Skip to content

Calitown

News, Here, Everytime!

  • Home
  • News
    • Cross River News
  • Features
  • Community
  • Inspirational
  • Toggle search form
  • Fatal Accident At  Obudu Ranch Bottom Hill Community Breaking News
  • Alleged Misconduct: NJC Commences Probe Of Cross River High Court Judge Cross River News
  • Cross River Based Online Newspaper, Retracts Story, Apologizes To Former Cross River Auditor General Cross River News
  • UNICROSS Acting VC Appoints Chairman & Members of University Management Media Team  Cross River News
  • Cross Riverian Hails Donald Duke For Helping Him Become An Airplane Pilot! Cross River News
  • Group Pledges Support For Cross River Governor, Make Him Patron Cross River News
  • Gov Otu Unveils New State Mantra: “One Cross River, One Love” At Endorsement Dinner Cross River News
  • Evaluating For Excellence: The Imperative Of Performance-Based Governance In Nigeria Features

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

  • NGO Concludes Inaugural Quiz Competition For Secondary Schools In CR Central Cross River News
  • Archbishop Joseph Edra Ukpo: A Saint And Pioneer Goes Home Cross River News
  • “General Iron” Begs For Forgiveness, C’Riverians Insist He Must Face The Law News
  • Obono-Obla to Vena Ikem: “You Have No Locus Standi” News
  • Police In Calabar Rescue Suspected Kidnappers From Mob Cross River News
  • How To Detect The Lies Told You 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

  • Rekpene Bassey on Cross Riverian Hails Donald Duke For Helping Him Become An Airplane Pilot!
  • Salaudeen yemi on EFCC File Charges Against C’River Born Crypto ‘King’, Afriq Arbitrage System & Trading Platform 
  • Orighomisan Susan on EFCC File Charges Against C’River Born Crypto ‘King’, Afriq Arbitrage System & Trading Platform 
  • OGBAJI OGALI OBINNA on EFCC File Charges Against C’River Born Crypto ‘King’, Afriq Arbitrage System & Trading Platform 

ADVERT: Click to Watch!

https://calitown.com/wp-content/uploads/2017/10/VID-20170928-WA0003.mp4
  • Imoke Appoints New Special Advisers; Margaret Ebokpo, Gerald Adah, Make List Cross River News
  • Gov Ayade Means Business, Suspends Activities Of “100 Marian” Cross River News
  • Cross River: PDP Raises Alarm Over Renewed Plot To Stop Jarigbe’s Swearing-in As Senator News
  • 2Baba, Denrele, Gedoni & Others Storm Calabar For HIT FM’s CEC Breaking News
  • Black Monday: Engineering Student Shot Dead In Crutech Breaking News
  • REVEALED: Communal Conflict In CR Displaced 7000 Cross River News
  • Ayade Orders Payment Of 2014 Gratuity, Donates N50m For Completion Of Labour House Cross River News
  • CR Labour Party Chairman Alarmed At Ayade’s Appointments 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