• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News
AMCON

Ahmed Kuru, Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON).

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

Adaobi NnadiukwubyAdaobi Nnadiukwu
4 years ago
in Business News, Company News, Politics
Share on FacebookShare on TwitterShare on Linkedin

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.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Asset Management Company of Nigeria (AMCON)Bi-Courtney
Adaobi Nnadiukwu

Adaobi Nnadiukwu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
dmo
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Nigeria Immigration Service says all passport backlog has been cleared
  • Sweden to double salary requirement for work permit holders next month
  • Most crucial economic events in the second half of 2023

Follow us on social media:

Recent News

immigration

Nigeria Immigration Service says all passport backlog has been cleared

October 3, 2023
Sweden

Sweden to double salary requirement for work permit holders next month

October 3, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In