The Assets Management Company of Nigeria, AMCON, has appealed against an order granted by Justice Ibrahim Buba of the Federal High Court in Lagos, discharging an earlier order of his brother judge, Justice Okon Abang, which empowered the agency to take over assets of Bi-Courtney Group, operators of Murtala Mohammed International Airport, Terminal 2, Ikeja, Lagos.
AMCON is asking the Court of Appeal in Lagos to nullify the orders made by Justice Buba setting aside the orders of Justice Abang.
Justice Buba had on Monday, in a ruling, vacated an order made by Justice Abang empowering AMCON to take over the assets of Bi-Courtney Group owned by Dr Wale Babalakin, SAN, over an agreed N50 billion debt.
In the order granted in favour of AMCON, Justice Abang had also approved the appointment of a former President of the Nigerian Bar Association, NBA, Dr Olisa Agbakoba, SAN, as the receiver/manager over Bi-Courtney assets, including that of Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.
But Justice Buba vacated Justice Abang’s orders, saying that the orders were made in the face of previous orders and suits in respect of the subject matter, hence the orders amounted to abuse of court process.
Dissatisfied with Justice Buba’s action, AMCON, through its lawyer, Agbakoba, filed a notice of appeal, arguing that Justice Buba erred in law and misdirected himself when he heard and granted the oral application of lawyers to the Bi-Courtney Group to vacate the receivership, possession and freezing orders made by Justice Abang on September 22, 2014 without such application being fixed for hearing.