Company Profile of Debt Force Limited

The Company

Debt Force is leader of the consortium of Asset Management Partners consisting of Debt Force, Leadville Solicitors, Godwin Kalu & Co. (an Estate Surveyor) and Gideon Nkwachi & Co (a firm of Chartered Accountants). The object of the consortium which currently partners with the Asset Management Corporation of Nigeria (AMCON) is to help resolve the Non Performing Loans in the banking system by deploying a collegiate approach that will prove to be effective and efficient.

Our value proposition is in the extensive Risk Management and overall Banking experience of our key promoters (cumulative forty five years) and the effectiveness and efficiency this delivers in executing our assignments. We also have the leverage of drawing on an extensive pool of highly motivated and committed cross disciplinary resources from within and outside the organization to carry out our assignments with clear objective of achieving results. We have considerable relationships with law enforcement agents, a wide pool of committed attorneys and pride ourselves with the deep seated know how from the vast Banking, Legal and accounting background of our promoters.

What We Do

• Debt Recovery Services
• Debt Resolution Advisory
• Forensic Audit & Asset Tracing
• Enterprise Risk Management Advisory
• Credit Risk Control (Pre and Post Disbursement)
• Receivership
• Training

Debt Recovery Service

We have in the short period of our existence won big ticket recovery briefs from six Nigerian banks with a combined portfolio size of about N12 billion. We are happy to convey that our success rate for recoveries within this portfolio spectrum has been impressive and has probably outperformed the industry benchmark. Our success in this business segment is attributable to deployment of outside-the-box tools rarely found among professionals in the field who may not possess the cross disciplinary financial and negotiation skills required to elicit wholehearted co-operation from chronic debtors. We are primarily solution focused in our recovery initiatives which leads us into offering quality advisory that often carves a way out for debtors entangled in illiquidity traps. Our deployment of the instrumentality of coercion only occurs in instances where the debtor has proven recalcitrant even when there is established capacity to pay. In these instances, we have been very effective in using our cross functional resources to partner with the state apparatus in an effective manner as would lead to timely recovery of the delinquent portfolio.

Clients

Notable clients that we have and continue to work for among numerous others are:

1. Asset Management Corporation of Nigeria (AMCON)
2. Enterprise Bank plc
3. Zenith Bank plc
4. Keystone Bank plc
5. Nigerian Deposit Insurance Corporation
6. Unity Bank/Frontier Capital Alternative Assets

Verifiable Accomplishments in Debt Recovery

A.

Client: Asset Management Corporation of Nigeria (AMCON)

Performance: Excellent

Size of Debt: between N30 million to N3 billion

Holders of Debt: Retail, Commercial & Corporate Debtors

Retail Debtors

This represents the most difficult cadre of debtors in our experience. Often, this category are out of business, having no cash flows, have depleted personal assets, are in declining businesses or are in new and struggling businesses after being shut out of the Banking System because of the debt debacle of their previous businesses. Retail debtors may also represent individuals who once had good jobs and were upwardly mobile but are now jobless and almost hopeless.

Our successes at AMCON on Retail Debtors

1. Recovered chronic retail debts of many debtors already classified as lost in the books of the Corporation and/or the legacy banks which sold the debts to AMCON.
2. Used out of the box tools to first locate these debtors who had gone underground and then enter into negotiated settlement arrangements with them.
3. Followed through with the negotiated settlements to ensure that occasional defaults by the debtors do not occur and if they do, took corrective measures to redeem them in favor of payment.
4. Size of the combined recoveries between 2010 and today estimated at N1.5 billion.

Commercial Debtors

Commercial debtors were a notch easier to deal with than retail debtors. However, the overflow in economic misfortunes of retail debtors caused by the economic meltdown from 2008 to 2010 had a ripple effect on commercial debtors and progressively weakened their fortunes. Commercial debtors may have collaterals securing the bad debt or not, may have associated businesses that still produce cash flow, may experience a resurgence or decline in existing business or may be out of business and hopeless.

Our successes at AMCON on Commercial Debtors

1. We have and continue to be a foremost recovery agent achieving successes in recovery of core commercial debts in the books of AMCON and the legacy banks.
2. Used out of the box negotiation, coercion and litigation resources to achieve recovery of these core debts.
3. Size of combined recoveries estimated at N7 billion.

