N300bn Suit Against AMCON Not Dismissed – Bi-Courtney

Wale Babalakin

Bi-Courtney Consortium says the N300bn suit it brought against the Assets Management Corporation of Nigeria has not been dismissed by the court.

The company, in a reaction to media reports that the case had been dismissed by the Federal High Court sitting in Lagos, described the claim as erroneous.

According to the company, owned by Dr. Wale Babalakin, the reports are a distortion of facts.

“A judgment delivered on May 3, 2016 was suddenly moulded into ‘breaking news’ in some print and online media in mid-August. It is not a new case, it is not a new judgment,” the company said in a statement.

“The issue of whether AMCON was liable to pay damages to Bi-Courtney was never determined by the court. For the avoidance of doubt, the parties to the case had indeed entered into an out-of-court settlement as set out in an offer letter by AMCON, dated May 7, 2014. It was on account of the non-production of the said letter in court that Hon. Justice M. B. Idris dismissed the suit. We have filed a notice of appeal and we will have our day in court,” the statement added.

Bi-Courtney said that as the claimant, it had sought a number of reliefs against AMCON as the defendant.

The statement read in part, “The first relief (Relief 1) sought ‘A declaration that as of the 22nd of September 2014, the defendant’s offer letter dated 7th May, 2014, cannot create a new cause of action.’

“The ‘new cause of action’ referred being an ex-parte order granted on September 22, 2014 (Suit no. FHC/LCS/1361/2014) which prevented Dr. Babalakin from drawing from his bank accounts, with the resultant damage to his reputation and businesses.

“Among other reliefs, Bi-Courtney sought an award of general, aggravated and exemplary damages totaling N300bn – which the company insists were never determined by the court.”

According to the company, the court did not determine its N300bn claim for damages, and reports to the contrary are inaccurate and lacking in credibility.

“We urge members of the press to check all available facts and seek clarification from us in future, before rushing to publish outdated and lopsided reports,” it added.

Bi-Courtney stated that N10,000 was awarded as ‘punitive damages’ in favour of AMCON but that, did not represent a victory for the assets management corporation.

“Members of the public are discerning enough to reach their own conclusions about the N10, 000 damages, which is symbolic at best,” the statement added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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