Eminent lawyer cum businessman, Dr. Olawale Bolanle Babalakin (SAN) is in fresh trouble. His N54 billion debt problem with Assets Management Corporation of Nigeria (AMCON) has taken a fresh dimension. His N300 billion suit against AMCON at the Federal High Court, Lagos has been dismissed for lack of merit by Justice Muhammed Idris.

His problems have been further compounded by a court order secured by AMCON which has stopped him from withdrawing money from his five companies accounts; Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate Properties Limited since September 22, 2014.

Dr. Olisa Agbakoba (SAN), AMCON’s lawyer disclosed that “AMCON as a statutory body saddled with the responsibility of resolving non-performing loans in commercial banks in Nigeria acted in good faith and in accordance with its statutory powers under its  Act in order to recover the over N54 billion debt profile of Babalakin and his companies purchased the non-performing loans of Babalakin and his companies from various banks, following their inability to pay the said loans, and instituted recovery actions against them.”

“Following protracted litigation, both parties met and agreed on out-of-court settlement, which culminated in a debt settlement agreement and an offer letter dated May 7, 2014, was issued to the claimants, but Dr. Babalakin and his companies failed to adhere to the terms of the offer letter.”