Duke begs court over N537 m debt, pledges repayment in 12 hours
A former Cross River State Governor Donald Duke yesterday told a Federal High Court in Lagos that he would pay his N537,334,360.77 debt to Asset Management Corporation of Nigeria (AMCON) in less than 12 hours.
Duke, through his counsel, Mr. Edoigiawerie Omoruyi, told Justice Nicholas Oweibo that he had approached AMCON with a promise to liquidate the debt before the end of yesterday, September 2, 2019.
He prayed for an adjournment to enable him settle the case out of court.
AMCON had on August 8, 2019 through its counsel, Juliet Reeds, obtained the court’s order to take interim possession of Duke’s Ikoyi home.
The court also authorised AMCON and United Bank for Africa (UBA) to, in the interim, take possession of funds in the accounts of Duke and others in any bank.
The judge made the order pursuant to AMCON and UBA’s August 8, 2019 ex-parte application marked FHC/L/CS/1373/2019.
When proceedings resumed yesterday at about 2:00 p.m., Omoruyi said Duke was willing to liquidate the debt before yesterday’s midnight deadline for repayment of the loan.
AMCON’s counsel, Mr. Austin Erhabor of Benson Reeds Legal Practitioners, who confirmed that Duke approached the corporation with a pledge to pay the debt before the expiration of midnight, said: “In the spirit of trust and fairness, we will concede to an adjournment to enable us finalise the possible settlement.”
Justice Oweibo, therefore, upheld Duke’s prayer and adjourned till September 11, 2019 for a report of settlement.
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