On Thursday, the Federal High Court, Abuja, ordered the Asset
Management Corporation of Nigeria (AMCON) to pay Capital Oil and Gas
Industry Limited N26.5 billion as contained in a consent judgement
delivered in 2013.
Justice Abdul Kafarati, in his judgment, held that the court had
powers to enforce its judgment or that of any lower courts in the
country.
He said, “An order is granted for AMCON to provide Trade
Finance Facility in the sum of N16 billion for revamping of the
plaintiff’s business and to pay the plaintiff’s trade creditors.
“I also grant an order compelling the defendant to comply with
the consent judgement and to make the additional sum of N10.5 billion
available to the plaintiff.
“This money is the payment of sundry creditors who continue to threaten the plaintiff’s business.”
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