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We’re not indebted to AMCON – Bi-Courtney

By on February 7, 2016

The Bi-Courtney Group on Friday faulted its listing on the debtors’ list of the Asset Management Corporation of Nigeria (AMCON) as published in some national newspapers.

Partner, Babalakin & Co Legal Practitioners, Tolu Oshobi, debunked the claims in AMCON’s ‘name and shame’ publication, and described the move as “an act of extreme bad faith.”
In a statement yesterday, Oshobi said: “It is no longer news that the Federal High Court in 2012, found that the Federal Government of Nigeria, the principal of AMCON, is indebted to our clients in the sum of N132 billion and directed the Federal Government to set off from the above-mentioned sum any claims (if any) agreed with our clients to be due to any agency of the Federal Government of Nigeria, including AMCON.”

The legal counsel noted that the order of the Federal High Court, in Suit No FHC/ABJ/CS/50/2009 – Bi-Courtney Limited vs. Attorney General of the Federation remained subsisting.

He further observed that the order applies to all the companies that entered into settlement discussions with the AMCON as the “BCRR Group”, namely: Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.

“These companies collectively entered into settlement discussions with AMCON as the “BCRR Group” with a view to amicably resolving these disputes,” said Oshobi.

“It has always been the position of Bi-Courtney and its sisters companies that any claims that AMCON has against any of them should be set off against the judgment of N132,540,580,304.00 awarded in favour of Bi-Courtney and which far exceeds the aggregate sum allegedly owed to AMCON by these companies (which is seriously disputed especially with reference to Resort). AMCON is aware of this state of affairs which has been clearly communicated to them.

“AMCON’s publication of the name of Resort International Limited was therefore an act of extreme bad faith and a misrepresentation and concealment of the true facts.

“AMCON is also aware that its claim against Resort International Limited is substantially bereft of any legal or contractual basis.

However the issues have been submitted to courts and tribunals of competent jurisdiction where they are better dealt with than on the pages of newspapers. We are considering whether or not the publication, being false, constitutes a libelous publication and if it does, we will take appropriate legal action,” he added.

In a name shame tactic that has become the norm in Nigerian financial services, AMCON had on Friday listed 220 firms, their respective directors, and individuals with outstanding debts of N1.146 trillion that have failed to visit the corporation for the resolution of their debts.