AMCON Debt: Bi-Courtney tells AMCON to Deduct the N49bn from FG Debt

Bi-Courtney Limited and Roygate Properties Limited, businesses promoted by Wale Babalakin, says the Assets Management Corporation of Nigeria (AMCON) should deduct its N49 billion debt from the N132 billion owed it by the federal government. In a statement released on Monday by Bi-Courtney management, it said AMCON’s claim that it owes N49 billion is false. “The Federal Government of Nigeria, which owns AMCON, is indebted to Bi-Courtney in the sum of over N132 billion. Furthermore, AMCON has been ordered by a competent court of law to deduct any debt allegedly owed to AMCON by Dr Babalakin, Bi-Courtney and Roygate from this sum,” it said.

According to the company, it has a net balance of N83 billion with the federal government when the debt is owed. It also said that the federal government has no pending appeal against the dismissal judgement by the Supreme Court of Nigeria. “Independently, AMCON obtained the leave (permission) of the Court of Appeal as an interested party in Appeal No. CA/A/568M/2012 – AMCON v. Bi-Courtney & Attorney General of the Federation to challenge the set-off Order,” the company said.

“However, Bi-Courtney successfully challenged the leave at the Supreme Court in Appeal No.: SC/770/2014 – Bi-Courtney v. Attorney General of the Federation and AMCON. “On the 5th day of April 2019, the Supreme Court delivered a judgment in Bi-Courtney’s favour to the effect that the proceedings before the Court of Appeal were incompetent (“the Supreme Court judgment”).

“In effect, from the 5th day of April 2019, there is no appeal against the set-off Order. It follows therefore that in consequence of the set-off Order and effective from the 5th day of April 2012, Dr Babalakin, Bi-Courtney and Roygate had a net judgment credit of approximately N83 billion from the Federal Government of Nigeria.” Bi-Courtney also claimed that it had gotten victory over AMCON in a Supreme Court judgement delivered on June 5, 2018, and the court ruled that:

Resort did not owe AMCON N20 billion;    On the transaction which supported AMCON’s suit, the Federal Government of Nigeria owed Resort N55 billion at an interest of 17.6% per annum since 3rd December 2015.    AMCON should pay N3 billion as damages to Resort. Indeed, the Federal Government’s present total indebtedness is in excess of N100 billion. Cable