Bi-Courtney Limited and Roygate
Properties Limited, businesses promoted by Wale Babalakin, says the Assets
Management Corporation of Nigeria (AMCON) should deduct its N49 billion debt
from the N132 billion owed it by the federal government.
In a statement released on Monday
by Bi-Courtney management, it said AMCON’s claim that it owes N49 billion is
false.
“The Federal Government of
Nigeria, which owns AMCON, is indebted to Bi-Courtney in the sum of over N132
billion. Furthermore, AMCON has been ordered by a competent court of law to
deduct any debt allegedly owed to AMCON by Dr Babalakin, Bi-Courtney and
Roygate from this sum,” it said.
According to the company, it has
a net balance of N83 billion with the federal government when the debt is owed.
It also said that the federal
government has no pending appeal against the dismissal judgement by the Supreme
Court of Nigeria.
“Independently, AMCON obtained
the leave (permission) of the Court of Appeal as an interested party in Appeal
No. CA/A/568M/2012 – AMCON v. Bi-Courtney & Attorney General of the
Federation to challenge the set-off Order,” the company said.
“However, Bi-Courtney
successfully challenged the leave at the Supreme Court in Appeal No.:
SC/770/2014 – Bi-Courtney v. Attorney General of the Federation and AMCON.
“On the 5th day of April 2019,
the Supreme Court delivered a judgment in Bi-Courtney’s favour to the effect
that the proceedings before the Court of Appeal were incompetent (“the Supreme
Court judgment”).
“In effect, from the 5th day of
April 2019, there is no appeal against the set-off Order. It follows therefore
that in consequence of the set-off Order and effective from the 5th day of
April 2012, Dr Babalakin, Bi-Courtney and Roygate had a net judgment credit of
approximately N83 billion from the Federal Government of Nigeria.”
Bi-Courtney also claimed that it
had gotten victory over AMCON in a supreme court judgement delivered on June 5,
2018, and the court ruled that:
- Resort did not owe AMCON N20 billion;
- On the transaction which supported AMCON’s suit, the Federal Government of Nigeria owed Resort N55 billion at an interest of 17.6% per annum since 3rd December 2015.
- AMCON should pay N3 billion as damages to Resort. Indeed, the Federal Government’s present total indebtedness is in excess of N100 billion.
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