A former president of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), has been appointed as receiver over the assets of Bi-Courtney Limited, Dr.Wale Babalakin (SAN) and three others.
The appointment is on the strength of a motion without notice of September 22 granted by the Federal High Court in Lagos between Asset Management Corporation of Nigeria (AMCON), Bi-Courtney and three others.
Four days later, however, Bi-Courtney obtained from another Federal High Court, Lagos,an interim injunction restraining AMCON, Agbakoba and the law enforcement agencies from “commencing, taking and/or continuing any steps or actions to appoint a receiver over,or in any manner howsoever take-over or interfere with the operation and/or control of the MMA2” pending the determination of the substantive suit on the matter. In the AMCON motion, Agbakoba was also appointed receiver over the assets of Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.
Bi-Courtney owns the Murtala Muhammad Airport 2 (MMA 2) Ikeja, pursuant to a concession agreement with the Federal Government.
The Old Federal Secretariat building in Ikoyi Lagos belongs to Roygate Properties on account of a separate concession agreement between Roygate and the Federal Government.
AMCON, through Agbakoba, had applied to the court for orders of possession and receivership over the assets due to the companies’ alleged failure to pay a cumulative debt of about N50 billion owed it.
Babalakin is said to have interest in the companies.
In a statement, Agbakoba said his appointment was by a court order made by Justice Okon Abang on September 22.
The appointment, he said, is “to realise 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 AMCON.”
He warned the public against dealing with the companies except through him.
“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,” he said.
Agbakoba also notified all commercial banks of the court order, saying the companies’ accounts remain frozen until the case is determined.
“The banks are hereby directed not to deal with any of the officers of the above stated companies in relation to operating the companies’ bank accounts in whatever form or description without my authority or reference,” he said.
According to him, the court also made an order restraining the banks from allowing the companies operate the bank accounts.
The order, he said, is to subsist until the substantive suit is determined.
“The Federal High Court has ordered that the banks shall file and serve on Olisa 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,” Agbakoba added.
In the counter order,the court directed the defendants particularly AMCON “either by themselves or through their agents, officers, privies, proxies, assigns, receivers, solicitors or otherwise howsoever, from commencing, taking and/or continuing any administration or extra judicial steps or actions to seize, freeze, take-over, encumber, undermineand/or interfere with, in any manner whatsoeverthe assests, bank accounts, business and operations of the applicants and related antities pending the hearing and determination of motion on notice for interlocutory injunction.”
Joined as defendants in the suit are the Attorney Generl of the Federation, AMCON and the Federal Airports Authority of Nigeria (FAAN).
