AMCON Takes over Pan Ocean’s Assets over N240bn Debt

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Panocean Oil Nigeria Limited

The Asset Management Corporation of Nigeria (AMCON) has taken over all assets belonging to Pan Ocean Group and its subsidiaries.

A statement Thursday from AMCON said the takeover followed the order of Justice A.M. Liman of the Federal High Court.

Pan Ocean Group is promoted by Dr. Festus Fadeyi, a Lagos-based oil and gas businessman whose total indebtedness to AMCON, according to the statement, was over N240 billion.

The statement explained that 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 licences that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively.

“The order also mandated AMCON to take 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 properly 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 as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos,” the statement added.

According to AMCON, aside from these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests, among others, belonging to the defendants wherever the same may be found.

“He 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,” it stated.


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