Corporate Debtors

Corporate debtors are easiest to deal with because of their size and longevity. The origin of their debt may arise from any of: disputation of debt, ability to pay but lack of willingness, preference to fund their business using spontaneous funds from creditors, or unnecessary bureaucracy.

Our successes at AMCON on Corporate Debts

1. We have and continue to play at resolving these types of debt from a strict coercive, litigation and negotiation sense. However, we also resolve some of these debts from a restructuring and refinancing angle. Our client AMCON is very pleased with our endeavor.
2. Size of these combined recoveries estimated at more than N35 billion.

We therefore request to be assigned accounts from your organization’s Non Performing Loan portfolio requiring effective recovery from defaulters. We assure you that we would deploy a wide array of options in the accomplishment of substantial success once the mandate is given to our firm.

B.

Client: Enterprise Bank

Performance: Excellent

Size of Debt: Combined Value – N6 billion

Holder of Debt: Commercial Debtors

Our successes at Enterprise Bank with Commercial Debtors

1. We applied creative methods to smoke out most of the debtors who had gone underground and could not be located by previous recovery agents of the bank.
2. Leveraging on the criminal justice system, we used the apparatus of state to make a matter against debtors which provided cloned documents to obtain loans or divert proceeds of the facilities.
3. Size of combined recoveries achieved estimated at N3 billion.

C.

Our successes at Zenith Bank with Commercial Debtors

Client: Zenith Bank plc

Performance: Outstanding

Size of Debt: Combined Value – N2 billion

Holders of Debt: Commercial Debtors

1. We are the leading recovery agent to Zenith Bank and our performance has been the best year on year for the past 3 years running.
2. Virtually all the debts are hard core and long written off. The recoveries we achieved have been a key source of write-back to the profit and loss performance of the remedial asset division of the bank.
3. Size of combined recoveries achieved estimated at N1.8 billion.

D.

Our successes at Unity Bank/Frontier Capital Alternative Assets

Client: Unity Bank/Frontier Capital Alternative Assets

Performance: Exceptional

Size of Debt: Combined Value – N36 billion

Holders of Debt: Commercial & Corporate Debtors

1. We were most recently given this mandate and pride ourselves as having performed exceptionally well to date. Within the first six months of assuming the mandate, we have recorded actual recoveries in excess of N3 billion and have existing repayment proposals from debtors of another N4 billion or so.

Other Services We Provide

Enterprise Risk Management Advisory

The ERM Advisory arm of our business was engaged in 2015 by LAPO Microfinance Bank to articulate, create and implement a bank wide Enterprise Risk Management framework and acculturation project. That project commenced with our diagnosis of the traditional risk management practices as currently obtained in the bank, benchmarked against global best practice standards required of an Enterprise Risk Management practice. Having identified gaps of divergence between practice in the bank and requisite ERM standards, we designed a best-fit ERM framework suited to the envisioned going concern goals and long term business strategies of the MFB. Our work included ERM policy, systems, procedures, lines of authority, lines of defense, responsibilities, escalation mechanisms, disaster recovery mechanisms and other proactive measures. We rounded up our project in 2016 with recruitments into risk governance structures and charter creation for Executive Management and Board risk committees. We continue to intervene as called upon to smooth rough edges in the evolving ERM practice of the MFB.

Debt Resolution Advisory

The Debt Advisory arm of our business has seen substantial activity since inception of the company. We have advised highly indebted companies with debt profiles combined at more than N200 billion through negotiated settlements and schemes of arrangements resulting in the creditor banks and AMCON according substantial forbearance and concessions in addition to restructuring debt profiles over extended periods. Our effort in this respect has brought many companies back from the brink of extinction, resolved previously irreconcilable differences with Bankers and facilitated reclassification of debts from non-performing to performing.

