Skip to main content

Unpaid Debt: AMCON takes over Sen. Oduah’s assets

                                AMCON
The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Sen. Stella Oduah-Ogiemwonyi over an unpaid debt of about N20 billion.
AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & Gas Ltd.
The corporation in a statement by its Head, Corporate Communications, Mr Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.
The statement said that AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas from Union Bank Plc. sometime in 2012.

It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.
“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.
It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.
The statement said that the court also ordered the freezing of the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.

It also authorised AMCON and its receiver, Onigbanjo to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.
“In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.
“Justice Hassan specifically, ordered Sea Petroleum Oil & Gas Ltd. and its affiliated companies to hand over the company’s business, which sits on over 9000 square kilometres of land in the fastest developing area of Lagos State along the Lekki-Epe Expressway,” it said.

 Other affected assets, according to AMCON, are two tank farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, Lagos Island and a filling station complex at kilometre 14, Lekki-Epe Expressway, Ikota, Lagos.
The court order also listed a host of other assets across the country, including Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.

Comments

Post a Comment

Popular posts from this blog

Air Force on fact finding mission over alleged killing of innocents in Zamfara

Nigerian Air Force Alpha jet A team of Nigerian Air Force officers, led by AVM Idi Lubo, on Friday arrived Zamfara to investigate allegations that innocent citizens were recently bombarded through air strikes by NAF personnel in the state. Addressing journalists on arrival at the 307 Quick Response Group headquarters in Gusau, the team leader, Lubo said “the Chief of Air Staff, Air Marshal Sadique Abubakar is highly disturbed over the allegations. “As concerned Nigerians and part of those charged with the responsibility of ensuring the peace and safety of Nigerians, we are here to verify the claims made by the traditional rulers of Zamfara. “We will meet with all stakeholders in the matter, especially the state government, security chiefs and even the affected community members before filing our report.” The team had on arrival in the evening, separately met with the state Director, Department of State Security and the Secretary to the State Government behind closed door, ...
Post a Comment
Read more

Sergeant arrested for killing one and injuring 3 persons

  A Police Sergeant identified as Bello Garba has been arrested and detained for allegedly shooting one person to death and injuring three others in Sokoto on Friday September 25.    According to the state police command, the arrested policeman shot 25-year-old Aminu Abdulrahman to death and injured Junaidu Abba, Babangida Muhammad and Awaisu Alti.   Police spokesperson in the state, ASP Muhammad Sadiq said victims of the incident were sharing money doled out by Gov. Aminu Tambuwal during the Juma’at prayers to mark Nigeria’s 60th Independence anniversary, held at Sultan Bello Jumu’at mosque.   The statement read;    “The policeman unprofessionally fired without reasonable justification at that material time. The Sokoto State Police Command condemns in its entirety the unwarranted, uncivil and unprofessional conduct of a Police Sergeant on special duty in the state. ”Commissioner of Police. Mr Sani Kaoje had ordered the detenti...
Post a Comment
Read more

Six members of notorious robbery gang including a female arrested in Bayelsa State

                            The state Police Command on Friday smashed a gang what have been terrorizing Igbogene-Yenagoa and its environs arresting six members of a notorious robbery gang, including a female with arms and ammunition recovered from them. The suspects are Sunday Alo, 22; Henry Goddy, 25; Justice John Ukpaka, 23; Choima Blessing 22; Favour Ojum 20; and a female, Justina Odua, 23. Asinim Butswat, spokesman to command said in Yenagoa that the arrest was made possible through a tip- off by members of the public. “On 4th May, 2018 at about 0400hrs, in a coordinated operation, the tactical commanders and operatives from Igbogene Police Division, led by the Divisional Police Officer, raided the hideout of the criminal gang at Igbogene. Upon a thorough search of the house, the Police recovered the following arms and...
Post a Comment
Read more