Pan Ocean Oil asks court to stay order in AMCON's favour

By Innocent Anaba

Asset Management Corporation of Nigeria, AMCON, has moved against debtors owing the Federal Government over N9.8billion by seizing their properties and lands in the Lekki area of Lagos State.

The properties include a large expanse of lands occupied by squatters and mechanic village at Goshen Beach Estate and environs.

The debtors, in the suit initiated by AMCON before a Federal High Court sitting in Lagos, are Knight Rook Ltd (under AMCON Receivership), Fibigboye Estates Ltd, and Grant Properties Ltd.

The take over of the properties according to AMCON through its counsel, Adedeji Aniyikaye-Quadri, followed a June 18, 2020, ex-parte order granted in its favour by Justice Saliu Saidu.

The order attached the respondents’ properties for the satisfaction of the N9,866,510,191 debt.

ALSO READ: AMCON takes over Pan Ocean Group over N240bn debt

The court approved the enforcement of a judgment debt AMCON won at the Federal High Court, Lagos, on October 3, 2017, before Justice I. Buba.

AMCON had on Wednesday taken over 40 hectares land at Lekki-Epe Expressway, Sangotedo, Ajah, opposite Peace Garden City Estate, Ajah, pursuant to the  order.

Aniyikaye-Quadri said AMCON executed the judgment following the respondents’ failure to settle the debt.

He said, “We are not aware of any appeal challenging the judgment.  The order takes immediate effect, it is permanent and it affects everything fixed on the land whether movable or immoveable properties of the defendants.”

Vanguard News Nigeria.

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