Wale Babalakin’s Investments Shaky Over N50b Debt

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Troubled times for Billionaire businessman Wale Babalakin as the Assets Management Corporation of Nigeria (AMCON) appears to have taken over the companies of embattled business man.

‘A Federal High Court sitting in Lagos, has appointed AMCON, receiver and manager of the assets of Bi-Courtney Limited, owned by Mr Wale Babalakin, SAN, over an alleged N50billion debt.

AMCON through its counsel, Dr Olisa Agbakoba, SAN, had applied to the court for orders of possession and receivership over these assets as a result of the failure of the companies to pay a cumulative debt of about N50billion owed to AMCON.

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Other companies also to be managed by AMCON, according to the court include Chartered Investment Limited, Resort International Limited, Roygate Properties Limited.

Agbakoba in a statement, yesterday, said “This is to notify the public that I have, pursuant to an Order of the Federal High Court made on September 22, 2014, in the suit between parties, been appointed Receiver over the assets of   Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited, Roygate Properties Limited and Dr. Wale Babalakin, to realize 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 AMCON.

“The public is hereby notified not to carry on business with any of these companies without my authority and reference.

“The public is notified that any person(s) that carries on business with any of the companies without my authority will be liable to contempt of the orders of court.”

‘It added that pursuant to the suit, the court also made an order restraining the banks from allowing these companies operate bank accounts held with your banks in whatever form or description pending determination of the substantive action.

“The court also ordered that the banks shall file and serve on Agbakoba and Associates, within seven days, an affidavit disclosing the balance on all accounts held with your banks jointly and severally as at date.

“Please note that any bank that acts contrary to the Orders of Court will be liable to contempt,” it added.

However, Bi-Courtney, in a swift reaction through its spokesman, Mr. Steve Omolale-Ajulo,

described the court order as illegal as it had earlier on Thursday, obtained an interim injunction restraining AMCON from taking over the companies.

The statement read, ‘’it has been brought to our attention (that) a  court judgement granted AMCON  the assets and finances of BCL.

‘’BCL however on Thursday 25th September 2014 at the Federal High Court, actually obtained an interim injunction restraining AMCON from taking over the assets, finances and accounts of BCL for debts owed to AMCON.

‘’The restraining order was given by Justice I. N. Buba, the Presiding Judge of the Federal High Court, following a motion filed by BCL.

‘’BCL is categorically stating 1. she is not indebted to AMCOM or any of it’s agents, officers , privies, proxies, assignees, receivers, solicitors or any affiliates of AMCOM.

2. BCL had on 2nd November 2011 earlier obtained an order of Injunction restraining AMCOM from tampering with the management assets and finances of BCL. This order is yet to be set aside and subsists till date

3. BCL is not indebted to AMCOM but rather, AMCOM as an agent of the Federal Government is indebted to BCL to the tune of N132b.

4. BCL is a net creditor of AMCOM and 5. AMCON has been advised to net off whatever they claimed BCL is owing them from the N132b.

It is yet unclear how the embattled businessman Wale Babalakin would overcome this major challenge before his business empire.