The Asset Management Company of Nigeria (AMCON) was of Thursday, July 2, finally took possession of Pan Ocean Oil Corporation Nigeria Limited, and all its affiliate companies owned by the billionaire oil mogul, Chief Festus Fadeyi, over unpaid N240 billion loan debt that alleged to liquidated Sky Bank.
This medium recalls that, Justice Mohammed Liman of the Federal High Court sitting in Lagos had earlier on June 22, granted an ex-parte application by counsel to AMCON, Kunle Ogunba SAN, to take interim possession of the assets of Pan Ocean companies over the unpaid loan at Sky Bank to the tune of N240 billion
A statement from AMCON announcing the takeover of the company’s assets reads;
“Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies.
Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240 billion.
“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 licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order also mandated AMCON to took 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 property 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.
Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests etc belonging to the defendants wherever 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.”
Meanwhile, the management of Pan Ocean Oil group has expressed dismay at what it described as an attempted illegal takeover of its properties by AMCON. In a statement released, the firm said on July 2nd, 2020, a team led by Kunle Ogunba, disrupted work activities at two of its facilities under the guise of executing a court order. The firm noted that the action was taken despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.
The statement in part “Our lawyer, Mr. Oluwemimo Ogunde (SAN) has notified Justice Mohammed Lima’s of a Deseral High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover our assets by AMCON and its lawyer is therefore condemnable”
“Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.”
“We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party. We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.”
Would the bank recover now ?
Nothing like recover again.Sky Bank is now history. Taking possession like this is to serve as warning to People like Festus Fadeyi that, law can still catch up with them at any period. This individual have ruined lives as well as investments made by hundreds, if not thousands of the bank’s innocent shareholders, most of who we gathered lost lifetime investments when the bank die. Fadeyi was able to perpetrated this when his Son, Jason Fadeyi represented him at the Sky Bank board under Tunde Ayeni as Chairman.