Two Senior Advocates of Nigeria, Wale Babalakin and Olisa Agbakoba on Monday engaged in a hot verbal onslaught that nearly degenerated into a fisticuffs on the premises of a Federal High Court in Lagos over a N50bn dispute.
The altercation followed a bench ruling by Justice Ibrahim Buba setting aside an interim order which had empowered the Asset Management Corporation of Nigeria to take possession of four companies belonging to Babalakin.
The companies, as listed in the court papers, were Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.
Justice Okon Abang of the court had on September 22, empowered AMCON to take possession of the companies’ assets over an alleged N50bn debt.
Following Abang’s order, Agbakoba was appointed as the receiver-manager of all the assets on behalf of AMCON.
But Babalakin, through his lawyers, had on Monday appeared before Buba seeking to vacate the order.
After hearing their arguments, Buba had then declared the interim order empowering AMCON as null and void.
AMCON’s lawyer, Agbakoba, clearly displeased with Buba’s ruling later approached Babalakin outside the courtroom saying, “Wale, give me my money. I will collect my money from you and that’s the final.”
Babalakin, who was having a discussion with his lawyers before Agbakoba approached him, replied by asking, “Why do you want to ruin me. You want to kill my businesses, I will never allow you.”
Pointing a finger at Agbakoba, Babalakin threatened that he would come for him.
But Agbakoba replied, “You this small lawyer, when did you start practising self? I’m 40 years at the Bar, and so you are too small to me.”
However, the prompt intervention of the other lawyers at the scene prevented the altercation from further degenerating, as Babalakin was quickly guided into his jeep and thereafter driven away by his aides.
AMCON had alleged Babalakin of refusing to pay a N50bn debt.
According to Agbakoba, after several meetings, Babalakin had admitted owing the sum and had thereafter signed a document showing his agreement with the indebtedness.
Agbakoba said that trouble began when Babalakin refused to abide by the agreement between the parties, especially as regards transferring the Federal Secretariat in Ikoyi to AMCON on account of the indebtedness.
The asset, by virtue of a concession agreement with the Federal Government, was being operated by Roygate, one of Babalakin’s companies.
Also, the Murtala Mohammed Airport 2, is being operated by Bi-Courtney Limited following a similar agreement.
It was in the bid to enforce the agreement that AMCON had gone before Abang to obtain an interim order to take possession of Babalakin’s companies.
When the matter came up before Buba on Monday, lawyers for Babalakin and his companies, Wale Akoni (SAN) and Abiodun Layonu (SAN) had argued that AMCON misled Abang into giving the interim order and asked Buba to suspend it.
Akoni, in his submission, accused AMCON’s lawyer, Agbakoba of having fraudulently obtained Abang’s order by suppressing the material facts of the case.
Akoni, who said that the integrity of the court had been badly affected in view of the conflicting orders, said there was an urgent need for the court to act fast and stop the development.
Layonu, on his part, said the Federal High Court, as an institution, had been scandalised with Abang’s order, because Buba had earlier made a specific order restraining AMCON from appointing a receiver/manager and or taking over the companies.
Layonu said, “For AMCON to now secretly obtain another order at variance with a subsisting order from a different court is an attempt to scandalise this court and cause confusion.
“Already, banks and the police are already implementing Abang’s orders, and that is the more reason why this court should act fast.”
But in his response, Agbakoba maintained that there was no confusion.
He explained that the suit before Abang was filed pursuant to a new cause of action different from the one before Buba.
According to him, while the suit before Buba sought to establish that Babalakin’s companies were indebted to AMCON, the one before Abang arose out of Babalakin’s admission that he owed AMCON N50bn.
Agbakoba said the suits before Buba were already compromised since Babalakin had admitted owing the N50bn.
Agbakoba referred the court to the document personally signed by Babalakin admitting the indebtedness.
He asked the court to note that the parties had, after Babalakin’s admission, agreed to withdraw and compromise all the suits earlier instituted in respect of the subject.
But Buba, in a bench ruling, nullified the interim order granted by Abang empowering AMCON to take possession of Babalakin’s companies.
