List of Loan Defaulters in Nigeria 2024 [Names & Pictures]

  • November 19, 2023

According to AMCON, about 5 trillion Naira debt is out there owed by loan defaulters in Nigeria. About 67% of this loan debt is owed by the top 20 loan defaulters in Nigeria, which happens to be top companies.

As per that, the government has ordered its bodies including the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC), and the Ministry of Justice to go after these defaulters.

In 2019, AMCON released a list of loan defaulters in Nigeria. This list is what we’ll be presenting to you in this post. That’s not all, but you’ll also get to know what loan defaulting means, and some of the laws guiding loan defaulting in Nigeria.

Without further ado, let’s get started!

Who is a Loan Defaulter

list of loan defaulters in nigeria

A loan defaulter is simply an individual that failed to meet the legal obligations of a loan. In other words, a loan default occurs when a borrower stops repaying or fails to repay the debt as required according to the initial agreement.

For example, when a company or individual takes a loan from a bank or a lending firm and isn’t able to repay as agreed on the terms of the loan, it is called loan default. Loan defaulters usually face lots of punishment, especially when a legal authority is involved.

In Nigeria, most loan defaulters are usually fished out and listed by the Assets Management Corporation of Nigeria (AMCON). In 2019, this body released a list of loan defaulters in Nigeria containing 20 culprits.

These defaulters are involved in breaching loan agreements worth trillions of Naira.

Read Also: List of Fake Loan Apps in Nigeria 2023

List Of Loan Defaulters in Nigeria

Here is a list of loan defaulters in Nigeria with the top 20 culprits as released by the Assets Management Corporation of Nigeria (AMCON).

  1. Capital Oil & Gas Industries Limited
  2. NICON Investments Limited
  3. Bi-Courtney Limited (MMA2)
  4. Josepdam & Sons Limited
  5. Tinapa Business Resort Cross River State Government
  6. Home Trust Savings
  7. Geometric Power Limited
  8. Roygate Properties Limited
  9. Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC)
  10. Anyiam Osigwe Limited
  11. Platinum Capital
  12. Flotsome Investment Limited
  13. Lonestar Drilling
  14. Petrologistics Limited
  15. Lorna Global Resources
  16. Hosanna Properties Limited
  17. Minaj Holdings Limited
  18. Afrijet Airlines Limited
  19. Petroleum Brokers Limited
  20. Hotel De Island; Kasmal Properties; Island Autos & Nacoil

For a more broader view, here’s a detail table of loan defaulters in Nigeria:

Company NameKey FiguresWorth (₦)
Capital Oil & Gas Industries LimitedIfeanyi Ubah115,952,152,265.92
NICON Investments LimitedJimoh Ibrahim59,544,633,980.31
Bi-Courtney Limited (MMA2)Wale Babalakin (SAN)40,798,422,374.02
Josepdam & Sons LimitedLate Mrs. Josephine, Damilola Kuteyi, Saheed Kuteyi, Ganiyu Kuteyi39,056,674,951.55
Tinapa Business Resort Cross River State GovernmentCross River State Government36,006,319,844.68
Home Trust SavingsChukwukadibia Ajaegbu, Funmu Ademosun30,626,243,344.71
Geometric Power Limited
Roygate Properties LimitedWale Babalakin (SAN), Agumadu John, Alarape Olabode, Okhaleke Ndudi28,137,176,532.32
Shell Development Petroleum Company – West Multipurpose Co-operative Society LtdShell Staff, represented by Ikponmwosa Ogiemuda26,474,541,188.17
Anyiam Osigwe LimitedAnyiam Osigwe, Dorothy Chinyere20,523,322,350.29
Platinum CapitalObire Richard, Francis Atuche20,378,820,507.19
Flotsome Investment LimitedOboden Ibru, Tejiro Ibru20,218,703,550.96
Lonestar DrillingLate Chief Idisi, Margaret Idisi20,207,979,803.22
Petrologistics LimitedUgoji Egbujo19,576,962,565.35
Lorna Global ResourcesH.E. Chimaroke Nnamami18,919,109,352.85
Hosanna Properties LimitedAnionye Chika, Obi Ike C.18,059,895,396.27
Minaj Holdings LimitedAjegbo Mike Nnayeluchudihu, Luke Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle, Kokoricha Paul, Attueyi Joe, Oladele Afolabi, Okpere Kisito17,306,900,257.66
Afrijet Airlines LimitedInoelle Willam Barry, Carr Collin13,122,022,439.57
Petroleum Brokers LimitedWilcox Awopuolagha13,076,314,937.26
Hotel De Island; Kasmal Properties; Island Autos & NacoilKashamu Prince Buruji13,015,595,907.67

Disclaimer: This list is information obtained from the debt defaulter released by AMCON in 2019. So, all the information it contains is from 2019.

Related: List of Loan USSD Codes in Nigeria

Loan Defaulters in Nigeria 2023 – FAQs

What happens if I default on my loan in Nigeria?

If you default on your loan in Nigeria, the lender may take legal action to recover the unpaid amount. This may include garnishing your wages or seizing assets that you used as collateral for the loan. In some cases, the lender may also report the default to credit bureaus, which can negatively impact your credit score.

Can I negotiate with my lender if I am unable to make loan payments?

It is possible to negotiate with your lender if you are unable to make loan payments. You may be able to come to an agreement on a revised payment plan or a temporary hardship forbearance. It is important to communicate with your lender and explain your situation as soon as possible to try to reach a resolution.

Is it possible to have my loan forgiven or discharged in Nigeria?

In some cases, it may be possible to have your loan forgiven or discharged in Nigeria. For example, if you are unable to pay your loan due to disability or permanent injury, you may be able to have the loan discharged. However, the eligibility requirements for loan forgiveness or discharge vary and are often specific to the type of loan you have.

Can I be sued for defaulting on a loan in Nigeria?

Yes, you can be sued for defaulting on a loan in Nigeria. If you default on your loan, the lender may file a lawsuit against you to try to recover the unpaid debt. If the lender wins the lawsuit, you may be charged additional costs such as court fees and interest after the loan repayment.

Can I be arrested for defaulting on a loan in Nigeria?

In Nigeria, it is generally not possible to be arrested for defaulting on a loan. However, if you fail to appear in court after being sued for defaulting on a loan, you may be arrested for contempt of court. It is important to respond to any legal proceedings related to your loan and to seek legal counsel if necessary.


Loan default is a significant problem in Nigeria, with many individuals and businesses failing to pay back loans they have taken out. We’ve provided you with a list of loan defaulters in Nigeria 2023 as an example.