Former Cross River State Governor, Donald Duke has on Wednesday been cleared of his N537,334,360.77 debt to Asset Management Corporation of Nigeria (AMCON) by a Federal High Court in Lagos.
Justice Nicholas Oweibo cleared Duke following settlement terms filed and moved by AMCON’s legal team from Benson Reeds Legal Practitioners, Abuja.
Duke reportedly paid N350 million as final settlement.
Counsel to AMCON, Juliet Benson, told the judge that Duke had fulfilled the terms of the out-of-court settlement and both parties had agreed to the terms.
“I hereby pray the court to adopt the terms of settlement as the judgment of court,” Benson said.
Duke’s Lawyer Edoigiawerie Omoruyi confirmed that his client had “shown good faith by promptly making the payment of over N350m which parties all agreed to.
“I join my colleagues in praying the court to enter our terms of settlement as the full and final judgment of court.”
In a bench ruling, Justice Oweibo upheld their prayers.
The judge added: “All orders in the case stands discharged.”
The court discharged its August 21 interim order which had permitted AMCON and the United Bank for Africa (UBA) to seize Duke’s properties and funds in his accounts.