Court Dismisses AMCON’s Suit against Onyema Okonjo over Alleged N168m Debt

Wale Igbintade 

Justice Daniel Osiagor of the Federal High Court sitting in Lagos, has formally discharged the Managing Director of PC Outlet Limited Company, Mr. Onyema Okonjo, from any outstanding debt obligations to the Asset Management Corporation of Nigeria (AMCON).

The ruling  of the court was sequel to a letter from AMCON, referenced AMC/ABJ/ERM/22/962/MU/47007, titled Letter of Non-Indebtedness” jointly signed by its Head, Enterprise Risk Management, Matthew Coker, and the Group Head, Enforcement, Joshua Ikioda.

The document confirmed that neither Okonjo nor PC Outlet Ltd had any debts owed to AMCON.

Following the submission of this letter, which was corroborated in court by AMCON’s legal representative, Mr. Francis Oloruntoba, Justice Osiagor dismissed the suit and discharged Mr. Okonjo from all liabilities. 

Furthermore, the court ordered the return of all securities, including properties located in the Lekki Peninsula, to Okonjo.

It would be recalled that prior to the ruling, Justice Osiagor had granted a freezing order that attached the bank accounts of the directors of PC Outlet Ltd, including Mr. Onyema Okonjo, Mr. Kenneth Njoku, and Mr. Ernest Awulonu based on a purported 168m debt which was adjudged indebtedness and accrued interest. 

Additionally, the court had placed an attachment order on a property situated at Plot 18, Block 130, Lekki Peninsula Residential Scheme, which had been pledged as security through a third-party legal mortgage for a facility granted to PC Outlet Ltd.

In a related development, Okonjo’s legal counsel has also responded to a fresh lawsuit initiated by C.O. Eze of Mac Milton LP on behalf of AMCON, involving the same alleged indebtedness.

In his response, Barrister Sunny Omoragbon, representing Mr. Okonjo, reiterated that all issues relating to the purported debt had been fully settled and discharged. 

He cited the letters of non-indebtedness issued by AMCON and the judgement of Justice Osiagor to substantiate his position.