Alleged debt: Court clears Okonjo of N168m indebtedness to AMCON

Justice Daniel Osiagor of the Federal High Court, Lagos, has formally discharged the Managing Director of PC Outlet Limited Company, Mr Onyema Okonjo from any outstanding debt obligations to the Asset Management Corporation of Nigeria (AMCON).

The ruling of the court followed a letter from AMCON, marked AMC/ABJ/ERM/22/962/MU/47007, titled Letter of Non-Indebtedness” jointly signed by its Head, Enterprise Risk Management, Matthew Coker, and the Group Head Enforcement, Joshua Ikioda.

The document confirmed that neither Mr Okonjo nor PC Outlet Ltd had any debts owed to AMCON. Following the submission of this letter, which was corroborated in court by AMCON’s legal representative, Mr. Francis Oloruntoba, Justice Osiagor issued a full discharge of Okonjo from all liabilities.

Furthermore, the court ordered the return of all securities, including properties located in the Lekki Peninsula, to Mr Okonjo. Before this ruling, Justice Osiagor had granted a freezing order that attached the bank accounts of PC Outlet Limited directors, which included Okonjo, Mr Kenneth Njoku, and Mr. Ernest Awulonu based on a purported N168million indebtedness and accrued interest.

The court had also placed an attachment order on a property situated at Plot 18, Block 130, Lekki Peninsula Residential Scheme, which had been pledged as security through a third-party legal mortgage for a facility granted to PC Outlet Ltd.