AMCON Takes Over MMA 2, Old Federal Secretariat, Others

As management of Bi-Courtney group of companies is unable to pay a N50 billion debt it owed the Asset Management Corporation of Nigeria, AMCON, a Federal High Court in Lagos has ordered Wale Babalakin, a Senior Advocate of Nigeria, SAN, and owner of Bi-Courtney, to hand over the company’s concessionary powers to the asset managers with immediate effect.

Apart from Bi-Courtney, AMCON has also been ordered to take over the control of three other notable companies including Chartered Investment Limited, Resort International Limited and Roygate properties.

Given in accordance with a concessionary agreement with the federal government and Roygate, the order also gives AMCON the right to take over the Old Federal Secretariat building in Ikoyi, Lagos, belonging to Roygate Properties.

The court also ruled that Bi-Courtney’s bank accounts should be frozen immediately and the banks are to disclose all account balances to AMCON.

However the court has mandated Olisa Agbakoba, a former president of the Nigerian Bar Association, NBA to facilitate the recovery process of the companies’ assets and enforce the liability of individual shareholders and directors. The senior advocate would also manage the companies’ affairs to ensure that the debt owed AMCON is paid back in due course.