Tuesday, May 21, 2019
  • Tuesday, May 21, 2019

AMCON Says Report Of Supreme Court Judgment Against It False

By Olumidagreat on April 24, 2019
0 65 Views

Nigeria’s ‘bad bank’ Assets Management Corporation of Nigeria (AMCON) has debunked claim by a newspaper that it was ordered to pay 132 billion naira to Bi-Courtney, saying the publications was erroneous and failed to represent the judgment of the Supreme Court.
In a statement by the corporation’s head of Corporate communication, Jude Nwauzo there was never an issue of any liability of AMCON before the Supreme Court.
According to Nwauzo, the decision of the apex court never dealt with the merits of an appeal before the court nor the substantive cause resulting in the exparte decision of the Federal High Court (FHC).
He said the appeal before the supreme court was in respect of the leave granted to AMCON by the Court of Appeal to appeal as an interested party and for which the Apex court held that the application ought to have been filed in the FHC first before the Court of Appeal.
“This was the sole issue submitted and determined by the Supreme Court whilst the substantive matter is still with the lower court.
“More so the appeal against the judgment of the Federal Government/FAAN who are parties to the substantive cause given rise to the enforcement Order is still pending at the CA. The said appeal is strictly between the Federal Government/FAAN and Bi- Courtney and has nothing to do with AMCON.
“The whole matter of N132billion is strictly a case between Bi-Courtney Limited and the Federal Government of Nigeria/FAAN. Bi-Courtney is struggling to tie the matter to their debt obligation in AMCON.
“The only import of the judgment is that AMCON seeks the leave of the FHC first to appeal the enforcement Order before approaching the Court of Appeal. The net effect of the above is that AMCON was never ordered to pay Bi-Courtney 132billion nor any other amount. AMCON has never been a party to any of the proceedings pending at the court of Appeal
AMCON said Bi-Courtney, owned by Wale Babalakin remains a debtor of the corporation to the tune of 119 billion naira and the Corporation would continue to explore every legal avenue to recover the said sum in the national interest and interest of the bond owners.


Reliable, factual and educative Financial/business News you can trust. Providing accurate information suitable for leaders and decision-makers in business, government, investors, analysts and international institutions.

Leave a comment