Court okays settlement agreement of N177m debt between AMCON, ex-Customs officer, Yusuf

 Respite appears to have come the way of a former officer of the Nigerian Customs Service (NCS), Dr. Kamoru Bolaji Yusuf following an alleged N177 million debt he owes a Nigerian bank.

A federal high court sitting in Lagos has adopted terms of settlement between him and the Asset Management Corporation of Nigeria (AMCON).

AMCON had sued Yusuf over an alleged debt resulting from a N50m loan facility he obtained from Intercontinental Bank Plc in 2008 to buy the bank’s shares.

It, among others, claimed that Yusuf owed about N176,586,487.86 and accrued interest as of 2018, a claim the retired Customs officer denied, blaming the alleged debt on the negligence of the bank’s officials.

Yusuf, in his statement of defense and counterclaim, argued that the said loan was meant to buy Intercontinental Bank’s shares, which the bank, in line with the loan agreement, was required to sell “once the value of the share purchased and shares pledged dropped by 15 percent.”

He added that since the loan was not disbursed to him after he applied to purchase shares, the failure of the bank to sell the purchased shares to recover its loan when the need arose, amounted to negligence on its part.

At a point, parties agreed to settle out of court and later reduced their agreements to a term of settlement, by which Yusuf was among others, required to pay N55,381,518.86 “in full and final settlement of his indebtedness to the claimant (AMCON).

Justice Saliu Saidu of the Federal High Court later adopted the terms of settlement as the court’s judgment in the suit marked: FHC/L/CS/787/2018.

Part of the judgment, sighted in Abuja on Sunday by our correspondent, reads: “Consequent upon the terms of settlement duly executed by the parties and filed at the Registry of this honorable court, the said terms of settlement is entered as consent judgment by parties.

“The terms are as follows: Defendant shall pay the claimant the sum of N55,381,518,86 in full and final settlement of his indebtedness to the claimant.

”Payments till date: N26,381,518.86 being the value of shares applied in 2010.

”Balance to be paid: N29,000,000.00 (already paid).”

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