Federal High Court dismisses debt claims against Onyema Okonjo and PC Outlet, orders return of security
In a significant ruling, the Federal High Court in Lagos has cleared the Managing Director of PC Outlet, Onyema Okonjo, of a N168 million debt owed to the Asset Management Corporation of Nigeria (AMCON). The decision was delivered by Justice Daniel Osiagor, following the submission of a letter of non-indebtedness from AMCON.
The letter, referenced AMC/ABJ/ERM/22/962/MU/47007, was signed by Matthew Coker, Head of Enterprise Risk Management, and Joshua Ikioda, Group Head of Enforcement. It confirmed that neither Okonjo nor PC Outlet had any outstanding obligations to AMCON.
During the court session, AMCON’s legal representative, Francis Oloruntoba, acknowledged the authenticity of the letter, after which Justice Osiagor discharged Okonjo from all liabilities related to the debt.
The court also issued an order for the return of all securities pledged by Okonjo. Among these was Plot 18, Block 130, Lekki Peninsula Residential Scheme, which had been put up as collateral through a third-party legal mortgage for a facility provided to PC Outlet.
The case initially involved freezing the accounts of the company’s directors, including Okonjo, Kenneth Njoku, and Ernest Awulonu, based on claims of a N168 million debt. However, Okonjo’s legal counsel, Sunny Omoragbon, successfully argued that all debts had been fully settled.
Omoragbon referenced the AMCON letters and reaffirmed Justice Osiagor’s ruling, stating that the matter had been resolved, with no further obligations outstanding for his client.
Discover more from Destkelamedia
Subscribe to get the latest posts sent to your email.