The Federal High Court in Lagos has discharged its August 8,
2019 order, which empowered the Asset Management Corporation of
Nigeria to take over an Ikoyi property of a former governor of
Cross River State, Mr Donald Duke, over an alleged debt of
N537,334,360.77.
Justice Nicholas Oweibo discharged the takeover order on
Wednesday after the parties presented him with their terms of
settlement of the case.
The parties had on September 2 told the judge that they were
exploring an out-of-court settlement and pleaded for an adjournment
to enable them to conclude settlement talks.
When they returned to court on Wednesday, AMCON’s lawyer, Juliet
Benson, told Justice Oweibo that Duke had met the terms of
settlement agreed upon by the parties.
Duke’s lawyer, Edoigiawerie Uyi, said his client had shown good
faith by paying over N350m.
The two lawyers urged the judge to adopt the terms of
settlements agreed upon by their clients as the judgment of the
court in the case.
Justice Oweibo, in a short ruling, granted their prayers and
discharged the August 8 takeover order.
AMCON and the United Bank for Africa had on August 8, 2019,
obtained the takeover order from Justice Chuka Obiozor following an
ex parte application, marked FHC/L/CS/1373/2019.
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