You are the ones owing me N132 Billion – Wale Babalakin Accuses Federal Government


The chairman of Bi-Courtney Limited, Dr Wale Babalakin has denied owing the Asset Management Corporation (AMCON) N13.5 billion. And, in what seems like a role reversal situation, Babalakin, has claimed that it was, in fact, the government that owes his company N132.5 billion.

Babalakin held a press conference on the premises of the property at 43A Afribank Street, Victoria Island which AMCON claimed it had sealed off over the said debt. This was to further confirm his claims. It will be recalled that AMCON claimed it had taken over a property belonging to the company, on Victoria Island, Lagos, due to the alleged indebtedness, on the strength of an alleged ex parte order it obtained from a federal high court in Lagos.

meanwhile, describing the action as a “monumental fraud and executive recklessness,” Babalakin said it had concluded arrangement to sue AMCON for a sum of N50billion for the damages its actions had caused the company.

According to him “AMCON is fully aware of the facts of this case and it is party to it through GTBank, yet, surreptitiously obtained an ex parte order from the Federal High Court to take over the premises without discussing the issues… For the avoidance of doubt, we are not indebted to AMCON or any federal agency. On the contrary, we have a judgement credit of N132 billion in our favour. The courts have directed that if we owe any debt to the Federal Government, it should be deducted from this amount of money.”