The Federal High Court sitting in Lagos, on Monday, vacated an order empowering the Assets Management Company of Nigeria, AMCON, to take over the Murtala Mohammed Airport, MMA2, the old Federal Secretariat in Ikoyi, Lagos and some other assets belonging to businessman, Mr Wale Babalakin.
AMCON, through its counsel, Olisa Agbakoba, had obtained the order during the court’s vacation, through an exparte application based on the inability of Bicourtney to pay a 50billion naira outstanding indebtedness to the asset managers.
In the order, Mr Agbakoba was also appointed the receiver/manager of some properties belonging to Mr Babalakin, including, Bicourtney Limited and Roygate Properties Limited.
In vacating the order, Justice Ibrahim Buba ruled that AMCON misled the vacation judge of the Federal High Court, Justice Okon Abang, who granted the order despite pending suits on the matter.
Justice Buba held that this was an abuse of court process.
The court then urged parties in the suit to dialogue and embrace out of court settlement to resolve their issues.
However, what followed the ruling was not the recommended dialogue but an altercation.
It was not exactly clear what sparked the exchange of words between Mr Agbakoba and Mr Babalakin but calm was restored following the intervention of other senior lawyers who were present.
Though both parties accepted the verdict, Mr Agbakoba said that he would explore the opportunity of an appeal.
The matter has been adjourned to December 9 for mention.
