A Federal High Court
in Abuja on Thursday ordered the Asset Management Corporation of Nigeria
(AMCON) to pay Capital Oil and Gas Limited N26 billion in compliance with
agreed terms which the court adopted as a consent judgment in 2013.
Justice Adamu
Kafarati, in a judgment, said AMCON was morally and legally obliged to perform
its responsibilities under the consent judgment issued by the court in a suit
marked: FHC/ABJ/CS/ 714/2012 between AMCON (as plaintiff) and Capital Oil (as
2nd defendant).
The judgement was on
a suit marked: FHC/ABJ/CS/514/2015 filed against AMCON by Capital Oil to
enforce the consent judgment of 2013 which ended the dispute between them over
the oil company’s indebtedness to some financial institution, which AMCON took
over.
AMCON was required,
under the consent judgment) to restructure Capital Oil’s debt and provide it
N16 billion as Trade Finance Facility to revamp its business and to pay its
trade creditors.
It was also required
to make the sum of N10. 590 billion available to Capital Oil for payment to
sundry creditors threatening its business.
On its part, Capital
Oil was required to transfer assets worth N78.55 billion to AMCON to qualify
for the over N26 billion payment by the Corporation.
Justice Kafarati,
said he was convinced form evidence before the court that Capital Oil fulfilled
its obligation under the consent judgement by fully transferring assets worth
N78.55 billion to AMCON.
Thenation
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