Amcon Ordered to Pay Capital Oil N26 Billion

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Asset Management Corporation of Nigeria (AMCON) has been ordered to pay Capital Oil and Gas Limited the sum of N26bn as contained in the consent judgment delivered by a Federal High Court.

Justice Abdul Kafarati of the Federal High Court sitting in Abuja gave this order yesterday saying the court has powers 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, its assets and also from processing any assignment and transfer amongst others. He condemned the attempt 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 were granted. The orders were: “An order compelling the defendant (AMCON) to comply with obligations to restructure the plaintiff’s debt and to provide Trade Finance Facility in the sum of N16 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 the additional sum of N10.59 billion available to the plaintiff for the payment of sundry creditors who continue to threaten the plaintiff’s business,” among others.

Counsel to Capital Oil, Ajibola Oluyede while fielding questions from journalists described the verdict as a “landmark decision”, urging AMCON to adhere to the position of the court by living up to its statutory billing in providing the needed support for businesses to flourish.

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Source: Punch

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