Breaking News
Translate

AMCOM lost federal secretariat take-over bid

By Innocent Anaba

Asset Management Corporation of Nigeria, AMCOM, yesterday, lost its bid to take-over the land known as the Federal Secretariat Complex, Ikoyi, Lagos as a Federal High Court in Lagos has dismissed its debt recovery suit filed against businessman, Dr Wale Babalakin, SAN.

Trial judge, Justice Ibrahim Buba, in his judgment, also awarded N3billion damages against the Federal Government and AMCON and in favour of Babalakin for publishing his name in media of February 5, 2016 as a bank debtor.

AMCON had dragged Babalakin and one of his companies, Resort International Ltd to court in November 2012, seeking an order for the repayment of the sum of N20.5 billion, comprising principal sum and accrued interest as at October 2011 on various loan facilities allegedly granted to the businessman and personally guaranteed by his company.

In the alternative, AMCON sought to be appointed as receivers over the business and assets of Resort International Ltd and Wale Babalakin for the purpose of managing same to fully realize the alleged judgment debt.

However, in a counter-claim, Babalakin and his company contended that they were not indebted to AMCON, but that a N4 billion facility offer to the company is an equity contribution wrongly classified as a loan

 


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.