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Federal High Court Greenlights AMCON’s Sale of Abuja Properties Tied to BDC Operator

AMCON to take over property belonging to BDC operator

The Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, has ruled in favor of the Asset Management Corporation of Nigeria (AMCON) in a debt recovery case against BDC operator.

The court ordered the sale of properties linked to the BDC operator for its failure to repay a loan totaling N194.018 million to the defunct Platinum Habib Bank Plc.

According to Justice Tsoho’s judgment, loan defaulters have contributed to the failure of many banks over the years.

The case, with suit number FHC/ABJ/CS/ 889/16, saw AMCON’s counsels, Ehi Barnabas and Ekwere Nsikanabasi Esq, approaching the Abuja court seeking the sale of properties belonging to Farida Bureau de Change Limited due to its inability to repay loans granted by Platinum Habib Bank Plc.

AMCON argued that Farida Bureau de Change Limited and two others were indebted to the corporation in the sum of N194,017,765.89.

The debt arose from overdraft facilities offered by the bank on April 29, 2008, and July 29, 2008. The defense team, led by John Adam Okloho Esq, denied owing any money to the bank or AMCON, stating that there was no loan agreement between the parties.

In his judgment dated March 28, 2024, Justice Tsoho emphasized the importance of specificity in responding to claims made by the plaintiff.

He noted that evidence presented by AMCON showed that the defendants defaulted on their loan agreement with the bank. Therefore, the court granted AMCON’s prayers and ordered the sale of the properties linked to Farida Bureau de Change Limited.

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