AMCON to be sued by Babalakin for N50bn

AMCON to be sued by Babalakin for N50bn

The Chairman, Bi-Courtney Group, Dr. Wale Babalakin, has said the company will sue the Asset Management Corporation of Nigeria for N50bn in damages following the takeover of a building from where it operates.

A detachment of armed policemen and bailiffs of the Federal High Court, Lagos, had on Friday sealed a high rise building on 43A, Afribank Street, Victoria Island, Lagos, which they erroneously thought belonged to Roygate Properties Limited owned by the businessman and lawyer. However, Babalakin said at a press conference in Lagos on Monday that the firm was not indebted to AMCON or any government agency.

He said, 'Our attention has been drawn to today's publication in many newspapers alleging that AMCON has taken over our property pursuant to a court order obtained ex-parte alleging indebtedness of N13.9bn. For the avoidance of doubt, we are not indebted to AMCON or any federal agency. 'On the contrary, we have a judgement credit of N132bn in our favour. The court has directed that if we owe any debt to the Federal Government, it should be deducted from this amount of money. This property, which is owned by Bunbury Limited, was never mortgaged to any bank and so could not have been inherited by AMCON.' Babalakin said AMCON had portrayed itself as an agency that was more powerful than the court. He said, 'The issue of ownership of this property is before the Lagos High Court.

In the said court, AMCON, through its predecessor-in-title, GTB, claimed that the property had been sold to 'Red Company' for N6.5bn. If as claimed under oath by GTB/AMCON, the property has been sold to a third party, how then was GTB able to transfer a property already sold to AMCON? This is monumental fraud.'

'AMCON is fully aware of the facts of this case and it is party to it through GTB. Yet, AMCON surreptitiously obtained an ex parte order from the Federal High Court to take over the premises without discussing the issues. AMCON, in its characteristic cavalier attitude, did not disclose the address of the property yet, the court erroneously granted it inexplicably.'

Source: Naija.ng

Related news
Stella Oduah advises Igbos to start investing in the South-east

Stella Oduah advises Igbos to start investing in the South-east

Stella Oduah advises Igbos to start investing in the South-east
NAIJ.com
Mailfire view pixel