N240b debt: No settlement with Pan Ocean Group

Admin 29-Oct-2020 Business

The Asset Management Corporation of Nigeria (AMCON) yesterday clarified that it has not reached concrete out-of-court settlement with the management of the embattled Pan Ocean Group.

Head, Corporate Communications, Asset Management Corporation of Nigeria (AMCON), Jude Nwauzor, said contrary to publication by some sections of the media, not The Nation, the court is yet to sanction any ‘out-of-court settlement’ with the management of Pan Ocean Group over its indebtedness of N240 billion. The huge debt of the company led to its takeover by AMCON sometimes in July.

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

The order also mandated AMCON to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos and a host of other assets.

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

As a result of the takeover, Pan Ocean and its promoters have been in on-going discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court.

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