The Bi-Courtney Limited Has refuted the claims that it is owing Asset Management Corporation of Nigeria (AMCON) N13.9 billion.

According to BCL's Chairman, Dr. Wale Babalakin (SAN), who addressed a press conference at the same premises purportedly taken over by AMCON, in Lagos yesterday, the Federal Government still has a debt of N132.5 billion to pay BCL.

The company's rebuttal followed reports by a section of the media, yesterday, in which AMCON claimed it had taken over a property belonging to the company, on Victoria Island, Lagos, in lieu of the purported indebtedness, following an ex parte order it obtained from a Federal High Court in Lagos.

Describing the action as a "monumental fraud and executive recklessness", Babalakin said it had concluded arrangement to sue AMCON for N50billion as minimal claims for the damages its actions had caused the company.

He added: "AMCON is fully aware of the facts of this case and it is party to it through GTBank, yet, surreptitiously obtained an ex parte order from the Federal High Court to take over the premises without discussing the issues.

"For the avoidance of doubt, we are not indebted to AMCON or any federal agency. On the contrary, we have a judgment credit of N132 billion in our favour. The courts have directed that if we owe any debt to the Federal Government, it should be deducted from this amount of money." The company said it relied on the judgment of the Abuja Division of the Federal High Court, delivered on April 5, 2012, which ordered the Attorney General of the Federation to compel the concerned agency of government to "immediately comply with the judgment of this honourable court by making without any further delay the payment of N132, 540, 580, 304.00 to the Plaintiff/Applicant (Bi-Courtney)."