News

FG owes my companies N183bn –Wale Babalakin

Published

6 years ago

October 24, 2018

The Chairman , Resort Group , Dr Wale Babalakin ( SAN ) , has berated the Asset Management Corporation of Nigerian for publishing the names of his firms on its list of “ delinquent debtors ” .
Babalakin contended that if AMCON removed N 49 bn , which his companies allegedly owed , from a judgment credit of N 132 bn , which he got against the Federal Government , he would still have to be paid N 83 bn by the government.

Apart from this, he said he got another judgment credit of N 100 bn against the Federal Government in December 2015 , which had yet to be paid .

In a statement on Tuesday by his lawyer , Mr Wale Akoni ( SAN ) , Babalakin described as libellous and irresponsible the listing and publication of his firms ’ names among AMCON ’ s delinquent debtors .

Akoni said , “ On April 5 , 2012 , the Federal High Court, in FHC / ABJ / CS / 50 / 2009 – Bi -Courtney Limited vs Attorney – General of the Federation – ordered that whatever debt was outstanding to any federal agency by Bi – Courtney and companies related to it should be deducted from the sum of over N 132 bn which the Federal Government owes Bi -Courtney .

“ If N 49 bn , the sum allegedly owed by Bi -Courtney and companies associated with it , is subtracted from N 132 bn , my clients still have a judgment credit of N 83 bn , which the Federal Government has yet to pay .

“ There was another court judgment on December 3 , 2015 , against the Federal Government in a case involving Resort International Limited , one of the companies associated with Bi – Courtney, in which the FG was ordered to pay the firm N 55 bn at an interest rate of 17 per cent per annum , an interest rate of 17 per cent per annum , an amount that is now in excess of N 100 bn .

“ It was irresponsible of AMCON to publish the names of my clients on its list of debtors and I urge the media to beware of this misguided behaviour and disdain for the rule of law . ”