Law News
Alleged N50bn debt: Bi-Courtney denies agreement with AMCON

Bi-Courtney Group, operators of Muritala Mohammed Airport, MM 2, Ikeja, Lagos, yesterday, said that it was not indebted to the Asset Management Corporation of Nigeria, AMCON, to the tune of N50 billion, as was claimed by the corporation.

Mr Tola Oshobi, Head of Litigation of Bi-Courtney, who addressed newsmen in Lagos on an agreement between the company and AMCON, insisted that the agreement never came into force because the conditions precedent were not met.

He said: “We have watched with bemusement, the hysteria with which AMCON and its counsel have repeatedly asserted in daily publications and press interviews that Bi-Courtney Limited and associated entities have signed an Offer Letter with AMCON, which constitutes an admission of liability to AMCON in the sum of N50 billion.

“The bad faith, insincerity, breach of trust and outright falsehoods underpinning these statements and publications are being presented to the courts and the appropriate statutory regulatory bodies for investigation, resolution and appropriate sanctions and remedies.

“While we firmly believe that the appropriate forum to address and resolve the dispute between Bi-Courtney and AMCON are the courts of the land and not the pages of newspapers, it is necessary to respond to these statements so that innocent members of the public are not unwittingly misled by these misrepresentations of facts, half truths and falsehoods.

“Apart from other extenuating facts and circumstances, well known to both AMCON and Bi-Courtney, as well as their respective counsel, which makes the purported Offer Letter non-binding, it suffices for the time being to state that the Offer Letter being bandied around by AMCON and its counsel has five conditions precedent set out at pages 3-5 of the letter.

“The question AMCON needs to answer is which, if any, of those conditions precedent have been fulfilled. Furthermore, there is an extant judgement of the Federal High Court which has determined that the Federal Government of Nigeria is indebted to Bi-Courtney in the sum of N132 billion.”

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