The Asset Management Company of Nigeria, AMCON, on Thursday, July 2, took possession of Pan Ocean Oil Corporation Nigeria Limited, and its affiliate companies owned by billionaire oil mogul, Festus Fadeyi, over an unpaid N240 billion loan.
A statement from AMCON announcing the takeover reads
“Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies.
Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240 billion.
“The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group and their promoters as well as directors.
The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order also mandated AMCON to took over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.
Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the property lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos.