AMCON takes possession of Oduah’s assets over N20bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil and Gas Limited and other assets belonging Stella Oduah, senator representing Anambra north, over her inability to clear her N20 billion debt.

AMCON said the takeover followed an injunction granted by M.S. Hassan of Lagos federal high court.

In a statement by Jude Nwauzor, head, corporate communications, AMCON said it purchased the Eligible Bank Assets (EBAs) of the company from Union Bank  in 2012.

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

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

The cooperation said efforts to reach an amicable settlement proved futile.

“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 read.

AMCON added that the order also affected the senator’s other business interests and that Onigbanjo will act as receiver over the assets of Sea Petroleum Oil and Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.

“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 & Gas Ltd. and its affiliated companies,” it read.

“Justice Hassan specifically, ordered Sea Petroleum Oil & 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.”

Other affected assets, according to AMCON, are two tank farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, 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.