Nigeria’s Asset Management Corporation takes over Pan Ocean assets over US$619M debt

Nigeria’s Asset Management Corporation takes over Pan Ocean assets

NIGERIA –Asset Management Corporation of Nigeria (AMCON) have received the green light from Nigeria’s judicial court to take over all the assets of Pan Ocean Group.

The Federal High Court, presided over by Justice A.M. Liman, made the land mark ruling , giving AMCON the authority to seize all of Pan Ocean Group’s assets in efforts to recover an over N240 billion debt (about US$619 million) owed to it by the company’s directors.

The Nigerian court in its ruling also granted an order appointing AMCON as a Receiver Manager.

The court also designated human nominees (Kunle Ogunba Esq.) as its privies, and assigns over the assets of Pan Ocean, to take over a number of its prime assets over some irreconcilable huge debt owed to AMCON by Everest Nominees, Pan Ocean and their promoters as well as directors.

 The court further ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licences that are exemplified by OML 147 (formerly OPL 275), OML 152, and OML 98, respectively.      

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

In its response to the ruling, the management of Pan Ocean Oil (Nigeria) Limited expressed dismay at what it described as attempted illegal takeover of its properties by AMCON.

 According to the firm, a team led by Kunle Ogunba had earlier disrupted work activities at two of its facilities under the guise of executing a court order.

The firm noted that the action was taken despite a pending lawsuit marked which is before the Court of Appeal in Lagos.

 “Our 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,” Pan Ocean said in a statement.

The oil mining company further stated that it had 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 which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues,” Pan Ocean said.

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