Swiss Multinational Investment bank seeks to Seize Nigerian Oil Trader’s London homes

Controversial Nigerian businessman, Igho Sanomi, who was accused of benefiting from corruption and funding Nigeria’s former Minister of Petroleum Resources, Alison-Madueke’s, luxury lifestyle is in the limelight once again for unpleasant reasons. This time, it is because Credit Suisse Group AG, a Swiss multinational investment bank is seeking to seize three of his homes in London should he default on a loan he guaranteed.

The bank, which is reported to have already taken the oil trader’s private jet that was listed for sale, is warming up to take over his London apartments. The Swiss bank is owed about $3 million by Sanomi, who was a guarantor for a credit facility extended to one of his companies.

According to a written submission by Credit Suisse’s lawyer Andrew Brown  to a London court, three properties owned by the 43-year old, including apartments in Chelsea, west London, and Belgravia which is in the heart of London’s diplomatic quarter, have already been identified as assets that may have to be forfeited if he loses.

His energy trading company, Taleveras Energy, trades over 100 million barrels of crude oil as well as several million tons of gasoline, LPG and jet fuel annually and is targeting biofuel investments.

It seems that Sanomi’s Taleveras is at the verge of defaulting in so many commitments as Credit Suisse is not the only lender targeting Sanomi’s assets. Cantonal bank of Switzerland, Banque Cantonale de Geneva has already made a freezing order against the London properties. Even Dutch multinational banking and financial services corporation, ING Groep NV is also suing Sanomi for Taleveras’s unpaid debts, according to separate court documents filed in October 2018.

Presently, Sanomi has not put in any defence or objection to the charging orders.