Folawiyo Seeks Stay of Execution against AMCON’s Forfeiture of Property


c694a243 tijani babatunde folawiyo
Tijani Babatunde Folawiyo

Billionaire businessman, Tunde Folawiyo, has approached the Federal High court in Lagos seeking a stay of execution after a judge ordered the Asset Management Company of Nigeria (AMCON) to take over properties belonging to him.

Folawiyo, in a suit before the court, prayed the judge to restrain AMCON from execution of the judge’s order pending the determination of his suit.

Justice Lewis Allagoa of the Federal High Court in Lagos, on March 24 ordered AMCON to take over some of Folawiyo’s assets over an alleged N727.9 million debt.

AMCON had sought a court order to freeze Folawiyo’s accounts in 18 banks and the interim forfeiture of his property at Lekki Phase 1, Lagos,

Folawiyo was allegedly instrumental to a N522.4 million loan from Spring Bank by Compagnie Generale de Logistique, where he is reportedly a director.

A 2017 suit between AMCON and Compagnie Generale De Logistique & Others led…

Source: Thisday Newspaper