By Innocent Anaba and Peter Egwuatu
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.
- See more at: http://www.vanguardngr.com/2014/09/n50bn-debt-court-orders-amcon-take-mma-2-old-fed-secretariat-others/#sthash.GqAP0jgf.dpuf

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.”

- See more at: http://www.vanguardngr.com/2014/09/n50bn-debt-court-orders-amcon-take-mma-2-old-fed-secretariat-others/#sthash.GqAP0jgf.dpuf

Ibori money stopped flowing.

50bn??!! Kai! That's some real shiitt!!

Bcl has done some real bad as.s ground work

MMA2 - A perfect Example of a mega project gone wrong.

. N50 billion gbese

Must Nigerian business administrators have no business doing business.

de way wey dem de talk cal money did days ehh, nawa ooo. but if Na me wan make dem lend me dat kind money now dem no go gree.

anyways : serves d SAN right.

Finally end-of-the-road for Bi-courtney. So sad. After that long survival battle

when lawyers fight the earth shakes

It is insulting for Bi-courtney through its spokesperson to declare a federal High court order illegal.

blackpanda: when lawyers fight the earth shakes

Nothing is shaking... This is nothing short of the mismanagement of BCL management.

I can only bad journalism in the writeup.
what "MMA" ?

Op which person u want make we believe now?

smartchoice: Bcl has done some real bad as.s ground work

True but again, BCL will walk free. Nah naija we dey and Babalakin has already tidied up some real under G runs.

Except there's another injuction obtained by AMCON setting aside babalakin's injunction, he walks for now.

Injunction versus injunction! LOL

these amcon could take over anything...ein renain small they go take over shops for alaba, tradefair, computer village....ati gbo gbo won
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