Definitely this is not the best of time for Kola Abiola as he is currently running from pillar to post to pay a debt hanging on his neck.

www.crystal.com.ng gathered that Federal High Court, Ikoyi, Lagos has endorsed terms of settlement filed before the court by Asset Management Corporation of Nigeria AMCON, and the son of M. K. O. Abiola  the acclaimed winner of June 12,1993.presidential election  ,his company 35 Oil and Gas Nigeria Limited, and Dr. Zulikat Wuraola Abiola.      

As disclosed by a source,  what  actually led to the consent judgement was as a result of debt recovery suit of N1,891,532,469.21 filed against, the defendants, 35 Oil & Gas Nigeria Limited, and the billionaire businessman, his sister, Dr Zulikat Wuraola Abiola and one Mr Tajudeen Olawale Jinadu. The court in its ruling dated 17th day of June, 2019,predicated on an application filed and argued before the court granted an order directing 19 commercial banks in Nigeria named in the application filed before the court to freeze the accounts of the defendants to the sum of N1,891,532,469.21 pending the final determination of the suit.      

The court also granted the following orders :     Directing all the financial institutions within the jurisdiction of the court particularly those named in the application file before the court to produce and furnish the statement accounts of the defendants stating the total sum standing to their credit  within seven days of the service of the ruling of the court on them      

The interim forfeiture of the interest of the defendants in:I. 35 Oil&Gas Nigeria Limited. ii Crittal -Hope Nigeria Ltd. iii. Banusho Fishery Ltd. iv. Beta Glass Plc.v. Management Transformation Ltd.     An order of Interim possession to the claimant of the following  property of Mr Tajudeen Olawale Jinadu  situate at : 

• Plot 211E, Block 13, Amuwo Odofin Area of Lagos State.
• Plot 28, Block29, Ipaja New Town Residential Scheme, Alimosho Local Government Area of Lagos State.        
• Property situate along Ijaye Street,Street, off Idimu Road, Oduwole, Alimosho Local Government Area of Lagos State      
• Property Situate at Babs Adepegba  Close, Fagba, Iju Road, Ifako Ijaye Area of Lagos State.        
• Property Situate at 5, Akintan Street Street, Dideolu Estate Ogba Lagos State.

All pending the final determination of the suit.    

In a related development, the court in its ruling dated the 5th of July, 2019 predicated on application filed before the court by AMCON. also granted an order of substituted service to serve the defendants the court process through the front desk staff or administrative staff of 35 Oil  & Gas Nigeria Limited in its office at 7and 8 Udi Street, Foreshore, Osborne, Ikoyi, Lagos.    

Subsequently the case was adjourned to 10th of July, 2019,for argument of Mr Tajudeen Olawale  Jinadu  for an order setting aside the interim order made by the court on17th of June, 2019.     The court in its ruling dated 10th of July, 2019,predicated the said  application filed by Mr Tajudeen Olawale Jinadu granted an order setting aside  the order granted against Mr Tajudeen Olawale Jinadu and struck out his name from the suit.      

Thereafter Terms of settlement was filed before the court, urging the court to endorse it as their consent judgement.      

In the terms of Judgement, The parties, that are AMCON, 35 Oil & Gas Nigeria Limited Mr Abdulateef Kolawole Abiola, and Dr. Zulikat Wuraola Abiola respectively agree to the complete full and final settlement of the AMCON claim against the aforementioned Defendants on the following terms.      

The defendants shall pay a concessionary sum of N373,620,518.42k in full and final settlement of AMCON against the defendants. Upon the execution of this terms of settlement between the parties and upon entering same as the consent judgement in this matter, the defendants shall made immediate good faith payment of a sum of N73,620,518.42k which said sum already paid by the defendants.      

The restructured balance of N300million of the settlement amount of N373,620,518.42k  shall be paid in six calendar months in the monthly instalment of N50million,effective date for  repayment of the restructured amount shall be from 18th July,2019. through 17th December, 2019.     Upon acceptance of the terms of this settlement, the  defendants waives their right to contest the debt and charges thereon with either Unity Bank Plc, Keystone bank Ltd or AMCON in this matter.        

All the concession granted under the terms of settlement shall be revoked by AMCON  if the defendants default.        The presiding Judge, Professor Chuka Obiozor has endorsed the terms of settlement as consent judgement.