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N240bn debt: Pan Ocean condemns AMCON’s ‘illegal takeover’ of assets

Indigenous oil firm Pan Ocean Oil (Nigeria) Limited has expressed dismay over what it termed the “illegal takeover” of its premises by persons purported to be representatives of the Asset Management Corporation of Nigeria (AMCON).


According to a statement from Pan Ocean, “On July 2nd, 2020, a team led by Kunle Ogunba (SAN) disrupted work activities at two of our facilities under the guise of executing a court order which was done despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.”

Pan Ocean noted that its lawyer had notified Justice Mohammed Liman of a Federal High Court in Lagos about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets.

“The attempted takeover of our assets by AMCON and its lawyer is, therefore, condemnable,” Pan Ocean said in the statement.

“Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets that are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues,” the company said.

Pan Ocean called on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.

Recall that a Federal High Court had on Thursday, July 2, asked AMCON and its assignee to take over all the assets of Pan Ocean Group over a total debt of N240 billion.

The Court also granted an order appointing AMCON as a receiver-manager and its designated human nominees (Kunle Ogunba, Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies, and cohorts to take over some prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group, and their promoters as well as directors.

The order also mandated AMCON to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way, Lekki Phase One in Lagos State, as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the properly lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligali Ayorinde Avenue, Victoria Island, Lagos, as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.

Aside from these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests, etc belonging to the defendants wherever the same may be found.

The judge also directed the Inspector-General of Police and his commissioners to assist AMCON and it designates as well as the court bailiffs in taking over the assets on behalf of the Corporation.

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