• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

Court gives Adamawa govt one month ultimatum to pay back N84 million debt owed AMCON

Justina Mboho by Justina Mboho
December 11, 2021
in Business, Legal & Regulations
FAAN condemns “irresponsible act” of Governor Fintiri at Port Harcourt airport
Share on FacebookShare on TwitterShare on Linkedin

An Abuja division of the federal high court has threatened to freeze Adamawa State Government’s accounts over its failure to pay back N84 million debt it borrowed from the Asset Management Corporation of Nigeria (AMCON) six years ago.

While AMCON is the plaintiff/claimant, the Governor of Adamawa State, the attorney general of the state, the Commissioner of Health, the permanent secretary of the ministry of health and the ministry of health are the 1st to 5th defendants respectively.

Justice Inyang Ekwo gave the state government a one-month ultimatum to settle with AMCON or risk the court granting AMCON’s request seeking to freeze the state government accounts. He then adjourned till January 11, 2022, according to the News Agency of Nigeria.

RelatedStories

Abba Kyari, 4 other officers arrested by the Nigerian Police

Alleged 17.55kg cocaine deal: No call log linking Kyari to Mike Coke – Witness 

July 25, 2025
former Kogi State Governor

Alleged Money Laundering: Court declines Yahaya Bello’s travel request over unsigned medical report 

July 21, 2025

Backstory

Paul Okache, AMCON’s lawyer, had alleged that in July 2015, the state ministry of health had approached Union Bank Plc for an Overdraft facility.

After several requests, the bank obliged and raised the overdraft facility. Mr Okache told the court that despite numerous requests by the bank, the facility and the accrued interest is yet to be paid.

He said the respondents then engaged the services of Abbas El-yakub & co to demand payment of the facility.

AMCON, through its lawyer, instituted a suit marked: FHC/ABJ/CS/387/2021 against the defendants seeking an order of the court to freeze the state government’s accounts because of its inability to pay back the debt.

On June 24, 2021, Justice Ekwo granted AMCON’s ex-parte application which sought an interlocutory order to freeze the respondents/debtors accounts in 17 commercial banks.

The state government through its lawyer, in turn, filed a notice of preliminary objection challenging the jurisdiction of the court to hear the matter. They argued that cases of that nature ought to be filed at the state high court where the cause of action took place. Consequently, the judge gave them time to go and resolve the matter among selves.

What happened in court

When the matter was called up on Friday, Mr Okache told the court that settlement among parties had failed due to a lack of seriousness on the part of the defendants.

Fabaryu Thliza, counsel to Adamawa state government, told the court that settlement processes are ongoing and that a five-man committee has been set up by the state government to that effect.

The judge who asked if she thinks the court was joking as he was upset with the response she availed, then ask her to give him reasons why he should not grant AMCON’s application and freeze the state government’s accounts.

Ms. Thliza in turn pleaded with the judge to grant her client more time to enable them complete the settlement terms.

In response, the judge said, “I give you this Christmas so that the salaries of staff can be paid. I will give you until January 11.”

Justice Ekwo said he was granting the prayer of the state government because of the majority of civil servants who will be affected by the freeze order especially as Christmas was near.

“This adjournment is at the instance of the defendant and a gracious adjournment to allow them, pay their staff for Christmas. This shall be the last adjournment,” Justice Ekwo warned.

Tags: Adamawa state governmentAsset Management Corporation of Nigeria (AMCON)Federal High CourtLoan debt
Justina Mboho

Justina Mboho

For further inquiries about this article, contact: Email: justina.mboho@nairametrics.com Twitter: bb_ladyj LinkedIn: Justina Mboho

Related Posts

Abba Kyari, 4 other officers arrested by the Nigerian Police
Legal & Regulations

Alleged 17.55kg cocaine deal: No call log linking Kyari to Mike Coke – Witness 

July 25, 2025
former Kogi State Governor
Legal & Regulations

Alleged Money Laundering: Court declines Yahaya Bello’s travel request over unsigned medical report 

July 21, 2025
Federal High Court, REA
Legal & Regulations

Court convicts 2 companies for illegally collecting N80 Million from investors in Lagos 

July 15, 2025
Federal High Court, REA
Legal & Regulations

Court dismisses ‘scavengers, beggars’ N500 million demand against FCT Minister, Wike  

July 11, 2025
Federal High Court, REA
Legal & Regulations

9mobile Ownership Battle: Court set to decide on 43 Million shares by Sept 24 

July 2, 2025
Federal High Court, REA
Legal & Regulations

NIRSAL Contract: Appeal Court upholds N1.5 billion forfeiture against Consultant Ogidan

June 21, 2025
Next Post
Banks' borrowing from CBN increased to N737.05 billion

CBN threatens to arrest farmers who fail to pay back loans

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • Customs issues 21-day ultimatum to 223 companies over N379.5 billion temporary import permit defaults 
  • H1 2025 unaudited report: Unilever Nigeria accelerates into high gear with 54% Revenue Growth and 444% Surge in operating profit
  • President Tinubu backs N4 trillion bond to resolve power sector liabilities 

Follow us on social media:

Recent News

NCS

Customs issues 21-day ultimatum to 223 companies over N379.5 billion temporary import permit defaults 

July 25, 2025
H1 2025 unaudited report: Unilever Nigeria accelerates into high gear with 54% Revenue Growth and 444% Surge in operating profit

H1 2025 unaudited report: Unilever Nigeria accelerates into high gear with 54% Revenue Growth and 444% Surge in operating profit

July 25, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 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
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics