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N537m: Donald Duke Considering Out-Of-Court Talk With AMCON Over Seized Property

N537m Debt: Donald Duke Considering Out-Of-Court Talks With AMCON Over Seized Property

governor of Cross River State, Donald Duke, is considering out-of-court
settlement with the Asset Management Corporation of Nigeria (AMCON)
over the seizure of his property for N537 million debt.

Mr Duke’s counsel, Edoigiawerie Omoruyi, told the Federal High Court in Lagos on Monday that his client had met with AMCON.

Mr Omoruyi prayed Justice Nicholas Oweibo to grant the parties leave to hold talks out of court.

Counsel to AMCON, Austin Erhabor, agreed with the request.

Justice Oweibo consequently adjourned till September 11 for report of settlement.

Chuka Obiozor, in a judgement delivered on August 8, had authorised the
United Bank for Africa (UBA) and AMCON to take over funds in Duke’s
accounts in any bank in the interim.

The order followed an ex-parte application by UBA and AMCON.

The applicants also included Stonehedge Investment Limited and Duke’s wife, Owanari, as first and third defendants in the suit.

had asked the court for possession and custody of the property at No 3,
Temple Road, Ikoyi in Lagos, which it claimed was listed as collateral
for the first respondent’s debt “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).”

It also asked the
court for an interim injunction to takeover 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 ordered AMCON and UBA to ensure
service of substantive originating processes on the respondents within
20 days of the making of the order.

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Last Updated: September 3, 2019

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