Tag firm seizes ex ministers generators over n52m debt

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TAG FIRM SEIZES EX-MINISTERS GENERATORS OVER N52M DEBT

A Lagos-based firm, Tag Energy, has seized generators belonging to a former Minister of State for Education, Olorogun Kenneth Gbagi, over a debt of N52 million.

According to sources, the firm had supplied the generators to Gbagi's company, Silverbird Group, in 2018, but the former minister failed to pay for them.

Tag Energy, in a statement, said it had been patient with Gbagi, giving him several extensions to settle the debt, but to no avail.

"We have been patient with Olorogun Gbagi, giving him several extensions to settle the debt, but he has failed to do so," the statement read. "As a result, we have been left with no choice but to seize the generators to recover our debt."

The seized generators, valued at over N20 million, were reportedly taken from Gbagi's residence in Lagos.

Gbagi, who is also the founder of the Silverbird Group, has been a prominent figure in Nigerian politics, serving as a minister under the administration of former President Goodluck Jonathan.

The seizure of the generators has sparked controversy, with many calling for Gbagi to be held accountable for his debts.

"This is a clear case of debt default and we expect the authorities to take action against Gbagi," said a spokesperson for Tag Energy. "We will not tolerate such behavior from anyone, no matter how influential they may be."

The incident has also raised questions about the accountability of public officials and the need for stricter measures to ensure that they pay their debts on time.

In a related development, the Economic and Financial Crimes Commission (EFCC) has launched an investigation into the matter, with sources indicating that Gbagi may face charges for debt default.

The EFCC has been cracking down on debt defaulters, including public officials, in recent months, and the seizure of Gbagi's generators is seen as a major blow to his reputation.

Gbagi has yet to comment on the matter, but his lawyers have denied any wrongdoing, saying that the debt was a result of a "misunderstanding" between the parties involved.

The case is ongoing, with many expecting a dramatic turn of events in the coming days.