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Monday, September 26, 2022

AMCON yet to reach ‘Out-of-Court Settlement’ with Pan Ocean Group

Nigeria’s ‘bad bank’ the Assets Management Corporation of Nigeria (AMCON) has said that it has not reached a conclusive out of court settlement with Pan Ocean Group, an oil and gas company Contrary over its indebtedness of N240 billion to the corporation.

In a statement, the corporation’s head of corporate communications, Jude Nwauzor debunked claims in some reports, noting that the court is yet to sanction any ‘out-of-court settlement’ with the company and its owners.

The oil firm which is currently indebted to the AMCON to the tone of N240 billion has been taken over by the corporation.

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“Recall that Hon. Justice A.M. Liman 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 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 and a host of other assets. The court also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended).

“As a result of the takeover, Pan Ocean and its promoters have been in on-going discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court,” Nwauzor stated in the statement.

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