Forensic Audits

We have developed in-house software to do forensic audit of bank statements of corporations and individuals to uncover excess and spurious charges by banks, including interest charges, COT charges or excess charges borne out of operational lapses, rent seeking or deliberate manipulation of the banking application. Our software has given a lie to the opinion that bank application software is error free. We leverage resident expertise not only to do forensic and investigative accounting on the bank statements of our clients, but also to create negotiation tools that leverage the outcome of our forensic exercise and obtain forbearance and debt extension arrangements in the best interest of our clients.

Our Team

Solomon Omorogieva

Work Experience: Over 20 years top notch experience in the Banking industry across the following institutions: Pinnacle Commercial Bank, Crystal Bank, Standard Trust Bank, UBA, Oceanic Bank, Bank PHB.

• Key Responsibilities: Chief Risk Officer, Director Asset Remedial Management, Credit Origination & Business Development, Internal Control, Legal.


• Professional Learning: Lawyer, Risk Manager, MBA.


• Key Strength: Exceptional Credit Structuring & Remedial Management Skills.

He has multi functional hands on exposure in key risk management functions like Credit Risk, Credit Analysis, Legal, Internal Control, and Asset Remedial Management across various institutions. He has served as Chief Risk Officer in two institutions and has been exposed to the reasons why Risk Management fails and why it succeeds. An ethical and professional banker, he has played significant roles in setting up Risk Management functions, processes and policies in Banks like UBA, Oceanic Bank and Bank PHB.

Solomon comes with an unusual balance and strength of a Risk Manager with face-on exposure to market facing responsibilities executed at some points as Head Multilateral Institutions, Branch Business Manager, Head Public Sector, Regional Director Mid-West and subsequently Lagos and West in Standard Trust Bank and United Bank for Africa Plc. Before he left Bank PHB Plc, he was Divisional Executive, Asset Remedial Management Division with responsibility of conceiving and executing a remedial strategy for a Non Performing Loan portfolio of over N300 billion.

Solomon obtained an LL.B and BL from the University of Benin and Nigerian Law School in 1990 respectively and later obtained an MBA from the same University in 1995. His key area of interest is to champion the enthronement of world class Enterprise Wide Risk Management structures, processes and culture in our local institutions.

Steve Onyendinazu

Work Experience: Thirty one years of cognate working experience, including over 17 years in the Financial Services industry at Nigerian French Insurance (now AIICO), First Bank Plc, FSB International Bank, Commercial Bank Credit Lyonnais, Access Bank and Bank PHB.

• Key Responsibilities: Financial/Quantitative Analysis, Corporate Banking, Risk Asset Quality Management, Structured Credits, Business Advisory & Loan Workout.


• Professional Learning: Risk Management, Corporate Banking, Actuarial Science, Law.


• Key Strength: Exceptional Financial Analysis & Loan Workout Skills.

He started his career in the Financial Services Industry in 1994 as a freshman Actuary in the Group Life & Pension Department of defunct Nigerian French Insurance Ltd. He later joined First Bank Plc and then FSB International Bank, rising through roles in Commercial Banking, Corporate Banking and Loan Workout. He joined Bank PHB in 2006 as Group Head Services & Transportation in the Corporate Banking Division, and later served in Asset Remedial Management Division. He obtained a B.Sc. Actuarial Science from the University of Lagos in 1992 and an MBA from the same university in 1996.

Mr. Dahiru Sani

Dahiru Sani is the Director General of the reputable Kaduna Business School. He holds a Ph.D. in Finance from Swiss Management University/ Universidad Central de Nicaragua. His doctoral dissertation focused on entrepreneurial finance and lasting solutions to financing small scale and growing businesses. He obtained an MBA and a Bachelor from Ahmadu Bello University and had his early education at Kaduna Capital School and the Federal Government College, Kaduna.

Work Experience: Former Executive Director, Enterprise Risk Management – Unity Bank.

• Bachelor of Science Degree in Textile Science and Technology from Ahmadu Bello University, Zaria in 1985.


• Master of Business Administration (MBA) in Banking and Finance in 1998 from ESUT.


• January 2006 to August 2009: Assistant General Manager & Head, Credit Analysis and Processing (CAP), First Bank of Nigeria Plc.


• United Bank for Africa Plc roles from 1996 to 2003 in Corporate Banking and Loan Recovery.


• FBN (Merchant Bankers) Ltd as Assistant General Manager & Head, Enterprise Risk Management from September 2003 to December 2005.


