N537.3 Million Debt: Duke In The Eye Of The Storm, Pleads For Mercy

By Akinwale Kasali

Former Governor Donald Duke of Cross Rivers State whose  Ikoyi Properties were recently forfeited  to the Asset Management Company of Nigeria, AMCON, by a proclamation of a court order over his inability to pay certain debts  owed to the UBA has began moves to get his properties back.

To this effect, he has approached a Federal High Court at Ikoyi, Lagos, in a suit FHC/L/CS/1373/2019 to allow him pay the sum of N537,334,360.77 in order  to take them back.

AMCON had earlier approached the court through its counsel, Juliet Reeds, to take possession of Duke’s properties at Ikoyi, Lagos following his failure to pay the debt owed.

At the resumption of proceedings Monday, Duke’s counsel, Edoigiawerie Omoruyi, informed Justice Nicholas Oweibo, that his client has approached AMCON for an out of court  settlement, promising to pay the debt on/or before the 4th of September, 2019.

Reeds, counsel to AMCON, represented by Austin Erhabor confirmed Omoruyi’s submission that Duke had approached AMCON for an amicable settlement of the debt on or before the stipulated time.

Erhabor stressed that, “In the spirit of fairness, we will concede to an adjournment to enable us finalise the possible settlement”.

Justice Oweibo agreed with the decision of both parties, adjourning the case till 11th September, 2019, for the report of the settlement.

It would be recalled that Justice Oweibo had earlier granted an ex-parte order to AMCON and the UBA, to take over the Ikoyi properties of Duke, before both parties reached this agreement.