• Friday, May 24, 2024
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BusinessDay

Controversy trails court order on Bi-Courtney over alleged N50bn debt

More controversy is trailing the matter between airport concessionaires, Bi-Courtney Limited on the one hand, and the the Federal Government and the Asset Management Corporation of Nigeria (AMCON)

on the other, as Bi-Courtney is claiming it is not indebted to the latter, but is rather being owed the sum of N132bn.

In a statement issued at the weekend, the management of Bi-Courtney Limited said: “Our attention has been drawn to a statement issued by Mr. Olisa Agbakoba that he has been appointed as Receiver of Bi-Courtney Limited, Charetered Investment Limited, Resort International Limited andRoygate Limited.”

Bi-Courtney adds that the said companies are not indebted to AMCON, and that, “On the contrary, it is ANCON that is indebted to Bi-Courtney Limited”

It further states that on November 4, 2011, “the Federal High Court awarded the sum of N132 bn to Bi-Courtney Limited against the Federal Government of Nigeria and AMCON.”
It says the money remains unpaid despite consistent request from Bi-Courtney that the money be paid forthwith.

Bi-Courtney was responding to moves by AMCON on Friday, to take over the listed companies, as ordered by a Federal High Court in Lagos, over a said N50 billion debt.
The company described the order obtained by Olisa Agbakoba as being “fraudulently and unlawfully obtained from the Federal High Court by concealing the existence of a court order since 4th November 2011which specifically restrained the Federal Government and AMCON from interfering with the operations and finances of Bi-Courtney Limited and related or associated companies.

“On the 25th day of September 2014 the Federal High Court in Lagos further restrained AMCON and its associates from any attempt to interfere with Bi-Courtney Limited and condemned AMCONs attempt to violate an existing court order as unlawful, contemptuous, irresponsible and inconsistent with the laws of Nigeria”
It added that the Federal High Court order of November 4, 2011 had instructed the the Inspector-General of Police and all other relevant agencies to restrain AMCON and its agents from taking any steps to appoint a receiver in any manner.

AMCON had moved on Thursday, to take over the said companies as ordered by a Federal High Court in Lagos, over a said N50 billion debt.

The court had on Monday ordered Bi-Courtney Group of companies to hand-over its concessionary powers at the Murtala Mohammed Airport domestic terminal, known as MMA2 to AMCON with immediate effect.

The court further appointed former president of the Nigerian Bar Association (NBA), Olisa Agbakoba, a Senior Advocate of Nigeria as receiver manager, to commence a recovery process with a view to recovering the companies’ assets and enforcing the liability of individual shareholders and directors.

A document signed by Agbakoba on his appointment as Receiver Manager stated: “I, Dr. Olisa Agbakoba, hereby notify the public that I have, pursuant to an order of the Federal High Court made on the 22nd day of September 2014, in the above mentioned suit, been appointed receiver over the assets of Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited, Roygate Properties Limited and Dr. Bolanle Olawale Babalakin, to realise their assets, enforce the individual liability of the shareholders and directors and to manage the affairs of the above mentioned companies for the purpose of recovering debts owed to the Asset Management Corporation of Nigeria.”

The document also advised banks “not to deal with any of the officers of the above stated companies in relation to operating the companies’ bank accounts in whatever form or description without my authority or reference.”