On Thursday, the Federal High Court, Abuja, ordered the Asset Management Corporation of Nigeria (AMCON) to pay Capital Oil and Gas Industry Limited N26.5 billion as contained in a consent judgement delivered in 2013.
Justice Abdul Kafarati, in his judgment, held that the court had powers to enforce its judgment or that of any lower courts in the country.
He said, “An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay the plaintiff’s trade creditors.
“I also grant an order compelling the defendant to comply with the consent judgement and to make the additional sum of N10.5 billion available to the plaintiff.
“This money is the payment of sundry creditors who continue to threaten the plaintiff’s business.”