Skip to content

Calitown

News, Here, Everytime!

  • Home
  • News
    • Cross River News
  • Features
  • Community
  • Inspirational
  • Toggle search form
  • Meet Pastor Peter Inyang, The Man Of God Bringing The “Jesus Or Nothing” Crusade To Calabar! Cross River News
  • First Ugep Open Table Tennis Tournament Ends, Winners Carts Away Cash Prizes Community
  • UPCA Express Commitment To Communal Development Of Ugep Cross River News
  • First Ever Ugep Open Table Tennis Tournament Reaches Quarter Finals Cross River News
  • Casual Staff In The CRS Civil Service To Be Fully Engaged Cross River News
  • MY ROAD TO UGEP: A Pilgrimage Of Laughter & Lament Community
  • Akamkpa Community Youths Burn Down Residence Of Village Head, Two Suspected Dead Cross River News
  • See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre Cross River News

Donald Duke Cuts Deal With AMCON, UBA To Save Ikoyi Property

Posted on September 3, 2019 By Admin No Comments on Donald Duke Cuts Deal With AMCON, UBA To Save Ikoyi Property
Donald Duke

Former Cross River State governor Donald Duke yesterday, Monday, told a Federal High Court in Lagos that his N537, 334,360.77 debt to Asset Management Corporation of Nigeria, AMCON, will be sorted out in less than 12 hours.

Edoigiawerie Omoruyi, Duke’s counsel, told Justice Nicholas Oweibo that he had approached AMCON with a promise to liquidate the debt before the end of September 2, 2019 and prayed for an adjournment to enable him settle the case out of court. When proceedings resumed yesterday at about 2pm, Omoruyi said Duke was willing to liquidate the debt before yesterday’s midnight deadline for repayment of the loan.

Juliet Reeds, AMCON’s counsel, had on August 8, 2019, on the instructions of AMCON, obtained the court’s order to take interim possession of Duke’s Ikoyi home located at No. 3, Temple Road, Ikoyi, Lagos and also authorised AMCON and United Bank for Africa, UBA, to take possession of funds in the accounts of Duke and others in any bank, in the interim. This order was made pursuant to AMCON and UBA’s August 8, 2019 ex parte application, marked, FHC/L/CS/1373/2019.

AMCON and UBA listed Stonehedge Investment Ltd, Duke and his wife, Owanari Bob-Manuel Duke, as first to third defendants in the suit.

AMCON’s legal representatives, Benson Reeds Legal Practitioners, confirmed that Duke approached the corporation with a pledge to pay the debt before the expiration of midnight yesterday. “In the spirit of trust and fairness, we will concede to an adjournment to enable us finalise the possible settlement”, their statement revealed.

Justice Oweibo upheld Duke’s prayer and adjourned till September 11, for a report of settlement.

Securitymen and AMCON staff at the property.

AMCON and UBA, on August 8` prayed the court for “an order of interim attachment, possession and custody of the property” and further averred that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.” They urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the AMCON Act 2010 (as amended).”

They also prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.

NAN

Share this post:

Share on X (Twitter) Share on Facebook Share on Pinterest Share on LinkedIn Share on Email Share on WhatsApp Share on Telegram
Cross River News, News Tags:AMCON, Donald Duke, Ikoyi Property, UBA

Post navigation

Previous Post: “If A Woman Does Not Know Herself … How Can She Help Her Husband Grow?”
Next Post: CR: Ayade To Hold 18 Meetings For Last Batch Of Appointments

Related Posts

  • ITM, Ugep Congratulates CRS Governor-Elect On Victory At The Polls Cross River News
  • STOP PRESS! News
  • Four Projects Gulp CR’s N38.07 Billion News
  • Catholic NGO Donates 1,450 Stoves To CR Community Cross River News
  • De Norsemen Kclub Holds Converge In Ugep Cross River News
  • Anthony Ukpo, Former Rivers State Military Gov. Passes On News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Comments

  • Michael on See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre
  • Charity Obia on See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre
  • Elder Emmanuel Imom on Obono-Obla: “No, I Didn’t Take Any Federal Polytechnic Away From Ikom To Ugep”
  • Michael Eyong on C’River: Tension Rises In Ugep, One Killed In Cult Clash

ADVERT: Click to Watch!

https://calitown.com/wp-content/uploads/2017/10/VID-20170928-WA0003.mp4
  • “Corruption Is Everywhere, We Must Stop It” – Rev. Fr. Bekomson Cross River News
  • Organized Labour Begins Strike In Cross River Breaking News
  • Gov. Ayade Under Pressure To Drop His Chief Of Staff Breaking News
  • “Engage Communities In Project Execution”… Imoke News
  • Usumutong And Ediba Bare Fangs, May Fight News
  • Please Tell Gov. Imoke I Said So! News
  • “I Told Him I Didn’t Want The Relationship Again”, Woman Attacked By Lover Reveals Cross River News
  • “More Abductions Will Take Place On Ikom/Calabar Highway Unless…” – Security Operative Cross River News

CALITOWN
...News, Here, Everytime

Quick Menu

  • Home
  • News
    • Cross River News
  • Features
  • Community
  • Inspirational

Copyright © 2021 calitown
172 Greenwood Avenue , Hull. East Yorkshire. HU6 9NY

Powered by PressBook News WordPress theme