The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

The Asset Management Company of Nigeria (AMCON) has reacted to a media publication, yesterday, which it says carried the wrong information.

According to a press statement issued to Nairametrics, AMCON accused Thisday Newspaper  of erroneously reporting that the Supreme Court had ordered it to pay Bi-Courtney, whose promoter is Wale Babalakin, the sum of N132B.

The statement said the report does not represent the judgment of the apex court. Specifically, tere was never an issue of any liability of AMCON before the Supreme Court, the statement argued.

The statement further explained that the decision of the Supreme Court never dealt with the merits of the appeal nor the substantive cause resulting in the exparte decision of the Federal High Court.

The appeal before the Supreme Court of Nigeria was only in respect to the leave granted to AMCON by the Court of Appeal to appeal as an interested party; and for which the apex court held that the application ought to have been filed in the Federal High Court first before the Court of Appeal.

This was the sole issue submitted and determined by the Supreme Court whilst the substantive matter is still with the lower court.

“MORE SO THE APPEAL AGAINST THE JUDGEMENT OF THE FEDERAL GOVERNMENT/FAAN WHO ARE PARTIES TO THE SUBSTANTIVE CAUSE GIVEN RISE TO THE ENFORCEMENT ORDER IS STILL PENDING AT THE CA. THE SAID APPEAL IS STRICTLY BETWEEN THE FEDERAL GOVERNMENT/FAAN AND BI- COURTNEY AND HAS NOTHING TO DO WITH AMCON.

“THE WHOLE MATTER OF N132BILLION IS STRICTLY A CASE BETWEEN BI-COURTNEY LIMITED AND THE FEDERAL GOVERNMENT OF NIGERIA/FAAN. BI-COURTNEY IS STRUGGLING TO TIE THE MATTER TO THEIR DEBT OBLIGATION IN AMCON.”

Note that the only import of the judgment is that AMCON seeks the leave of the Federal High Court first to appeal the enforcement Order before approaching the Court of Appeal.

The net effect of the above is that AMCON was never ordered to pay Bi-Courtney 132 billion or any other amount for that matter. AMCON is said to have never been a party to any of the proceedings pending at the Court of Appeal

AMCON believes that Bi-Courtney, which is owned by Wale Babalakin, is still indebted to the Corporation in excess of N119 billion. AMCON is committed to continue to exploring every legal avenue to recover the said sum in the national interest and interest of the bond owners.

Source: Nairametrics

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