Babalakin Denies Indebtedness to AMCON

Chinedu Eze

The Chairman, Resort Group, Dr Wale Babalakin has berated the Asset Management Corporation of Nigerian (AMCON) for publishing the names of his firms on its list of “delinquent debtors”.

Babalakin insisted that the federal government owes it and if AMCON removed the N49 billion, which his companies allegedly owed, from a judgment credit of N132 billion, which he got against the government, he would still have to be paid N83 billion by the federal government.

Apart from this, he said he got another judgment credit of N100 billion against the federal government in December 2015, which the government was yet to pay.

In a statement by his lawyer, Mr Wale Akoni, Babalakin described as “libellous and irresponsible,” the listing and publication of his firms’ names among AMCON’s delinquent debtors.

Akoni said, “On April 5, 2012, the Federal High Court, in FHC/ABJ/ CS/50/2009 – Bi-Courtney Limited vs AttorneyGeneral of the Federation – ordered that whatever debt was outstanding to any federal agency by BiCourtney and companies related to it should be deducted from the sum of over N132 billion which the federal government owes Bi- Courtney.

“If N49 billion, the sum allegedly owed by Bi-Courtney and companies associated with it, is subtracted from N132 billion, my clients still have a judgment credit of N83 billion, which the federal government is yet to pay.

“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 N55bn at an interest rate of 17 per cent per annum, an interest rate of 17 per cent per annum, an amount that is now in excess of N100bn.

“It was irresponsible of AMCON to publish the names of my clients on its list of debtors and I urge the media to beware of this misguided behaviour and disdain for the rule of law.”

The statement said, “Notwithstanding this clear position of the law which is that Bi- Courtney and companies associated with it do not owe AMCON any money whatsoever, AMCON continues to publish or threaten to publish the name of Bi-Courtney and other companies related to it in the newspapers and electronic media.”

When contacted, spokesman of AMCON, June Nwauzor said the government agency would respond to Babalakin in due course.

“Our lawyers have been detailed to respond to his lawyer’s position,” Nwauzor said.