Supreme Court Never Ordered AMCON To Pay Bi-Courtney N132b

Thisday newspaper yesterday erroneously carried a news caption that the Supreme Court (SC) had ordered AMCON to pay Bi-Courtney, whose promoter is Wale Babalakin, the sum of N132B. This obviously does not represent the judgment of the Apex Court. There was never an issue of any liability of AMCON before the SC.

The decision of the SC never dealt with the merits of the appeal nor the substantive cause resulting in the exparte decision of the Federal High Court (FHC).

According to AMCON Head of Corporate Communications Department, Jude Nwauzor, the appeal before the SCN was only in respect of the leave granted to AMCON by the Court of Appeal (CA) to appeal as an interested party and for which the Apex court held that the application ought to have been filed in the FHC 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.

The only import of the judgment is that AMCON seeks the leave of the FHC 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 132billion nor any other amount. AMCON has never been a party to any of the proceedings pending at the court of Appeal

As far as AMCON is concerned, Bi-Courtney, owned by Wale Babalakin is still indebted to the Corporation in excess of N119billion and the Corporation would continue to explore every legal avenue to recover the said sum in the national interest and interest of the bond owners.

Correspondent

Recent Posts

Court Dismisses Case Against #EndBadGovernance Protesters

The court has dismissed the case against #EndBadGovernance protesters.   Glamtush reports that a Federal…

17 hours ago

FG Terminates ₦740bn Abuja-Kaduna Road Contract With Julius Berger Over Non-Performance

FG has terminated the ₦740bn Abuja-Kaduna road contract with Julius Berger over non-performance.   Glamtush reports…

17 hours ago

Ekiti Chief Judge, Adeyeye, Dies At 64

Ekiti Chief Judge, Adeyeye, has died at 64.   Glamtush reports that Justice Oyewole Adeyeye,…

18 hours ago

Access Bank Wins Best Digital, Best Website At 2024 Digital Jurist Awards

Access Bank PLC has been named the 2024 Best Digital Award winner in the Commercial…

18 hours ago

Top Summary From Nigerian Newspapers For Tuesday, November 5th, 2024

The top summary from Nigerian newspapers for Tuesday, November 5th, 2024, can be accessed on…

19 hours ago

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

1 day ago