The former officer of Nigeria Immigration Service De. Kamoru Bolaji Yusuf and the Asset Management Corporation of Nigeria (AMCON) have reached terms of settlement in the alledged debt of N177 million.
The terms of settlement was adopted by
the Federal High Court in Lagos.
Trouble started when the Ex-Customs chief was sued in Court by AMCON over loan of N50 million sometimes in 2008 from the now rested Intercontinental Bank Plc which he used to purchase shares from the same bank, but didn’t pay.
AMCON in the suit claimed that Kamoru
Yusuf owed about N176,586,487.86 with accrued interest as at 2018, but he.dwnied and contended that the bank officials were negligent.
Disagreeing with AMCON,Yusuf, in his defence and counter-claim, argued that the said loan was meant to buy Intercontinental Bank’s shares, which the bank, in line with the loan agreement, was required to sell “once the value of the share purchased and shares pledged drops by 15 percent.”
He added that since the loan was not disbursed to him, but applied to the purchase of shares, the failure of the bank to sell the purchased shares to recover its loan when the need arose, amounted to negligence on its part.
At a point, parties agreed to settle out of court and later reduced their agreement to terms of settlement, by which Yusuf was required to pay N55,381,518.86 “in full and final settlement of his indebtedness to the claimant (AMCON)”.
