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

Delta State traditional ruler, Chief Newton Agbofodo sentenced to death

                      Chief Newton Agbofodo, the embattled community head of Ekpan, Uvwie Council Area of Delta State, has been sentenced to death. He's one of the highest ranking chiefs of Uvwie Kingdom. He was arrested on June 17, 2016, and was later arraigned in court for crimes bordering on murder. He  was sentenced by the Delta State High Court 4, in Asaba, after being found guilty of all four count charges  preferred against him. He was sentenced to death by hanging.?. Charges preferred against him were conspiracy to commit murder, the substantial offence of murder, conspiracy to commit attempted murder and an attempted murder. According to reports, he was alleged to have been linked to series of killings within Ekpan and its environs, including the murder of one Edigbe Ikpesa sometime in Oc­tober 2012. He was also implicated in the Delta Mall robbery/wanton de­struction in January, 2016.
Post a Comment
Read more

Photos of Prince Philip drives himself again just two days after he suffered a car crash in Sandringham

Prince Philip, 97, is back behind the wheels only two days after he got involved in a car crash that left two women and a 10-month-old child injured. Prince Philip was injured in Thursday's accident after he was "dazzled by the sun" while driving his Land Rover near the Royal family's Sandringham Estate. This caused him to collide with a Kia carrying two women and an infant. His vehicle turned over and he had to be helped out by an eyewitness. On Saturday, the Duke of Edinburgh was spotted again behind the wheels of a replacement Land Rover and without wearing his seatbelt. Just one day earlier, his wife, Queen Elizabeth, 92, was also spotted driving herself in a Range Rover close to where Prince Philip's accident occurred. Some photos show her driving without her seatbelt on while she was seen wearing her seatbelt in some.
Post a Comment
Read more

Community leader, two others shot in Plateau attacks

                        The district head of Gashis community in Plateau State and two others were shot on Sunday evening, an official has said. The transition management committee chairman of Barkin Ladi Local Government Area of Plateau State, Dickson Chollom, on Monday reported the shooting of the district head in his house and that of two others in a barber’s shop in Barkin Ladi by armed men. “Gwom Rwei Gashis (the district head) is unconscious and has been rushed down to Barkin Ladi general hospital,” he said. Mr Chollom said the special task force on the Jos crisis (STF), also known as “Operation Safe Heaven” reported the shooting of the community leader to him. “Gashis commander, Awolor, confirmed to me that Mr Gashis’ residence was attacked and burned down.” Mr Chollom, in a text message on Monday morning, told PREMIUM TIMES that the community le...
Post a Comment
Read more