Nigeria: Judge Declines Application to Hear Debt Recovery Case

17 September 2020

The vacation judge at the Federal High Court in Lagos, Justice Nicholas Oweibo, yesterday refused an application seeking an urgent hearing in the debt recovery case filed by Assets Management Corporation of Nigeria against Everest Nominees Limited and Dr Bolaji Ogundare.

Justice Oweibo directed the parties to return on October 13 when the court would have returned from its annual vacation.

The move for urgent hearing in the matter was aimed at lifting parts of a July 1, 2020 order of Justice Mohammed Liman of the same court, empowering AMCON to take over assets of Everest Nominees Limited over the firm's alleged indebtedness.

Justice Liman's interlocutory gave interim possession of the firm's assets to AMCON's appointed receiver/manager, Mr Kunle Ogunba (SAN).

The judge ordered AMCON to take over several Oil Mining and Oil Prospecting Licences, such as OML 147, OML 152 and OML 98, belonging to Everest Nominees Limited.

The corporation was also empowered to take over several properties belonging to the firm in Lagos.

Some of such properties are 33B, Adebayo Doherty Street, Lekki Phase I; FF Towers at Plot 13/14 Ligali Ayorinde Avenue, Victoria Island; No. 8, Modupe Alakija Crescent, Ikoyi; Grand Villa at No. 10/12, Modupe Alakija Crescent, Ikoyi; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island; Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island.

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