AMCON Takes Over Tank Farms, Oil Firms And Filling Stations Belonging To Lawmaker Over N20bn Unpaid Debt

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AMCON Takes Over Tank Farms, Oil Firms And Filling Stations Belonging To Lawmaker Over N20bn Unpaid Debt


Fresh reports reaching BlackBox Nigeria has it that Anambra lawmaker, Senator Stella Oduah is having a tough battle with Nigeria’s topmost asset management company, AMCON over N20bn unpaid debt…

The Federal High Court Lagos on Friday granted an injection against all business interests of serving lawmaker, Senator Stella Oduah over her inability to settle a huge debt of N20bn owed to the Asset Management Corporation of Nigeria.

The Court ruled that Sea Petroleum Oil and Gas Limited and other businesses belonging to the lawmaker be handed over to AMCON. It was learnt that the assets of the businesses were pledged as collaterals as at the time Sea Petroleum Oil and Gas Ltd secured the facility with the bank.

BlackBox Nigeria gathered that the Anambra lawmaker like her Bayelsa State counterpart failed to service her loan facility with Union Bank of Nigeria until AMCON purchased the Eligible Bank Assets (EBA) in 2012. It was learnt that frantic efforts by the Corporation to make Senator Oduah and her promoters reach peaceful resolution were futile,  which prompted the asset management company proceed with the Court application.

It will be recalled that AMCON in June, 2016 took over the business interests of lawmaker, Senator Ben Murray-Bruce over N11bn unpaid debts. The companies affected were Silverbird Galleria Limited, Silverbird Promotions Limited and Silverbird Showtime Limited.

In a statement signed by AMCON’s Head, Corporate Communications, Mr. Jude Nwauzor, he disclosed that the Corporation exhausted all channels to resolute the huge debt which forced it to resort to take the matter to Court.

He said,  “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court.

AMCON said Justice M.S. Hassan of the Federal High Court Lagos Division while presiding over the matter also ordered the freezing of the funds of Sea Petroleum & Gas Limited and its affiliated companies including Sea Petroleum Oil & Gas Limited, Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited along with those of principal promoters of the firms held anywhere by any entity or persons in Nigeria.

AMCON also said in the statement that the presiding judge also authorised the Body and its Receiver, Moyosore Jubril Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Limited.

According to the statement, “In compliance with the order of the court, AMCON through its Receiver, Moyosore Jubril Onigbanjo, SAN, at about 11am on May 18, 2018, simultaneously took possession of the assets of Sea Petroleum & Gas Limited and its affiliated companies.”

The statement said that Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited 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 Express Way; 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 State.

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