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AMCON, Pan Ocean move to resolve N240bn debt

AMCON takes over ex-minister's property over N1bn debt

The Asset Management Corporation of Nigeria (AMCON) has said it is in negotiation with the Pan Ocean Group with a view to resolving the energy firm’s N240 billion debt.

It said in a statement issued on Wednesday signed by Jude Nwauzor, the corporation spokesman, that the court has yet to sanction any ‘out-of-court settlement’ with Pan Ocean’s management contrary to some media reports.

AMCON had in July taken over the assets of Pan Ocean with the oil and gas firm accusing it of doing so despite a pending appeal court suit.

“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.

Read also: AMCON takes over Gedee Zulu’s assets over N4bn debt

“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 statement said.

The court had also granted an order appointing AMCON as a receiver manager based on the 2019 Act as amended.

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

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