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N29bn debt: AMCON takes over Sea Petroleum Oil & Gas Limited

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By Babajide Komolafe

ASSET Management Corporation of Nigeria, AMCON, has taken over the assets of Sea Petroleum Oil & Gas Limited due to failure to repay N20 billion debt owed Union Bank of Nigeria Plc. The company is owned by former Minister of Aviation, Princess Stella Oduah-Ogiemwonyi.  The take-over was by a court order.

Princess Oduah-Ogiemwonyi, a serving member of the 8th Senate of the Federal Republic of Nigeria, has been having a running battle with AMCON over the debt. AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank sometime in 2012.

In a statement announcing this development, AMCON stated: “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court. The order also affects Princess Stella Oduah’s other business interests for which AMCON has since appointed Moyosore Jubril Onigbanjo, SAN, as Receiver over the assets of Princess Stella Oduah-Ogiemwonyi;  Sea Petroleum Oil & Gas Limited; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.

“The court also ordered the freezing of the funds of Sea Petroleum & Gas Limited and its affiliated companies and principal promoters held anywhere by any entity or persons in Nigeria; authorised AMCON and its Receiver, Moyosore Jubril Onigbanjo, SAN, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Limited.

“Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited and its affiliated companies to hand over the company’s business, which sits on over 9000 square meters of land in the fastest developing area of Lagos State along the Lekki-Epe Express Way; 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 State.”

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