PARIS CLUB FUND: Consultant set to drag Amosun to court over $11.7m debt

A consultant to the Ogun State Government on External Debt Reconciliation, Bond Investment and Holdings Limited, has expressed his readiness to drag the state government to court over cumulated consultancy fees amounting to $11,740,362.00.

The company said it gave the state government an ultimatum of 7days to effect the payment after which it will not hesitate to take a legal action against the administration in court.

The consulting firm, which supervised the securing of Paris club fund by Ogun State Government said that the government is owing the firm in accordance with the agreement reached with it.

The seven days ultimatum started last week Friday, May 10, 2019.

In a letter to the government, the counsel to Bond Investment and Holdings Limited, Bolaji Ayorinde, SAN explained that the demand for payment by his client has culminated in pending arbitration proceedings between the company and Ogun State Government.

The solicitor, who has served Governor Ibikunle Amosun as Commissioner of Finance, Attorney General and Commissioner of Justice, threatened that the fee must be paid within seven days, else legal action will be taken against the outgoing administration.

His words: “We are a solicitor to Messrs Bond Investment and Holdings Limited (our client), and we have instructions to write this letter to you. Our client by virtue of agreement dated 23rd day of December 2009 was appointed as Consultants to the Ogun State Government with respect to Ogun State External Debt reconciliation.

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“Premised upon the above, our client has made monetary demands in the sum of N6,038,624,816.67 on the Ogun State Government and this demand has culminated in pending arbitration proceedings between our client and the Ogun State Government.

“The receipt of the said payment is directly connected to our client’s work with the Debt Management Office, DMO, of the Federal Government of Nigeria and this fact was specifically acknowledged in your letter of 1st November 2016 to the DMO.

“We, hereby, require that you pay to our client the sum of $11,740,362.00 payable in refund currency being 15% of the said sum of $78,269,08.70 within 7 days upon receipt of this letter.”

Meanwhile, efforts to get reactions from the state the government was unsuccessful as the Commissioner for Finance, Wale Oshinowo could not be reached.

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