AMCON Takes Over the Assets of Pan Ocean Group over N240bn Debt
Following an interim Order of the Federal High Court, Lagos, the Assets Management Corporation of Nigeria (“AMCON”) has taken over possession of the Assets, Businesses, and Undertakings of Pan Ocean Group and its Subsidiaries.
The Order of the Court was made in pursuance of an action by AMCON to recover a debt of over N240,000,000,000.00 (Two Hundred and Forty Billion Naira only) from Everest Nominees Limited, Pan Ocean Group and their Promoters.
Relying on the provisions of the AMCON Amendment Act 2019, Justice Mohammed Liman appointed AMCON and her designated nominee, Kunle Ogungba, SAN, as a Receiver/Manager of Pan Ocean Group, to amongst other things, take over several Oil Mining and Oil Prospecting Licenses exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98.
Justice Liman also directed the Receiver/Manager to take over a number of prime assets of the oil giant, designated and located as follows: 33B, Adebayo Doherty Street, Off Admiralty Way, Lekki Phase 1, Lagos; FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos; Ark Towers, No. 17 Ligali Ayorinde Avenue, Victoria Island, Lagos; Nos. 8, 14 and10/12 Modupe Alakija Crescent, Ikoyi, Lagos; and Plots 5 and 822 Samuel Manuwa Street, Victoria Island, Lagos.
To ensure full compliance, the Court directed the Inspector General of Police (“IGP”) and the Court Officers to execute the takeover order.
On the other side, Pan Ocean Group has filed an application to stay the execution of the takeover order, pending the determination of a suit which is a subject of an appeal at the Court of Appeal, Lagos.