One month after the Federal High Court in Lagos ordered the Asset Management Corporation of Nigeria (AMCON) to take over an Ikoyi property belonging to the former governor of Cross River State, Mr Donald Duke over an alleged debt of N537,334,360.77, the court has discharged the takeover order.
Justice Nicholas Oweibo discharged the take over order on Wednesday, September 11, 2019, after the parties presented their terms of settlement of the case to him, Punch reports.
Earlier in September, the parties were reported to have told the judge that they were exploring an out-of-court settlement.
The parties also reportedly pleaded for an adjournment to enable them to conclude settlement talks.
On Wednesday, September 11, 2019, AMCON’s lawyer, Juliet Benson told the court that the former governor had met the terms of settlement agreed upon by the parties.
Duke’s lawyer, Edoigiawerie Uyi corroborated Benson's statement, saying his client had paid over N350m.
The two lawyers thereafter urged the judge to adopt the terms of settlement agreed upon by both parties as the court’s judgement in the case.
According to Punch, Justice Oweibo granted the lawyers’ prayers and discharged the August 8 takeover order.
You’ll recall that on August 8, 2019, AMCON and the United Bank for Africa obtained the order from Justice Chuka Obiozor to take over Duke's property in Ikoyi.