A former governor of Cross River State, Donald Duke, on Monday has pleaded with a Federal High Court in Ikoyi, Lagos, for an out-of-court settlement w
A former governor of Cross River State, Donald Duke, on Monday has pleaded with a Federal High Court in Ikoyi, Lagos, for an out-of-court settlement with the Asset Management Corporation of Nigeria to allow him pay the sum of N537,334,360.77 debt he owes. The court had on August 8, granted an ex-parte ordered to Asset Management Corporation of Nigeria, AMCON and United Bank for Africa to take over a Lagos property of Duke over the alleged debt in suit no FHC/L/CS/1373/2019.
AMCON, through its counsel, Juliet Reeds, approached the court to take possession of Duke’ property situated in Ikoyi over his refusal to pay his debts.
During the court hearing on Monday, a lawyer, who appeared for Duke, Edoigiawerie Omoruyi, informed Justice Nicolas Oweibo, the presiding judge, that his client had approached AMCON to have the case settle out of court. He said, “We have promised to pay the debt today September 2.”
Counsel to AMCON, Austin Erhabor, confirmed that they had been approached for an amicable settlement to pay the debt. He said, “In the spirit of trust and fairness, we will concede to an adjournment to enable us finalise the possible settlement.”
Justice Oweibo, after listening to both parties, adjourned the case to September 11, for report on settlement.
Recall that on August 8th, AMCON and UBA, prayed the court for an order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos. They averred that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”
They urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the AMCON Act 2010 (as amended).”
They also prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”
The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.
