Alleged N168m Debt: Court Clears Bizman Of All Indebtedness To AMCON

Justice Daniel Osiagor of the Federal High Court in Lagos has discharged the managing director of PC Outlet Limited Company, Onyema Okonjo, of all outstanding debt obligations to the Asset Management Corporation of Nigeria (AMCON).

Justice Osiagor cleared Okonjo in a ruling based on a letter from AMCON, referenced AMC/ABJ/ERM/22/962/MU/47007, titled “Letter of Non-Indebtedness” jointly signed by its Head Enterprise Risk Management, Matthew Coker, and the Group Head Enforcement, Joshua Ikioda.

The document sighted by our correspondent and confirmed by AMCON’s legal representative, Francis Oloruntoba, stated that neither Okonjo nor PC Outlet Ltd had debts owed to AMCON.

Apart from discharging him from all liabilities, the judge also ordered the return of all securities, including properties located at the Lekki Peninsula, to the businessman.

It will be recalled that before this ruling, Justice Osiagor had granted a freezing order that attached the bank accounts of the directors of PC Outlet Ltd, including Okonjo, Kenneth Njoku, and Ernest Awulonu based on a purported debt which was adjudged indebtedness and accrued interest.

The court had also placed an attachment order on a property at Plot 18, Block 130, Lekki Peninsula Residential Scheme, which had been pledged as security through a Third-party legal mortgage for a facility granted to PC Outlet Ltd.

In a related development, Okonjo’s lawyer, Sunny Omoragbon, has also responded to a fresh lawsuit filed by Milton LP on behalf of AMCON involving the same alleged indebtedness.

In his response, Omoragbon argued that all issues relating to the purported debt had been fully settled and discharged.

He cited the letters of non-indebtedness issued by AMCON and the judgment of Justice Osiagor to substantiate his position.