Babatunde Folawiyo’s assets seized by AMCON over N728 million debt

babatunde folawiyos assets seized by amcon over n728 million debt
babatunde folawiyos assets seized by amcon over n728 million debt

Due to an outstanding N727.9 million debt, a Federal High Court in Lagos State has authorised the Asset Management Corporation of Nigeria (AMCON) to seize the wealthy assets of billionaire Tijani Babatunde Folawiyo.

The court order followed a petition that the law office of Seun Omotoba submitted to the court.

Barrister Amobi Agu had urged the court to grant the following request in a written address that she had submitted in support of the application:

“An order of the Honourable Court, granting leave to the Applicant to take interim possession of the property of the Respondent pending final determination of this suit;

“An order of the Honourable Court compelling the Respondent, his agents, servants and creditors to deliver to the Applicant possession of all his assets, bank accounts or any other asset wherever located in satisfaction of the Judgment of the Honourable Court delivered by Honourable Justice Ibrahim Buba in Suit No: FHC/L/CS/207/17 dated the 30th Day of October 2017 with accruing interest.

“An order of the Honourable Court compelling the Director-General of the Securities and Exchange Commission of Nigeria (SEC) other subordinates jointly and severally attached to him, and under his authority, control and/or supervision to assist the Applicant in securing and/or preserving the shares listed in the name of the Respondent on the floor of the Nigerian Stock Exchange.

“An order of the Honourable Court freezing the Bank accounts of the Respondent maintained with the following banks: Access Bank Plc, Citibank of Nigeria Limited; Diamond Bank Nigeria Plc; Ecobank Nigeria Limited; Enterprise Bank Limited; Fidelity Bank Plc; First Bank of Nigeria Limited, First City Monument Bank Plc, Guaranty Trust Bank Plc, Keystone Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria Plc, Sterling Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Wema Bank Plc and Zenith Bank Plc.

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“An order of the Honourable Court granting leave to the Applicant to take interim possession of the property of the Respondent at Block 138, plot 13, Tunde Joda Drive, Lekki Phase 1, Lagos State all of which belongs to the Respondent/debtor pending final determination of this suit. And for such further order or other orders as this Honourable Court may deem fit to make in the circumstances.”

After hearing the submission and written address submitted before the court by Barrister Amobi Agu, the presiding Judge Lewis Allagoa approved the orders requested.

The lawsuit was further postponed until May 16, 2022.

It was alleged in an affidavit in support of motion papers filed before the court by Seun Omotoba that by a letter dated February 5, 2004, Spring Bank offered Companies de Logistic Nigeria Limited a credit facility of N250 million for duty payment/clearing cost for blue-chip companies, door-to-door logistics, and financing of confirmed/unconfirmed imports.

The court granted the reliefs requested by AMCON in the motion on notice on October 30, 2017, and it entered judgement in AMCON’s favour against the respondents for the amount of N522,464,978.66, plus 23% annual interest from the date the case was filed until the judgement was delivered and 10% annual interest thereafter until the debt was fully paid off.

When the interest component is added to the judgement sum, the outstanding judgement amount delivered by the court on October 30, 2017, which represents the judgement sum owing from Folawiyo to AMCON as of February 2020, is N=727, 967,870.03.

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