N29bn debt: AMCON takes over company, seven properties linked to Omokore

The Asset Management Corporation of Nigeria (AMCON) has taken over a company and seven properties belonging to Olajide Omokore, a business associate of Diezani Alison-Madueke, a former minister of petroleum resources.

In a statement released on Monday, the corporation said C.J. Aneke, a justice of the federal high court in Lagos, granted an injunction to take over the assets over a N29 billion debt.

The judge said Omokore and Cedar’s directors namely Isiaka Mohammed, Joseph Bazuaye and Silas Ode refused to pay AMCON their admitted sum of over ₦15billion out of the total outstanding indebtedness of ₦29billion owed to the recovery agency of the Federal Republic of Nigeria.

All assets belonging to Cedar Oil & Gas Exploration and Production Limited including Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising of 26 flats; Plot 1236, River Niger Street, off River Benue Street, Maitama, Federal Capital Territory, Abuja; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments. AMCON is also in possession of No. 33A, Cooper Road, Ikoyi, Lagos State; No. 8, Gerrard Road, Ikoyi, Lagos State as well as Manson Apartments, No. 6, Gerrard Road, Lagos State comprising of 60 units of three-bedroom apartments were affected.

“We saw it coming because the said debt is long overdue. You can see how these top AMCON obligors are taking all Nigerians for a ride. Even when they admitted repaying over ₦15billion owed AMCON, they still did not honour their own agreement, which they did not make under duress,” Jude Nwauzor, AMCON’s spokesman said.

“I want you to understand that before we get to this stage with any obligor, we must have patiently tried to resolve the matter without going to court.

“Anytime we end up taking over assets such as in the case of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore and others, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.

“If you have exhausted all avenues of peaceful resolution, there is no other option available to the corporation than to commence enforcement action against the firm and Mr Olajide Omokore the promoter of Cedar Oil & Gas Exploration and Production Limited as well as the other directors as ordered by the court and as provided under Section 49-52 of the AMCON Act.”

Godwin Nwekoyo, AMCON’s receiver, also received protective orders from the court.