N727m debt: Court orders AMCON to take over Babatunde Folawiyo’s assets

A Federal High Court in Lagos has granted an order for the Asset Management Corporation of Nigeria (AMCON) to take over the assets of a businessman Babatunde Folawiyo over unpaid debt of N727.9 million.

The court order followed an application filed by the law firm of Seun Omotoba.

The written address was moved by Amobi Agu, who urged the court to allow the interim forfeiture of Mr Folawiyo’s assets, pending final determination of the suit.

Agu also asked for an order to compel Folawiyo, his agents, servants and creditors to deliver to AMCON the possession of all his assets, bank accounts or any other asset wherever located in satisfaction of the judgment of Justice Ibrahim Buba made October 30, 2017, with accruing interest.

One of the reliefs sought is “an order granting leave to the Applicant to take interim possession of the property of the Respondent at Block 138, plot 13, Tunde Joda Drive, Lekki Phase 1, Lagos State, all of which belongs to the Respondent/debtor pending final determination of this suit.”

In an affidavit, it was alleged that Spring Bank offered Companies de Logistic Nigeria Limited, a company in which Folawiyo is a director, a credit facility of N250 million.

AMCON acquired the company’s loan when it took over Spring Bank and the loan had yet to be paid with interest.

Justice Lewis Allagoa adjourned the case till May 16, 2022.