The Asset Management Corporation of Nigeria (AMCON) says companies linked to businessman, Wale Babalakin currently owed the Corporation over N60 billion.
The Chairman of Bi-Courtney Nigeria Limited, Wale Babalakin
AMCON’s lawyer, Olisa Agbakoba, who disclosed this at a press conference in Lagos, said Mr Babalakin’s insolvency arose due to the loans granted his companies by First Bank and Guaranteed Trust Bank (GTBank), which currently remain unpaid.
The AMCON lawyer presented documents at the press conference to buttress his claims. He advised Mr Babalakin to drop the litigation option and return to AMCON for negotiation.
"The most convenient way out of the dispute was for Babalakin to approach AMCON and seek the structuring of his debt," he said.
Mr Agbakoba queried the B-Courtney’s boss’ decision to repossess the property on 43A, Afribank Street, Victoria Island, which was shut last Friday by court bailiffs upon an ex-parte order made on February 5 by Justice Chukwujeckwu Aneke of the Federal High Court, Lagos.
He said, "He (Babalakin) got loans from First Bank and GTBank. He has not been able to service the loans. He is fighting a battle that he cannot win. He should come to AMCON for settlement. I challenge him today, if he comes to AMCON, we will be ready to welcome him. If he comes today, he will be shocked because of the terms he will get. AMCON is not out to kill businesses. Its aim is to help businesses resolve the problem created by debt".
He challenged Mr Babalakin to approach AMCON with evidence of his claim that the Federal Government owes him N132 billion by virtue of a March 3, 2009 judgment and other information.
"My advice for my friend, Babalakin is that he should pay his debt or come to AMCON and negotiate with these facts that he said he has. If this judgment is true, let him come to AMCON with it. Let him call me. I will take him to AMCON and the whole thing will be resolved. Others have done so before. So, he will not be the only one to ask for the restructuring of his loan," Mr Agbakoba said.
Mr Babalakin had on Monday said his company, Bi-Courtney is not indebted to AMCON or any Federal Agency, neither was its office property mortgaged to any bank. He had exhibited a court order dated the 5 April 2012 which shows that Bi-Courtney has a judgment credit of N132 billion in its favour, with the court directing that any debts to the federal government should be deducted from the amount.