Bi-Courtney goes bust, AMCON takes over

by Godwin Akanfe

For failing to pay a N50 billion debt owed the Asset Management Corporation of Nigeria (AMCON), the Bi-Courtney group of companies has been ordered by the Federal High Court sitting in Lagos to hand over its concessionary powers to AMCON.

The court also ordered that all Bi-Courtney’s account in banks to be frozen with immediate effect, adding that all account balances must be disclosed to the asset managers.

Apart from taking over Bi-Courtney, AMCON was further ordered to take over the ownership of three other companies – Chartered Investment Limited, Resort International Limited and Roygate properties.

Also, a former president of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN), was appointed the receiver manager. He has been ordered to manage the companies’ affairs so as to recover debts owed AMCON.

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