Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • 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
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • 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

UPDATED: Donald Duke reaches agreement with AMCON over N537 million debt

Damilare Famuyiwa by Damilare Famuyiwa
September 11, 2019
in Business News, Politics
Donald duke, AMCON, N537 Million Alleged Debt: Donald Duke denies AMCON’s claim 

Donald Duke.

Share on FacebookShare on TwitterShare on Linkedin

Former Governor of Cross River State, Donald Duke has reached an agreement with AMCON over an alleged debt of N537,334,360.77.

Following the settlement, Justice Nicholas Oweibo of the Federal High Court in Lagos discharged its Thursday, August 8, 2019 order, which empowered AMCON to take over an Ikoyi property that belongs to Duke.

Duke and AMCON had on Monday, September 2, 2019, told Justice Oweibo that they were exploring an out-of-court settlement, and pleaded for an adjournment to enable them to conclude their settlement talks.

RelatedPosts

AMCON gulps N125.9 billion as Sector Resolution Funds from Nigerian banks in Q1 2022

Nigeria’s debt-to-GDP ratio rises to 23.3% as debt stock rises to N41.6 trillion in Q1 2022

[READ MORE: ₦5trn AMCON Debt: FG plans to go after debtors]

Eventually, on Wednesday, September 11, the parties returned to court, and AMCON’s lawyer, Juliet Benson, told the judge that Duke had met the terms of settlement agreed upon.

Confirming the settlement talks, Duke’s lawyer, Edoigiawerie Uyi, said his client had shown good faith by paying over N350 million. The two lawyers, however, urged the judge to adopt the terms of settlements agreed upon by their clients as the judgment of the court in the case.

In his ruling, Justice Oweibo granted the lawyers’ prayers and discharged the order made earlier.

The Backstory: Early this year, AMCON had listed Babalakin, Ifeanyi Uba, Buruji Kashamu and a host of others as debtors in a Nairametrics report. 

Empowered by the Vice President, Yemi Osinbajo, a special task force comprising the heads of AMCON, Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC) and permanent secretaries of the Ministries of Justice and Transportation, was set up to recover the fund. Tinapa Business Resort was named as one of those debts under Duke’s Governorship tenure.

[READ ALSO: AMCON boss wants courts to have debt recovery powers]

AMCON and the United Bank for Africa had on August 8, 2019, moved to claim properties owned by Duke following the Federal High court injunction.

Related

Tags: AMCON NewsdebtDonald Duke

Leave a Reply Cancel reply

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

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




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

    Recent News

    • TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription
    • FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022
    • Lagos state government shuts down Redeemers School over death of pupil

    Follow us on social media:

    Recent News

    TrustBanc pays N4.2bn Commercial Paper proceeds at maturity

    TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription

    July 4, 2022
    FIRS calls for comprehensive revenue aggregation

    FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

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

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com