Debtors’ list: AMCON’s inclusion of my name irresponsible –Babalakin

Babalakin calls for overhaul of law practice in Nigeria
Dr. Wale Babalakin

The Chairman, Resort Group, Dr. Wale Babalakin, has berated the Asset Management Corporation of Nigeria, AMCON, for publishing the names of his companies on its debtors list.

He described the action as irresponsible, claiming that the Federal Government was the one owing them.

The reaction was issued by Babalakin’s lawyer, Wale Akoni (SAN), in a statement.

“It was irresponsible of AMCON to publish the names of my clients on its list of debtors,” he said.

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Babalakin, in his argument stated that if the amount of N49 billion allegedly owed by his company was deducted from a judgment credit of N132 billion, which he got against the Federal Government, he would still be owed a whopping N83 billion.

The statement by Babalakin’s lawyer reads:  “On April 5, 2012, the Federal High Court, in FHC/ABJ/CS/50/2009 – Bi-Courtney Limited vs Attorney-General of the Federation – ordered that whatever debt was outstanding to any federal agency by Bi-Courtney and companies related to it should be deducted from the sum of over N132bn which the Federal Government owes Bi-Courtney.

“If N49bn, the sum allegedly owed by Bi-Courtney and companies associated with it, is subtracted from N132bn, my clients still have a judgment credit of N83bn, which the Federal Government has yet to pay.

“There was another court judgment on December 3, 2015, against the Federal Government in a case involving Resort International Limited, one of the companies associated with Bi-Courtney, in which the FG was ordered to pay the firm N55bn at an interest rate of 17 per cent per annum, an interest rate of 17 per cent per annum, an amount that is now in excess of N100bn.

“It was irresponsible of AMCON to publish the names of my clients on its list of debtors and I urge the media to beware of this misguided behaviour and disdain for the rule of law.”

AMCON had, on Monday, released the list of companies which had failed to negotiate successfully with it.

They are about 105 names and top on the list are Ifeanyi Uba’s Capital Oil and Gas Industries Limited, NICON Investments Limited owned by Jimoh Ibrahim and Bi-Courtney Limited owned by Wale Babalakin.

Also on the list among others are Josephdam & Sons Limited owned by the Kuteyi family and Tinapa Business Resort of Cross River State Government.

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