A day after the Asset Management Corporation of Nigeria sued the widow of former governor Agagu of Ondo State over an alleged unpaid loan, it has agreed to release to a house it wanted to take over from former Governor Donald Duke of Cross river State.
A Federal High Court in Lagos has discharged its August 8, 2019 order, which empowered AMCON to take over the Ikoyi property, 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.
According to ‘The Punch’, 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.
