Home Economy AMCON appeals order revoking its take over of Babalakin’s assets

AMCON appeals order revoking its take over of Babalakin’s assets

by Business News Report

AMCON on Tuesday appealed against an order of the Federal High Court in Lagos which revoked an earlier order which granted it to take over assets of Bi-Courtney Group.
Justice Ibrahim Buba, had on Sept. 29, upturned an order by Justice Okon Abang for AMCON to take over assets of Wale Babalakin (SAN), Chairman of Bi-Courtney Group.
Abang, had on Sept. 22, granted Dr Olisa Agbakoba (SAN), a former president of the Nigerian Bar Association receivership of the assets of Babalakin.
The assets include the Terminal 2 of Murtala Muhammed International Airport, Bi-Courtney Group, Chartered Investment Ltd, Resort International Ltd and Roygate Properties Ltd.
The order was based on a N50 billion debt allegedly owed AMCON by Babalakin.

Buba had upturned Abang’s ruling and held that the order amounted to an abuse of court process since they was made in the face of previous orders and suits in respect of the same subject matter. Dissatisfied with the order, AMCON, through its lawyer, Agbakoba, had filed a notice of appeal and formulated four grounds before the appellate court.
On the first ground, Agbakoba argued that the trial court erred in law and misdirected itself when it held and granted the oral application of lawyers to the Bi-Courtney Group to vacate the receivership order.
He contended that Part 14 of AMCON Practice Directions 2013 was clear that all applications other than a simple application must be filed and served on each party before hearing. On the second ground, the appellant argued that Justice Buba equally erred and misapplied the law when he held that the order of Justice Abang amounted to an abuse of court process as the cause of action in the suit before the court was different. No date has been fixed for hearing of the appeal.


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