Court orders AMCON take over Babatunde Folawiyo’s assets

Court orders AMCON take over Babatunde Folawiyo's assets

Tijani Babatunde Folawiyo
Akin Kuponiyi

A Federal high court sitting in Lagos on Thursday granted an order for AMCON to take over the assets of a Lagos businessman Tijani Babatunde Folawiyo.

The asset seizure was ordered based on Falawiyo’s unpaid debt of N727.9 million.

The order of the court was sequel to an application filed before the court 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 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 30 October, 2017, with accruing interest. Other reliefs sought are:

*An order compelling the Director General of the Securities and Exchange Commission of Nigeria (SEC) other subordinates jointly and severally attached to him, and under his authority, control and/or supervision to assist the Applicant in securing and/or preserving the shares listed in the name of the Respondent on the floor of the Nigerian Stock Exchange.

*An order freezing the Bank accounts of the Respondent maintained with the following banks: Access Bank Plc, Citibank of Nigeria Limited; Diamond Bank Nigeria Plc; Ecobank Nigeria Limited; Enterprise Bank Limited; Fidelity Bank Plc; First Bank of Nigeria Limited, First City Monument Bank Plc, Guaranty Trust Bank Plc, Keystone Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria Plc, Sterling Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Wema Bank Plc and Zenith Bank Plc .

*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.

Justice Lewis Allagoa after listening to the submission granted the orders as prayed.
He thereafter adjourned the case till 16 May 2022.In an affidavit in support of motion papers, it was alleged that Spring Bank offered Companies de Logistic Nigeria Limited, a credit facility of N250 million for the purpose of Duty payment/clearing cost for blue-chip companies; Door-to-door logistics; and finance of confirmed/unconfirmed letters of credit for blue-chip companies based on irrevocable Local purchase orders LPO.Mr. Tijani Babatunde Folawiyo is a director […]

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