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N1.8 Billion debt: Court endorses AMCON, Kola Abiola, two others’ terms of settlement.

N1.8 Billion debt: Court endorses AMCON, Kola Abiola, two others’ terms of settlement.

A Federal High Court in Ikoyi, Lagos, has endorsed terms of settlement filed before it by Asset Management Corporation of Nigeria AMCON, and the Alhaji Abdulateef Kolawole Abiola, son of M. K. O. Abiola the acclaimed winner of June 12, 1993.presidential election, his company 35 Oil and Gas Nigeria Limited, and Dr. Zulikat Wuraola Abiola.
What led to the consent judgment was as a result of debt recovery suit of N1,891,532,469.21 filed against, the defendants,35 Oil & Gas Nigeria Limited, Mr Abdulateef Kolawole Abiola, Dr Zulikat Wuraola Abiola and one Mr Tajudeen Olawale Jinadu.
The court in its ruling dated 17th day of June 2019, predicated on an application filed and argued before the court granted an order directing 19 commercial banks in Nigeria named in the application filed before the court to freeze the accounts of the defendants to the sum of N1,891,532,469.21 pending the final determination of the suit.
The court also directed all the financial institutions within the jurisdiction of the court particularly those named in the application filed before the court to produce and furnish the statement accounts of the defendants stating the total sum standing to their credit within seven days of the service of the ruling of the court on them .
The interim forfeiture of the interest of the defendants in:
I. 35 Oil&Gas Nigeria Limited.
ii Crittal -Hope Nigeria Ltd.
iii. Banusho Fishery Ltd.
iv. Beta Glass Plc.
v. Management Transformation Ltd.

An order of Interim possession to the claimant of the following property of Mr Tajudeen Olawale Jinadu situate at :
Plot 211E, Block 13,Amuwo Odofin

• Area of Lagos State
• Plot 28, Block29, Ipaja New Town Residential Scheme, Alimosho Local Government Area of Lagos State.
• Property situate along Ijaye Street, off Idimu Road, Oduwole, Alimosho Local Government Area of Lagos State.
• Property Situate at Babs Adepegba Close, Fagba, Iju Road, Ifako Ijaye Area of Lagos State.
• Property Situate aty 5, Akintan Street Street, Dideolu Estate Ogba Lagos State.
In a related development, the court in its ruling dated the 5th of July 2019 predicated on application filed before the court by AMCON, also granted an order of substituted service to serve the defendants the court process through the front desk staff or administrative staff of 35 Oil & Gas Nigeria Limited in its office at 7and 8 Udi Street, Foreshore, Osborne, Ikoyi, Lagos.
Subsequently the case was adjourned to 10th of July, 2019, for argument of Mr Tajudeen Olawale Jinadu for an order setting aside the interim order made by the court on17th of June, 2019.
The court in its ruling dated 10th of July 2019, predicated on the said application filed by Mr Tajudeen Olawale Jinadu granted an order setting aside the order granted against Mr Tajudeen Olawale Jinadu and struck out his name from the suit.
Thereafter Terms of settlement was filed before the court, urging the court to endorse it as their consent judgment.
In the terms of Judgment, The parties, that are AMCON, 35 Oil & Gas Nigeria Limited Mr Abdulateef Kolawole Abiola, and Dr. Zulikat Wuraola Abiola respectively agree to the complete full and final settlement of the AMCON claim against the aforementioned Defendants on the following terms.
The defendants shall pay a concessionary sum of N373,620,518.42k in full and final settlement of AMCON against the defendants.
Upon the execution of this terms of settlement between the parties and upon entering same as the consent judgment in this matter, the defendants shall made immediate good faith payment of a sum of N73,620,518.42k which said sum already paid by the defendants.
The restructured balance of N300million of the settlement amount of N373,620,518.42k shall be paid in six calendar months in the monthly installment of N50million, effective date for repayment of the restructured amount shall be from 18th July 2019 through 17th December 2019.
Upon acceptance of the terms of this settlement, the defendants waives their right to contest the debt and charges thereon with either Unity Bank Plc, Keystone Bank Ltd or AMCON in this matter.
All the concession granted under the terms of settlement shall be revoked by AMCON if the defendants default.
The presiding Judge, Professor Chuka Obiozor has endorsed the terms of settlement as consent judgment.

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