Buba said the order could not hold because it was obtained by an ex-parte application in the face of an existing and contrary order that he (Buba) had earlier made on the same subject matter.
The altercation followed a bench ruling by Justice Ibrahim Buba setting aside an interim order which had empowered the Asset Management Corporation of Nigeria to take possession of four companies belonging to Babalakin.
The companies, as listed in the court papers, were Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.
Justice Okon Abang of the court had on September 22, empowered AMCON to take possession of the companies’ assets over an alleged N50bn debt.
Following Abang’s order, Agbakoba was appointed as the receiver-manager of all the assets on behalf of AMCON.
But Babalakin, through his lawyers, had on Monday appeared before Buba seeking to vacate the order.
After hearing their arguments, Buba had then declared the interim order empowering AMCON as null and void.
AMCON’s lawyer, Agbakoba, clearly displeased with Buba’s ruling later approached Babalakin outside the courtroom saying, “Wale, give me my money. I will collect my money from you and that’s the final.”
Babalakin, who was having a discussion with his lawyers before Agbakoba approached him, replied by asking, “Why do you want to ruin me. You want to kill my businesses, I will never allow you.”
Pointing a finger at Agbakoba, Babalakin threatened that he would come for him.
But Agbakoba replied, “You this small lawyer, when did you start practising self? I’m 40 years at the Bar, and so you are too small to me.”
However, the prompt intervention of the other lawyers at the scene prevented the altercation from further degenerating, as Babalakin was quickly guided into his jeep and thereafter driven away by his aides.
AMCON had alleged Babalakin of refusing to pay a N50bn debt.
According to Agbakoba, after several meetings, Babalakin had admitted owing the sum and had thereafter signed a document showing his agreement with the indebtedness.
Agbakoba said that trouble began when Babalakin refused to abide by the agreement between the parties, especially as regards transferring the Federal Secretariat in Ikoyi to AMCON on account of the indebtedness.
The asset, by virtue of a concession agreement with the Federal Government, was being operated by Roygate, one of Babalakin’s companies.
Also, the Murtala Mohammed Airport 2, is being operated by Bi-Courtney Limited following a similar agreement.
It was in the bid to enforce the agreement that AMCON had gone before Abang to obtain an interim order to take possession of Babalakin’s companies.
When the matter came up before Buba on Monday, lawyers for Babalakin and his companies, Wale Akoni (SAN) and Abiodun Layonu (SAN) had argued that AMCON misled Abang into giving the interim order and asked Buba to suspend it.
Akoni, in his submission, accused AMCON’s lawyer, Agbakoba of having fraudulently obtained Abang’s order by suppressing the material facts of the case.
Akoni, who said that the integrity of the court had been badly affected in view of the conflicting orders, said there was an urgent need for the court to act fast and stop the development.
Layonu, on his part, said the Federal High Court, as an institution, had been scandalised with Abang’s order, because Buba had earlier made a specific order restraining AMCON from appointing a receiver/manager and or taking over the companies.
Layonu said, “For AMCON to now secretly obtain another order at variance with a subsisting order from a different court is an attempt to scandalise this court and cause confusion.
“Already, banks and the police are already implementing Abang’s orders, and that is the more reason why this court should act fast.”
But in his response, Agbakoba maintained that there was no confusion.
He explained that the suit before Abang was filed pursuant to a new cause of action different from the one before Buba.
According to him, while the suit before Buba sought to establish that Babalakin’s companies were indebted to AMCON, the one before Abang arose out of Babalakin’s admission that he owed AMCON N50bn.
Agbakoba said the suits before Buba were already compromised since Babalakin had admitted owing the N50bn.
Agbakoba referred the court to the document personally signed by Babalakin admitting the indebtedness.
He asked the court to note that the parties had, after Babalakin’s admission, agreed to withdraw and compromise all the suits earlier instituted in respect of the subject.
But Buba, in a bench ruling, nullified the interim order granted by Abang empowering AMCON to take possession of Babalakin’s companies.
Buba said the order could not hold because it was obtained by an ex-parte application in the face of an existing and contrary order that he (Buba) had earlier made on the same subject matter.
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