oceanic Bank to finance the purchase of a luxury property at Banana Island Foreshore Estate in Ikoyi, Lagos.

The property, identified as Penthouse Number 19 on the ninth floor of Building Six, Block C, was reportedly purchased from Bussecomm Nigeria Limited.

AMCON stated that the facility was approved with a repayment tenure of 24 months and was secured by the property’s title documents as well as pledged shares held as collateral.

The corporation alleged that the borrower subsequently failed to service the facility as agreed, resulting in the loan being classified as non-performing.

According to the claim, Oceanic Bank issued a demand notice in August 2009, requesting payment of an outstanding balance of $61,849.97 within 14 days.

The dispute later moved to court after the defendant filed an action against the bank at the Lagos State High Court in 2010.

A significant development in the case came in December 2010 when AMCON acquired the non-performing loan from the bank under a Loan Purchase and Limited Servicing Agreement, as part of its statutory mandate to purchase and recover distressed assets from financial institutions.

AMCON said the debt, including accrued interest, had risen to ₦473,297,110.39 by the time it assumed ownership of the facility.

The corporation further disclosed that it commissioned an asset-tracing exercise and conducted multiple Credit Risk Management System checks, which allegedly linked the defendant’s Bank Verification Number to several bank accounts.

Despite repeated demands for repayment, AMCON claimed the defendant had refused to liquidate the debt.

“The Defendant has failed, refused and/or neglected to liquidate their indebtedness to the AMCON,” the corporation stated in its court filing.

AMCON is asking the court to declare that the debt remains valid and enforceable and to compel the defendant to pay the full outstanding amount alongside the costs of the legal action.

The case highlights AMCON’s continued efforts to recover non-performing loans acquired during Nigeria’s banking sector reforms following the financial crisis that affected several banks more than a decade ago.

Court records also show that the defendant challenged an earlier judgment delivered in favour of the bank and subsequently filed an appeal.

The matter has been adjourned until July 13, 2026, for further proceedings.