AMCON Loses Bid to Take over Old Federal Secretariat

  • Court awards N3bn damages against FG

Davidson Iriekpen

The Asset Management Corporation of Nigeria (AMCON) wednesday lost its bid to takeover the land known as the Federal Secretariat Complex, Ikoyi, Lagos, as a Federal High Court in Lagos dismissed its debt recovery suit it filed against businessman, Dr Wale Babalakin (SAN).

Justice Ibrahim Buba, in his judgment, also awarded the sum of N3 billion damages against the federal government and AMCON in favour of Babalakin for publishing his name in THISDAY Newspaper of February 5, 2016, as a First Bank’s debtor.

AMCON had dragged Babalakin and one of his companies, Resort International Limited 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.

It is also sought an order granting it the power of sale or disposal of a parcel…

[Read More …]

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AMCON Loses Bid to Take over Old Federal Secretariat

  • Court awards N3bn damages against FG

Davidson Iriekpen

The Asset Management Corporation of Nigeria (AMCON) wednesday lost its bid to takeover the land known as the Federal Secretariat Complex, Ikoyi, Lagos, as a Federal High Court in Lagos dismissed its debt recovery suit it filed against businessman, Dr Wale Babalakin (SAN).

Justice Ibrahim Buba, in his judgment, also awarded the sum of N3 billion damages against the federal government and AMCON in favour of Babalakin for publishing his name in THISDAY Newspaper of February 5, 2016, as a First Bank’s debtor.

AMCON had dragged Babalakin and one of his companies, Resort International Limited 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.

It is also sought an order granting it the power of sale or disposal of a parcel…

[Read More …]

Leave a Reply

Your email address will not be published. Required fields are marked *