The management of Bi-Courtney Limited has said that the company does not owe any institution in the country.

The Head of Litigation, Babalakin and Company, Mr. Tola Oshobi, said this at a press conference held at the Murtala Muhammed Airport Terminal Two in Lagos on Monday.

He spoke after the Federal High Court discharged and struck out the order obtained by the Asset Management Corporation of Nigeria through its counsel, Mr. Olisa Agbakoba, to take over the assets of the firm in lieu of the controversial N132bn debt.

Oshobi said, “The position of Bi-Courtney remains that it is not indebted to AMCON or any other person claiming through AMCON in any manner whatsoever. On the contrary, it is AMCON and the Federal Government of Nigeria that owe Bi-Courtney N132bn, which has remained unpaid till date.

“The whole exercise was to undermine an important arm of government and was condemned in the strongest terms by the presiding judge.”

Oshobi said the debt owed the company by the Federal Government was predicated on the breach of an agreement between the firm and the government.

He added that the loss of revenue to the firm over the refusal of the government to hand over the old domestic terminal of the Lagos airport was responsible for the default in the firm paying the loan it took from a consortium of banks.

While ruling on an oral application by Bi-Courtney to vacate the order, which Bi-Courtney alleged was fraudulently procured by AMCON, Justice M. I. Buba struck out the order on the grounds that it was an abuse of process and declared it null.

The company further described the purported takeover of the MM2 terminal and the old Federal Secretariat in Lagos by AMCON as a contrived reckless action and a deliberate assault on the integrity of the judicial system by the corporation and its appointed receiver, Agbakoba.

Confirming this, the Chief Operating Officer, Bi-Courtney, Ms. Adebisi Awoniyi, said the court decided that Agbakoba was not a receiver of MMA2, Bi-Courtney or any other related company.

Punch