FOLAWIYO SEEKS INJUNCTION AGAINST AMCON, EXONERATES SELF

Nigerian billionaire businessman, Mr Tunde Folawiyo, has filed an exparte motion before a Federal High Court in Lagos seeking an order of stay of execution of an ex-parte orders made against him in satisfaction of a judgement debt.

Justice Lewis Allagoa had made orders against Mr. Folawiyo in a suit filed by the Asset Management Corporation of Nigeria (AMCON) over Folawiyo's alleged unpaid debt of N727.9 million in relation to a company directorship at Compagnie Generale de logistique.

Folawiyo, in a suit no: FHC/L/CS/799/2020, is seeking an order of stay of execution of the ex parte orders made against him on March 24, 2022 pending the hearing and determination of his Motion on Notice seeking to set aside the ex parte orders.

He is praying for the following relied: An order restraining the AMCON either by itself, agents, privies, servants or through any person(s) from taking any steps howsoever to enforce the ex-parte orders made against the applicant by the Court on 24th March 2022 pending the hearing and determination of the applicant's Motion on Notice seeking to set aside the ex parte orders.

The exparte orders were predicated on the judgment of Justice Ibrahim Buba in Suit No: FHC/ L/CS/207/2017: Asset Management Company of Nigeria ("AMCON") Compagnie Generale De Logistique & Others in 2017 ("Previous Suit") in favour of AMCON in the sum of N522,464,978.66 against the defendants in the suit.

The applicant said he was not a party to the previous suit and was not served with the judgment on it.

AMCON claimed the applicant is a director in Compagnie Generale De Logistique, which took loan from Spring Bank and which judgment was principally obtained in the previous suit.

Contrary to the representations made by the Plaintif, the applicant said he was not a Director of Compagnie Generale De Logistique at the time of the previous suit and was not in any way connected to the loan transaction with Spring Bank.