Court Orders AMCON to Pay Capital Oil N26 Billion

64 views0

Court Orders AMCON to Pay Capital Oil N26 Billion

By

A Federal High Court sitting in Abuja, yesterday ordered the Asset Management Corporation of  Nigeria (AMCON) to pay Capital Oil and Gas Limited the sum of N26bn
Justice Abdul Kafarati

Justice Abdul Kafarati

The order was given by Justice Abdul Kafarati of the Federal High Court saying the court haspowers to enforce its judgment or the verdict of any lower court in the country.He also restrained AMCON from exercising any powers over Capital Oil and Gas Limited, itsassets and also from processing any assignment and transfer amongst others. He condemned theattempt by AMCON to ground the operations of Capital Oil and Gas Limited.According to the judgment, all orders of the court sought by the plaintiff in the matter weregranted. The orders were: "An order compelling the defendant (AMCON) to comply withobligations to restructure the plaintiff's debt and to provide Trade Finance Facility in the sum ofN16 billion for revamping of the plaintiff's business and to pay the plaintiff's trade creditors."An order compelling the defendant to comply with the consent judgment and to make theadditional sum of N10.59 billion available to the plaintiff for the payment of sundry creditorswho continue to threaten the plaintiff's business," among others.Counsel to Capital Oil, Ajibola Oluyede while fielding questions from journalists described theverdict as a "landmark decision", urging AMCON to adhere to the position of the court by livingup to its statutory billing in providing the needed support for businesses to flourish.

Discover more from NewsBreakers

Subscribe to get the latest posts sent to your email.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0
Previous
Next

Comments are closed.