Davidson Iriekpen

The Asset Management Corporation of
Nigeria (AMCON) has asked a Federal
High Court in Lagos to restrain
Chairman of Bi-Courtney Group, Dr.
Wale Babalakin, from dissipating assets
of Bi-Courtney Group pending its appeal
against the decision of the court.
Justice Ibrahim Buba had on Monday
vacated an order made by his brother
judge, Justice Okon Abang empowering
AMCON to take over the assets of Bi-
Courtney Group over an alleged N50
billion debt.

But AMCON in its notice for injunction
pending appeal filed by its lawyer,
Babatunde Ogungbamila, from law firm
of Olisa Agbakoba (SAN) said the
application became necessary in order
to preserve the assets in dispute.
Sued along with Babalakin are his
companies namely; Bi-Courtney Limited,
Chartered Investment Limited, Resort
International Limited and Roygate
Property Limited

The three-page application brought
pursuant to Part XIV of the AMCON
practice directions 2013, stated that
unless the respondents are strained, it
could render the possible outcome of its
appeal nugatory.

AMCON argued that the court had a
duty to stay further proceedings in the
matter pending the determination of the
appeal and to avoid foisting a fait
accompli on the appellate court.
Addressing journalists on the issue, a
Managing Partner, in the law firm of
Olisa Agbakoba, Mrs. Priscilla
Ogwemoh, stated that there was a
subsisting Debt Settlement Agreement
between AMCON and Babalakin which
was duly signed by all parties in the suit.

“We have applied for an injunction
pending appeal and the effect of that is
that the court should restrain all parties
from taking any further step pending
the appeal.”

“We strongly believe that Babalakin is
owing AMCON the sum of N50 billion
which he admitted. We have had series
of discussions with him and we all agree
on a term of settlement and he agreed
to all the terms. It was at the point of
executing that the agreement that he
reneged. He started complaining after
agreeing to all the terms
unconditionally.

“We went to Justice Abang’s court
because we believed that the Debt
Settlement Agreement signed by parties
constitutes a new course of action and
he agreed to compromise all pending
cases.’’

On the argument of Babalakin that
federal government was owing him
N132 billion, she said: “I don’t know
where that came from. AMCON is not a
federal government agency. Assuming
we even agreed that AMCON is a
federal government agency, he cannot
do a debt swap with AMCON.
She maintained that AMCON was not a
party in the suit instituted by Babalakin
against the federal government.

AMCON had in its notice of appeal
argued that Justice Buba erred in law by
setting aside Justice Abang’s orders
when in fact; the oral application made
by Bi-Courtney Group was for
suspension of the execution of Justice
Abang’s orders.

According to the agency, the orders of
Justice Buba setting aside Justice
Abang’s orders were made without
jurisdiction, as it was trite that a court
cannot grant prayers not sought by any
of the parties before it.

Justice Ibrahim Buba had upturned an
order empowering AMCON to take over
assets of companies belonging to the
Chairman of Bi-Courtney Group,
Babalakin, including Murtala
Muhammed International Airport,
Terminal 2.


www.thisdaylive.com/articles/n50bn-debt-amcon-asks-court-to-restrain-babalakin-from-dissipating-assets/190443/