AMCON: Pan Ocean Group N240BN Debt Remains Unsettled

The Asset Management Corporation of Nigeria (AMCON) disclosed yesterday that there is yet to be an agreement with the management of the Pan Ocean group.

Jude Nwauzor, the head of Corporate Communications, Asset Management Corporation of Nigeria (AMCON) stated that in contrast to publications made by some media houses, the court is yet to sanction any ‘out-of-court settlement’ with the management of Pan Ocean Group over its debt of N240 billion which led to its takeover by AMCON in July.

Hon. Justice A.M. Liman had in suit No. FHC/L/CS/722/20 ordered AMCON and its partners to take over several oil mining and oil prospecting licenses that are identified as OML 147, formerly OPL 275, OML 152 and OML 98.

AMCON was given a mandatory order to take over the unused property located at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State; including the unused property known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos and other assets.

The court also granted an order appointing AMCON as a Receiver Manager in agreement with its 2019 Act as amended.

From reports gathered, Pan Ocean and its promoters have been working together with AMCON to bring about a decision on how to peacefully resolve the debt through a settlement framework that has not been presented to the court at the moment.

Photo Credit: BusinessDay

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