In News by Oluwaseun Samuel on the 03rd, July, 2020

AMCON Takes Over Nigerian Billionaire’s Firm Over N240 billion Debt (Video)

AMCON Takes Over Nigerian Billionaire's Company Over N240 billion Debt (Video)

Pan Ocean Oil Corporation Nigeria Limited

Pan Ocean Oil Company Nigeria Restricted


The Asset Administration Firm of Nigeria, AMCON has taken possession of Pan Ocean Oil Company Nigeria Restricted, and its affiliate corporations owned by billionaire oil mogul, Festus Fadeyi, over an unpaid N240 billion mortgage debt.


The announcement of the takeover was made on Thursday, July 2.


Justice Mohammed Liman of the Federal Excessive Court docket sitting in Lagos had on June 22, granted an ex-parte software by counsel to AMCON, Kunle Ogunba SAN, to take interim possession of the belongings of Pan Ocean over the unpaid mortgage. The court docket additionally granted the applying by AMCON to take over a number of oil mining and oil prospecting licenses exemplified by OML 147, 152 and 98 respectively owned by the corporate. Properties in Victoria Island, Lagos amongst a number of others have been additionally included for possession.


 “An order of this honourable court docket granting interim judicial safety to AMCON, the receiver/supervisor (and its duly appointed nominee; Mr. Kunle Ogunba SAN) appointed herein over the belongings/companies of the defendants by advantage of its deed of appointment dated March 5, 2020, in furtherance of the mutually binding covenants of the events within the varied facility/supply letters pending the willpower of this swimsuit is granted.” Justice Liman had dominated


Nonetheless, Pan Ocean via its counsel, Oluwemimo Ogunde (SAN), had filed an software earlier than the court docket asking it to remain the execution of the takeover order pending the willpower of a swimsuit marked, FHC/L/CS/552/2020, which can be a topic of an enchantment earlier than the Court docket of Attraction in Lagos. Ogunde described AMCON’s ex parte software resulting in the takeover order as an abuse of court docket course of, which he stated the court docket guidelines frown upon.

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An announcement from AMCON asserting the takeover of the corporate’s belongings reads


“Hon. Justice A.M. Liman of the Federal Excessive Court docket, presiding over the swimsuit between the Asset Administration Company of Nigeria (AMCON) vs Everest Nominees Restricted and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all of the belongings of the businesses.


Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gasoline businessman whose whole indebtedness to AMCON is over N240 billion.


“The court docket had additionally granted an order appointing AMCON as a Receiver Supervisor (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the belongings of Pan Ocean, their company guarantors, cronies and cohorts to take over plenty of prime belongings of Pan Ocean over some irreconcilable enormous debt owed AMCON by each Everest Nominees Restricted, Pan Ocean Group and their promoters in addition to administrators.


The court docket in swimsuit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over a number of oil mining and oil prospecting licenses which can be exemplified by OML 147 (previously OPL 275), OML 152 and OML 98 respectively. The order additionally mandated AMCON to took over the property mendacity and situate at No. 33b, Adebayo Doherty Road, off Admiralty Approach Lekki Part One in Lagos State in addition to the property mendacity and being particularly generally known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

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Others embrace one other property mendacity and particularly generally known as No. eight, Modupe Alakija Crescent, Ikoyi, Lagos; the property mendacity and particularly generally known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and recognized as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; one other property mendacity and generally known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos in addition to Plot 5 and Plot 822, Samuel Manuwa Road, Victoria Island, Lagos.


Apart these prime belongings of the obligors, Justice Liman additionally ordered AMCON to take over every other belongings, companies, affairs, undertakings, pursuits and so forth belonging to the defendants wherever similar could also be discovered. He additionally directed the Inspector-Normal of Police and his commissioners to help AMCON and its designates in addition to the Court docket Bailiffs in taking up the belongings on behalf of the Company.”


In the meantime, the administration of Pan Ocean Oil group has expressed dismay at what it described as an tried unlawful takeover of its properties by AMCON. In an announcement launched, the agency stated on July 2nd, 2020, a workforce led by Kunle Ogunba, disrupted work actions at two of its amenities beneath the guise of executing a court docket order. The agency famous that the motion was taken regardless of a pending lawsuit marked FHC/L/CS/552/2020 which is earlier than the Court docket of Attraction in Lagos. The assertion partly learn:


“Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal Excessive Court docket in Lagos, in regards to the pending swimsuit and prayed His Lordship to remain execution of a court docket order round Pan Ocean’s belongings. The tried takeover of our belongings by AMCON and its lawyer is subsequently condemnable.


Pan Ocean accessed funding from the banking system to facilitate enlargement plans which have been primarily based on sound funding recommendation and projections. The funds have been invested in belongings that are verifiable and inside Nigeria. We stay dedicated to working with our monetary companions to resolve all excellent points.”


We’re dedicated to the rule of legislation and due course of and can proceed to depend on authorized due course of to resolve this points regardless of the provocation and lawlessness of the occasion. We name on the management of the judiciary and all lovers of democracy and the rule of legislation to name the erring events to order.”

Watch a video of the second AMCON officers took possession of the belongings under

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