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Saturday, April 10, 2021
Home Business N240bn debt: AMCON takes over Pan Ocean

N240bn debt: AMCON takes over Pan Ocean

The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over two facilities belonging to Pan Ocean Oil Nigeria Limited in Lagos over N240 billion debt. ENERGY TIMES learnt that the loan was obtained from defunct Skye bank between 2011 and 2012 and it has been a subject of litigation with AMCON for the past two years. AMCON Official who spoke with ENERGY TIMES confirmed the development, saying that the corporation has taken over Pan Ocean’s facilities along Ligali Ayorinde, Victoria Island, Lagos. Pan Ocean Oil management, however, condemned AMCON’s action, described it as illegal takeover of its premises by persons purported to be representatives of the Asset Management Corporation of Nigeria (AMCON). Pan Ocean in a statement said: “On July 2nd, 2020, a team led by Mr. Kunle Ogunba (SAN), disrupted work activities at two of our facilities under the guise of executing a court order. This was done despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos. “Our lawyer, Mr. Oluwemimo Ogunde (SAN) 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. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable. “Pan Ocean 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. We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party. We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.

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