Justice Ibrahim Buba of the Federal High Court, Lagos on Monday vacated an order appointing Mr. Olisa Agbakoba, SAN, as receiver over the assets of Bi-Courtney Limited, its chairman Chief Wale Babalakin (SAN) and three others.
The others are: Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.
The Murtala Muhammad Airport 2 (MMA 2) is owned by Bi-Courtney pursuant to a concession agreement with the Federal Government.
Justice Buba said the order made by another judge, Justice Okon Abang, was in error.
Recall that Agbakoba had in a statement last week claimed that Justice Abang gave AMCON an interim order to take over the management of the companies and their bank accounts.
He had further stated that he had been appointed as the manager of the assets being the lawyer to AMCON.
But Bi-Courtney in a counter-statement, alleged that the said interim order was fraudulently and unlawfully obtained.
The company alleged that while seeking the order, AMCON had knowingly concealed the ruling of the Federal High Court, which restrained the corporation from interfering with the operations and finances of Bi-Courtney Limited and the others.
Supporting Bi-Courtney’s argument, Justice Buba held that the order should not have been made when there were related cases on the same issue before him.
He also affirmed that the whole facts were not presented before Justice Abang prior to the interim order he gave for the takeover of Bi-Courtney’s assets by AMCON.
Saying his “brother judge” was misled, Justice Buba declared Agbakoba’s appointment null and void and adjourned hearing on the substantive suit.