A Federal High Court in Abuja has ordered the Asset Management Corporation of Nigeria AMCON, to pay Capital Oil and Gas Limited the sum of twenty six billion naira.
This is in order to restructure the plaintiff’s debt and to provide Trade Finance Facility.
The court presided over by Justice Abdul Kafarati in his judgement held that the court has powers to enforce its judgment over the verdict of any lower court in the country.
Justice Kafarati also restrained AMCON from exercising any powers over Capital Oil and Gas Limited and its assets and from processing any assignment and transfer among others.
In his reaction shortly after the judgment, counsel to the plaintiff, Ajibola Oluyede, described the verdict as a landmark decision.