In News by stephen abiodun on the 03rd, July, 2020

Polaris Financial institution, Pan Ocean’s feud over N240bn mortgage degenerates + AMCON’s OML 147 takeover

Polaris Bank, Pan Ocean’s feud over N240bn loan degenerates + AMCON’s OML 147 takeover

The feud between Polaris Financial institution-led consortium of lenders and Pan Ocean group over N240 billion mortgage has degenerated with Asset Administration Company of Nigeria (AMCON’s) takeover of Pan Ocean Oil Fuel firm with all its belongings inclusing Oil Mining Lease (OML) 147.

Pan Ocean had accessed funding for the mission from the consortium of banks led by Polaris Financial institution Restricted (Former Skye Financial institution Plc) for the event and manufacturing on Oil Mining Lease (OML) 147, which got here from OPL 275 in 2014. OML 147 is anticipated to achieve peak output of 11,000 barrels of crude oil and 90 million normal cubic ft of gasoline per day when totally operational.

The Polaris Financial institution-led consortium of lenders concerned within the mission have been nonetheless, uncomfortable with the delays related to the initiatives as this has begun to have an effect on depositors’ cash within the banks.

These initiatives failed to fulfill up with 2020 Q1 supply date this yr. The oil firm had blamed this on causes together with the disruption in enterprise actions and the distortion within the oil and gasoline sector by the worldwide pandemic.

Pan Ocean and a number of different oil firms who’ve failed in assembly up with compensation plans have written banks explaining that the COVID-19 outbreak and poor oil economic system have made them to placed on maintain all deliberate enterprise executions, head of power unit in one of many prime lenders to Platforms Africa.

Nonetheless, Pan Ocean stated in an announcement despatched to this main Africa-focused on-line newspaper that it was decided to go forward with the mission, which additionally embrace the enlargement of Part II of the Ovade-Ogharefe Fuel Processing Plant/LPG Propane Plant is designed to develop gasoline processing capability on the plant to 200 million normal cubic ft per day.

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“We 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 regulation 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 regulation to name the erring events to order.” Pan Ocean stated.

The decision from Courtroom

The Federal Excessive Courtroom, presided over by Justice A.M. Liman, within 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.

Lagos-based oil and gasoline businessman, Dr. Festus Fadeyi, whose complete indebtedness to AMCON is over N240 billion, is the promoter of Pan Ocean Group.

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

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Apart these prime belongings of the obligors, Justice Liman additionally ordered AMCON to take over some other belongings, companies, affairs, undertakings, pursuits amongst different belongings to the defendants wherever the identical could also be discovered.

He additionally directed the Inspector-Common of Police and his commissioners to help AMCON and its designates in addition to the Courtroom Bailiffs in taking on the belongings on behalf of the Company.

Pan Ocean kicks

In the meantime, the administration of Pan Ocean Oil (Nigeria) Restricted has expressed dismay at what it described as tried unlawful takeover of its properties by AMCON.

In keeping with the agency, on July 2nd, 2020, a crew led by Kunle Ogunba, disrupted work actions at two of its amenities below the guise of executing a courtroom 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 Courtroom of Attraction in Lagos.

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

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