AMCON urges court to restrain Bi-Courtney from executing judge’s ruling

 

            The Asset Management Corporation of Nigeria (AMCON) has prayed the Federal High Court in Lagos for an order restraining Bi-Courtney Limited and its Chairman, Dr. Wale Babalakin (SAN) from executing the September 29 ruling by Justice Ibrahim Buba.
               In an Application with Notice for Injunction Pending Appeal, AMCON is seeking an order restraining the respondents, their agents or subsidiaries “from giving effect to the order.”

Justice Buba, in his ruling, made an order nullifying and discharging the ex-parte order of receivership, possession and freezing granted it by Justice Okon Abang on September 22.
Justice Abang had appointed a former Nigerian Bar Association (NBA) president, Dr. Olisa Agbakoba (SAN), as AMCON’s receiver/manager over the assets of Bi-Courtney, Chartered Investment Limited, Resort International Limited, Roygate Properties Limited and their chairman Babalakin for allegedly owing AMCON N50billion.
AMCON is urging the court to grant the injunction restraining the companies from “dissipating their assets.”
It said if they are not restrained, they could manage the assets in a way that could adversely affect its case at the appellate court.
The applicant’s grounds are that after Justice Abang made the order, Justice Buba, based on oral application by the respondents’ counsel, vacated it.
AMCON said because it was dissatisfied with Justice Buba’s ruling, it filed an appeal at the Court of Appeal, seeking to set it aside.
“The present application is necessary to restrain the respondents from dissipating their assets and rendering nugatory the possible outcome of the appeal at the Court of Appeal.