The Asset Management Corporation of Nigeria, AMCOM, has lost in a legal battle for the control of the Federal Secretariat Complex, Ikoyi, Lagos, against a Senior Advocate of Nigeria (SAN) and businessman, Dr Wale Babalakin (SAN).
AMCON, in its bid to take-over the secretariat, had filed a debt recovery suit against the businessman in the Federal High Court, sitting in Lagos.
Delivering judgment on the case, the trial judge, Justice Ibrahim Buba, dismissed the case and in addition awarded N3billion damages against the Federal Government and AMCON in favour of Babalakin for the publishing his name in the national dailies on February 5, 2016 as a bank debtor.
The corporation had dragged Babalakin and Resort International Ltd, one of his companies, to court in November 2012, seeking an order for the repayment of the sum of N20.5 billion, comprising principal sum and accrued interest as at October 2011 on various loan facilities allegedly granted to the businessman and personally guaranteed by his company.
AMCON, in addition, wanted to be appointed as receivers over the business and assets of Resort International Ltd and Wale Babalakin for the purpose of managing same to fully realize the alleged judgment debt.
Babalakin and his company in a counter-claim, however, contended that they were not indebted to AMCON, but that a N4 billion facility offer to the company was an equity contribution wrongly classified as a loan

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