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| Babalakin docked |
A Federal High Court sitting in
Lagos, has appointed Asset Management Corporation of Nigeria, AMCON, receiver
manager of the assets of Bi-Courtney Limited, owned by Mr. Wale Babalakin, SAN,
over an alleged N50billion debt.
AMCON through its counsel, Dr Olisa
Agbakoba, SAN, had applied to the court for orders of possession and
receivership over these assets as a result of the failure of the companies to
pay a cumulative debt of about N50 bn owed to AMCON.
Other companies also to be managed
by AMCON, according to the court include Chartered Investment Limited, Resort
International Limited, Roygate Properties Limited.
Agbakoba in a statement, yesterday,
said “This is to notify the public that I have, pursuant to an Order of the
Federal High Court made on September 22, 2014, in the suit between parties,
been appointed Receiver over the assets of Bi-Courtney Limited, Chartered
Investment Limited, Resort International Limited, Roygate Properties Limited
and Dr. Wale Babalakin, to realize their assets, enforce the individual
liability of the shareholders and directors and to manage the affairs of the
above mentioned companies for the purpose of recovering debts owed to the
AMCON.
“The public is hereby notified not
to carry on business with any of these companies without my authority and
reference.
“The public is notified that any
person(s) that carries on business with any of the companies without my
authority will be liable to contempt of the orders of court.”
It added that pursuant to the suit,
the court also made an order restraining the banks from allowing these
companies operate bank accounts held with your banks in whatever form or
description pending determination of the substantive action.
“The court also ordered that the
banks shall file and serve on Agbakoba and Associates, within seven days, an
affidavit disclosing the balance on all accounts held with your banks jointly
and severally as at date.
“Please note that any bank that acts
contrary to the Orders of Court will be liable to contempt,” it added.
However, Bi-Courtney, in a swift
reaction through its spokesman, Mr. Steve Omolale-Ajulo, described the court
order as illegal as it had earlier on Thursday, obtained an interim injunction
restraining AMCON from taking over the companies.
The statement read, ‘’it has been
brought to our attention (that) a court judgement granted AMCON the assets and
finances of BCL.
‘’BCL however on Thursday 25th
September 2014 at the Federal High Court, actually obtained an interim
injunction restraining AMCON from taking over the assets, finances and accounts
of BCL for debts owed to AMCON.
‘’The restraining order was given by
Justice I. N. Buba, the Presiding Judge of the Federal High Court, following a
motion filed by BCL.
‘’BCL is categorically stating 1.
she is not indebted to AMCOM or any of it’s agents, officers , privies,
proxies, assignees, receivers, solicitors or any affiliates of AMCOM.
2. BCL had on 2nd November 2011 earlier
obtained an order of Injunction restraining AMCOM from tampering with the
management assets and finances of BCL. This order is yet to be set aside and
subsists till date
3. BCL is not indebted to AMCOM but
rather, AMCOM as an agent of the Federal Government is indebted to BCL to the
tune of N132b.
4. BCL is a net creditor of AMCOM
and 5. AMCON has been advised to net off whatever they claimed BCL is owing
them from the N132b.
“As a law-abiding and credible
organisation, we wish to urge AMCON to stop brandishing a court judgement that
is automatically and lawfully set aside as an earlier interim injunction given
on 2nd November 2011 by the presiding judge, Justice A.M Liman of the Federal a
High Court was never set aside or vacated. The injunction obtained again on
25th November 2014 further reaffirm that BCL remains a credible and ongoing
entity with its clear identity.”
Vanguard
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