Court grants AMCON leave to take over former Aviation Minister’s Company and Assets over N20bn debt

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The Federal High Court Lagos Division has granted the Asset Management Corporation of Nigeria (AMCON) leave to take over Sea Petroleum Oil and Gas Ltd. and other assets belonging to Senator Stella Oduah, the former minster of aviation, over unpaid debt of about N20 billion.

According to the corporation in a statement by its spokesman, Mr. Jude Nwauzor,  Oduah had been having a running battle with AMCON over her inability to settle her huge debt that led to the order by Justice M.S. Hassan of the Federal High Court.

The statement said that AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum and Gas from Union Bank Plc. sometime in 2012.

It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.

“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.

It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo as receiver over the assets of Oduah-Ogiemwonyi, Sea Petroleum Oil and Gas, Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.

Stella Oduah, Nigeria’s former Minister of Aviation

The statement said that the court also ordered the freezing of the funds of Sea Petroleum and Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.

It also authorised AMCON and its receiver, Onigbanjo to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

“In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum and Gas Ltd. and its affiliated companies.

“Justice Hassan specifically, ordered Sea Petroleum Oil and Gas Ltd. and its affiliated companies to hand over the company’s business, which sits on over 9000 square kilometres of land in the fastest developing area of Lagos State along the Lekki-Epe Expressway,” it said.

Other affected assets, according to AMCON, are two tank farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme II, Lagos Island and a filling station complex at kilometre 14, Lekki-Epe Expressway, Ikota, Lagos.

The court order also listed a host of other assets across the country, including Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A, Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.

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