Justice Daniel Osiagor of the Federal High Court in Lagos has officially discharged the Managing Director of PC Outlet Limited, Onyema Okonjo, from any outstanding debt obligations to the Asset Management Corporation of Nigeria (AMCON).
The court’s ruling followed the submission of a letter from AMCON titled “Letter of Non-Indebtedness,” referenced AMC/ABJ/ERM/22/962/MU/47007. The letter, jointly signed by AMCON’s Head of Enterprise Risk Management, Matthew Coker, and Group Head of Enforcement, Joshua Ikioda, confirmed that neither Okonjo nor PC Outlet Ltd had any debts owed to AMCON.
AMCON’s legal representative, Francis Oloruntoba, corroborated this in court, leading Justice Osiagor to dismiss the suit and discharge Mr. Okonjo from all liabilities. The court also ordered the return of all previously held securities, including properties in the Lekki Peninsula.
Before this ruling, Justice Osiagor had granted a freezing order on the bank accounts of the directors of PC Outlet Ltd, including Onyema Okonjo, Kenneth Njoku, and Ernest Awulonu, based on a purported ₦168 million debt, including accrued interest.
The court had also placed an attachment order on a property at Plot 18, Block 130, Lekki Peninsula Residential Scheme, which was pledged as security through a third-party legal mortgage for a facility granted to PC Outlet Ltd.
In a related development, Mr. Okonjo’s legal counsel, Barrister Sunny Omoragbon, has 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, Omoragbon reiterated that all issues relating to the purported debt had been fully settled and discharged. He cited AMCON’s letters of non-indebtedness and Justice Osiagor’s ruling to substantiate this position.
