Home News Court awards Babalakin N3b in battle with AMCON, First Bank over Federal Secretariat

Court awards Babalakin N3b in battle with AMCON, First Bank over Federal Secretariat

by Armada News
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Billionaire businessman, Dr. Wale Babalakin, became N3 billion richer on Wednesday after defeating the Asset Management Corporation of Nigeria (AMCON) in a long-drawn legal battle to take ovèr the Federal Secretariat Complex in Ikoyi.

NewsmakersNG reports that the case, which has been before Justice Ibrahim Buba of the Federal High Court, in Lagos, since 2012, was decided in favour of Babalakin as the Court answered all his prayers and ordered AMCON to pay N3 billion for damages caused by publishing his name in THISDAY as a debtor.

Babalakin and his company, Resort International Limited sued AMCON and the Attorney General of the Federation demanding compensation over a libelous publication that listed him as a debtor.

The outcome of the case might spell more trouble for AMCON, an agency of the Federal Government of Nigeria (FGN) and a statutory corporation created pursuant to the Asset Management Corporation of Nigeria Act, 2010, to stabilize, revive and re-vitalize the Nigerian financial system by absorbing and managing non-performing loan assets of banks, operating within the Nigerian economy, and their underlining security.

Details of the case marked: SUIT NO. FHC/L/CS/1296/2012 coming shortly.

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