Ogboru ‘Is A Chronic Debtor’, AMCON Tells Court

The Asset Management Corporation of Nigeria (AMCON) on Thursday told a Federal High Court, Lagos that a former Delta Governorship Candidate, Great Ogboru “is a chronic debtor”.

Former Delta Governorship Candidate, Great Ogboru

Counsel to AMCON, Kunle Ogunba disclosed this in reaction to two motions filed by Mr Ogboru, one, seeking to set aside a court order, which allowed the appointment of a receiver manager to his properties

On the second leg of the motion, Mr Ogboru is challenging the jurisdiction of the court to hear the suit, which he described as an abuse of court process.

Justice Okon Abang had made the order on 13 January, appointing a receiver manager to the defendant’s property, following a suit filed by AMCON over an unpaid loan transaction.

AMCON in their affidavit had affirmed the indebtedness of Mr Ogboru to Equatorial Trust Bank (now Sterling bank), and his unwillingness to liquidate the debt.

Arguing the motion, Mr Ogboru’s counsel, McCarthy Mbadugha said the suit was an abuse of court process because there was a pending suit before a Federal High Court, Abuja on the same subject matter.

Mr Mbadugha added that the Abuja court had earlier issued an order restraining AMCON perpetually from taking over Mr Ogboru’s properties.

He also faulted the appearance of Mr Ogunba in the matter, saying the lawyer already has financial interest in the matter, having been appointed as receiver/manager.

Mr Mbadugha, therefore, urged the court to dismiss the suit.

Responding, AMCON’s counsel, told the court that the action of people like Mr Ogboru was responsible for the collapse of some banks in the country.

He said the defendant had agreed that the principal loan sum of N33 million was outstanding.

The AMCON lawyer argued that Mr Ogboru had not even liquidated his debt, but wants the court to determine the interest.

He told the court that Mr Ogboru’s motion was misconceived, and ought not to see the light of day.

Justice Abang has fixed March 22 for Mr Ogboru’s reply on point of law to AMCON’s argument.