N537m Debt: Duke Seeks Out-Of-Court Settlement With AMCON

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Donald Duke, a former Governor of Cross River State, has approached the Asset Management Corporation of Nigeria (AMCON), over an out-of-court settlement in respect of an alleged debt of N537,334,360.77.

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Edoigiawerie Omoruyi, his lawyer, said this at the Federal High Court in Lagos on Monday. He prayed Justice Nicholas Oweibo to allow both parties enter into negotiations. 

Austin Erhabor, counsel to AMCON, agreed and asked for an adjournment, which was granted by Oweibo. 

He adjourned the case till September 11, 2019 for report of settlement. 

AMCON and the United Bank for Africa had, on August 8, 2019, obtained a court order to take over Duke’s house in Ikoyi over the alleged debt.

Listed as respondents on the application were Stonehedge Investment Limited, Donald Duke and Owanari Bob-Manuel Duke.

The applicants had prayed the court for “an order of interim attachment, possession and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

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They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”

Also, AMCON prayed the court to grant an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act, 2010.”

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