A former All Progressives Congress (APC) governorship candidate in Delta State, Chief Great Ogboru, has told the Federal High Court in Lagos that the Federal Government guaranteed his debt to the Asset Management Corporation of Nigeria (AMCON).
AMCON, through its counsel, Kunle Ogunba (SAN), had filed a motion ex-parte for a garnishee order nisi in its bid to recover a judgment-debt of N784 million from Ogboru and his firm, Fiogret Limited.
Ogboru, through his counsel, Chief Nelson Imoh, had objected to the application on the premise the suit was a subject of appeal at the Supreme Court.
Imoh said his client also filed a motion for stay of execution of the consent judgment by Justice Okon Abang on the debt repayment terms.
Imoh also told the court the Federal Government, “the major promoter of the plaintiff (AMCON)”, was indebted to Ogboru and Fiogret “to the tune of N4.3 billion”.
According to him, the Federal Government had accepted to offset the defendants’ debt to AMCON, and that the agreement had been communicated to the agency.
Said he: “Despite the pendency of the defendants’ appeal challenging the judgment of this Honourable Court, the defendants have been consistent in living up to their financial obligations to the plaintiff, despite strangulating economic situation."
Imoh also explained that due to the “biting economic situation in the country”, his client wrote to AMCON on May 25, 2015, requesting for an adjustment of the payment schedule, given the “indebtedness of the Federal Government to the first defendant to the tune of N4.3 billion”.