• Bank of Industry (formerly NIDB) as Industrial Engineer I & II from 1988 to 1992.

Valuation Advisor – Tunde Abdul

Work Experience: Over 17 years financial modeling and advisory experience at Impax Capital and Moody’s KMV London.

• Key Responsibilities: Financial Modeling, Financial Advisory, Hedge Fund Management, Valuation of illiquid loans, IT Solutions for Risk Management.


• Professional Learning: Chartered Civil Engineer, MBA, Risk Manager.


• Key Strength: Valuation, Advisory, Financial Modeling, Quantitative Skills.

Prior to joining the team, Tunde was Manager, Client Solutions at Moody’s KMV in London, responsible for the sub-Saharan Africa market and the UK hedge fund market. He was also Senior Manager, Financial Advisory, at Impax Capital in London where he advised developers on project finance transactions, including a £28 million senior debt financing for an integrated waste management centre.

Tunde has over 17 years’ experience in credit risk management, project finance, financial modeling, sales and civil engineering. He holds a B.Sc. degree in Civil Engineering from University of Lagos (1987), an MBA from Rotterdam School of Management, Erasmus University (1997), and qualified as a Chartered Civil Engineer in 1994.

Other Faculty

Chijioke Paul Okoroafor

Chijioke Paul Okoroafor was a Divisional Head Credit Analysis at Diamond Bank, an Alternate Director of Diamond Bank Benin Republic, and a member of Diamond Bank Management Credit Committee and Disciplinary Committee. He brings experience in Risk Management, Credit Analysis, Investment Banking, Branch Banking, Financial Control, Specialized Lending and Transaction Structuring. He is a Fellow of the Institute of Chartered Accountants of Nigeria.

Certifications

• 1998: Fellow, Institute of Chartered Accountants of Nigeria (ICAN).


• 2004: Associate, Chartered Institute of Taxation of Nigeria (CITN).


• 2009: HCIB, Chartered Institute of Bankers of Nigeria.


• 2014: Fellow, Institute of Fraud Management & Control.


• 2014: Member, Global Association of Risk Professionals.


• 2002: National Banking College, Ghana.


• 2003: Certified Commercial Lender, Omega International, London.


• 2006: Prince 2 Project Management – Foundation Stage.

Olajide Obarotimi

Olajide is a qualified international Accountant with extensive knowledge of Financial Forensics, Financial Instruments, Financial Reporting Standards and Regulatory Requirements. He is a core financial reporting consultant certified to prepare IFRS, US GAAP and UK GAAP reports. He has over a decade of experience in Investment Banking at Royal Bank of Canada, JP Morgan and Bank of New York Mellon.

As a consultant trainer, Olajide has written and presented papers and led trainings across four continents on Sustainable Development, Financial Forensics, Innovation, International Development, Fraud Prevention, Islamic Finance, Leadership, Social Finance, Audit, IPSAS, IFRS, Emerging Markets and more.

Certifications

• Associations of Certified Chartered Accountants UK.


• Associate Chartered Accountant Nigeria.


• Certified Fraud Examiners (USA).


• Certified in Investment Fund Services – Ireland.


• Certified in IFRS (ACCA CertIFR).


• Certified in Innovation Management – Carnegie Mellon University USA.


• Certified Project Manager (PMI Ireland).


• MBA – University of Wales, UK.

Solomon Akiotu

Solomon holds the Associate Membership of the Institute of Chartered Accountants of Nigeria (ACA), the Chartered Institute of Stock Brokers of Nigeria (ACS), and Senior Associate of the Risk Managers Association of Nigeria. He obtained a B.Sc. (Accounting) degree in 1986 from the University of Benin and an M.Sc. (Finance) from the University of London in 2014.

He started his career with Megabond Limited in 1988, gained experience in accounting and administration, and later worked in Savings & Loans and investment services. He has experience in Financial Control, Auditing, Internal Control, Asset Remedial Management, and Credit Origination & Business Development.

Contact Details

Solomon Omorogieva – Chief Executive Officer: 08023291447

Steve Onyendinazu – Chief Operating Officer: 08033349432