Nigeria: N13.5 Billion Debt - Amcon, Babalakin Explore Out-of-Court Settlement

20 February 2013

Roygate Property Ltd (owned by businessman lawyer, Wale Babalakin) and the Asset Management Corporation of Nigeria, AMCON, have commenced talks aimed at ensuring an out-of-court settlement between them over N13.5 billion debt allegedly owed by Roygate.

Officials of the Federal High Court, Lagos had, in execution of an order by Justice Chukwujekwu Aneke of the court sealed off a property located on 43A, Afribank Street, Victoria Island on February 8.

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