More troubles for Babalakin as AMCON confiscates property over N13.5b debt

Wale Babalakin

The embattled Chairman of Bi-Courtney Group of Companies, Wale Babalakin, is set to lose a string of property in Lagos and Port Harcourt as a Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) to confiscate them over a N13.5 billion debt.

Last Friday, court bailiffs and policemen who had gone to seal a high rise property on 43A, Afribank Street, Victoria island, Lagos were asked to vacate the property due to a clerical error in the court order.

 The property was erroneously thought to have been owned by one of Mr. Babalakin’s company, Roygate Properties Limited.

Justice Chukwujekwu Aneke granted AMCON “interim possession of the property at 43A Afribank Street,” following a tripartite legal mortgage registered on October 14, 2010 between Roygate (the borrower), Stabilini Visioni Limited (surety/mortgagor) and Guaranty Trust Bank (the lender).

The court also restrained Roygate, its directors, subsidiaries and sister companies from transferring or dealing with any of its funds in 20 banks listed in the application, or anywhere else up to the N13.5 billion allegedly owed by the company.

The court also ordered AMCON to take possession of two property at Plots 270 and 273, Trans Amadi Layout, Port Harcourt, Rivers State owned by Mr. Babalakin.

AMCON said it will approach the court on Tuesday to correct the error. Meanwhile, the corporation has set February 19 as the date it is planning to return to the actual property.

Mr. Babalakin, who is a senior lawyer, is also facing trial a N4.7 billion money laundering trial. He was recently granted bail on personal recognition.


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