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Published On: Thu, Oct 23rd, 2014

N1.3bn loan: Murtala’s son vows to protect business interest

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General Murtala MohammedBy Lawal Sabo

The son of the late Head of State, General Murtala Mohammed, Risqua, has described the court order granted against him at a Federal High Court in Lagos as an incidence common in commercial disputes, which would not have merited any attention but for his profile as the son of a former Head of State.

Justice Saliu Saidu of the court was said to have barred Risqua from withdrawing funds from his accounts in any of the financial institutions in Nigeria for allegedly failing to liquidate a N1.365billion credit facility.

Risqua, who spoke through his counsel, Edo Ukpong, partner in the chambers of Consolex Legal Practitioners said he is taking all lawful steps to protect his interests and will do so within the confines of the judicial process only.

Ukpong said, “We refer to recent news reports in various media concerning the freezing of the accounts of our clients, AMG

Petroenergy Limited And Risqua Murtala Mohammed.

“The orchestrated widespread sensationalization of a routine commercial dispute is suggestive of ulterior motives.

“AMG Petroenergy Limited entered into a contractual arrangement with Total Nigeria PLC (TOTAL) for the supply of Premium Motor Spirit under the Petroleum Support Fund (PSF) Scheme. Guaranty Trust Bank Limited, on behalf of AMG, financed the transaction. “The repayment of the facility was to be made from “subsidy” payments

received from the Federal Government.

“AMG duly supplied the products as contractually agreed to Total between 29th December 2011 and 1st January 2012. There currently exists an unresolved payment dispute between AMG and Total which has resulted in SUIT NO: LD/ADR/256/2013 – AMG Petroenergy Limited And Anor V. Total Nigeria Limited.

“The PPPRA, as industry regulator, is fully sensed of the situation between AMG and Total following the lodgement of a formal report by AMG.

“The suit against our clients by Guaranty Trust Bank Limited which, although at the initiation stage and without the benefit of our clients being heard so far, has ostensibly generated the widespread sensational news reports, flows from the unresolved AMG/Total dispute.

“The Court Order is an incidence common in commercial disputes and will not have merited any attention but for the profile of Mr. Mohammed,” the counsel said.

 

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