The Federal High Court in Lagos has struck out its August 8 order which empowered the Asset Management Corporation of Nigeria (AMCON) to seize the property of the former governor of Cross River State, Donald Duke, over N537 million debt.
Justice Nicholas Oweibo struck out the order on Wednesday after the parties presented him with their terms of settlement of the case.
The parties had on September 2 informed the court that they were considering an out-of-court settlement and pleaded for an adjournment to enable them to conclude talks.
During hearing on Wednesday, AMCON’s counsel, Juliet Benson, told Justice Oweibo that Mr Duke had met the terms of settlement agreed upon by the parties.
Duke’s lawyer, Edoigiawerie Uyi, said his client had shown good faith by paying over N350 million.
The court had on August 8 authorised the United Bank for Africa (UBA) and AMCON to take over funds in Duke’s accounts in any bank in the interim.
The order followed an ex-parte application by UBA and AMCON.
The applicants also included Stonehedge Investment Limited and Duke’s wife, Owanari, as first and third defendants in the suit.
AMCON had asked the court for possession and custody of the property at No 3, Temple Road, Ikoyi in Lagos, which it claimed was listed as collateral for the first respondent’s debt “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the AMCON Act 2010 (as amended).”