AMCON Ordered To Pay Capital Oil N26.5b
By Ebitonye Akpodigha
The Asset Management Corporation of Nigeria (AMCON) has been directed by a Federal High Court sitting in Abuja to pay Capital Oil and Gas Industry Limited the sum of N26.5 billion as contained in a consent judgment delivered in 2013.
The ruling was given on Thursday.
Justice Abdul Kafarati, in his judgment, held that the court has powers to enforce its judgment or that of any lower courts in the country.
“An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay the plaintiff’s trade creditors.
“I also grant an order compelling the defendant to comply with the consent judgment and to make the additional sum of N10.5 billion available to the plaintiff.
“This money is the payment of sundry creditors who continue to threaten the plaintiff’s business,” Justice Kafarati held.
He also restrained AMCON from exercising any powers over Capital Oil and Gas Limited and its assets.
Capital Oil and Gas Industry Limited had approached the court to decide whether having regards to the consent judgment, AMCON was not under obligation to restructure its debt.
The company also asked the court to decide whether the actions of the defendant and agreements reached by parties since the consent judgment did not constitute a waiver of the requirement for compliance.