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Bi-Courtney, Babalakin Not Indebted To AMCON, Says Lawyer

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The Resort Group Chairman, Dr Wale Babalakin (SAN) and his companies are not indebted to the Asset Management Corporation of Nigeria (AMCON), their lawyer, Mr Olawale Akoni (SAN) has said. In a letter yesterday, Akoni said it was libelous for AMCON to publish his clients’ names on its list of “delinquent debtors”. Urging the media to beware of being misled and exposed to avoidable legal sanction for libel, Akoni explained that 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 N132 billion which the federal government owes Bi-Courtney.

The lawyer further stated that if N49b (the sum allegedly owed by Bi-Courtney and companies associated with it) is subtracted from N132b, his clients still had a judgment credit of N83 billion, which the federal government is yet to pay. Akoni added that 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 N55 billion at an interest rate of 17 per cent per annum, an amount that is now in excess of N100 billion. He said it was irresponsible of AMCON to publish the names of his clients on its list of debtors and urged the media to beware of “this misguided behavior” and disdain for the rule of law.



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