Ascon Oil Company Ltd said it has recovered its fuel retail station at Block 36, Admiralty Way, Lekki Phase 1, Lagos purportedly sold by Stanbic IBTC Bank.
According to Ascon Oil, the property with a market value of N2.5 billion was undersold at N1.53 billion, through Stanbic IBTC’s Receiver.
It was learnt that Ascon retook possession of the property following a July 24, 2020 order of Justice Mohammed Liman of the Federal High Court in Lagos. The suit, marked FHC/L/CS/567/2020, arose following a N1.7 billion loan facility.
The property had been with the receiver manager following the judge’s May 15, 2020 ex-parte order which authorised Police protection for the Receiver to protect and preserve the fuel retail station and restrain Ascon from interfering with the Receiver’s discharge of his functions.
But on July 24, 2020, Justice Liman vacated that order in part following Ascon’s claims of suppression, non-disclosure and material misrepresentation of facts against Stanbic IBTC, which the bank has rejected.
Before the July 24 ruling, and in seeking to recover its property, Ascon had written to Stanbic IBTC, through its Managing Director, Demola Shogunle, stating that its outstanding indebtedness was now available and that Ascon was ready to make the payment subject to an audit of its account.
But the bank, it was learnt, declined, stating that the property had been sold.
It also declined Ascon’s requests for details of the expedited process of the transaction or evidence of any cash movement by which the property was purportedly conveyed to the buyer.
On May 27, 2020, Ascon approached the court to set aside its earlier orders and nullify all steps taken pursuant to the orders.