Connect with us

News

AMCON Takes Over Assets Of Pan Ocean Group Over N240billion Debt

Avatar

Published

on

Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies. Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240billion.

The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies, and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group, and their promoters as well as directors.

READ ALSO: AMCON Takes Over 30 Hectares Of Land At Isheri-OPIC

The court 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 took 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.

Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the properly lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.

Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests etc belonging to the defendants wherever same may be found. He also directed the Inspector-General of Police and his commissioners to assist AMCON and its designates as well as the Court Bailiffs in taking over the assets on behalf of the Corporation.

Only recently, the media was awash with news that the debt of Dr. Festus Fadeyi of Pan Ocean Group and his firms to Skye Bank Plc accounted for why the bank eventually collapsed. Skye Bank Plc officially collapsed in 2018 leading to its takeover by the Federal Government of Nigeria through AMCON, which injected a fresh cash of about N786billion. AMCON had to step in because the bank required urgent recapitalization, which at the time save thousands of jobs and depositors’ money.

Facebook Comments
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Lekki Shooting: CNN Carried Out A Hatchet Job On The Army – International Journalists

Avatar

Published

on

The report by Cable News Network (CNN) on the shooting at the Lekki toll gate in Lagos was a “poor” hatchet job targeted at the Nigerian Army, the International Institute for Investigative Journalism (IIIJ) has said.

In an electronic statement signed by special rapporteur, Francois Deburoiche, on Wednesday, the IIIJ said it came to this conclusion following a careful investigation on the events that led to the escalation of violence at the toll gate.

After forensic analysis of CNN’s report, the International Institute for Investigative Journalism noted that there were some missing details in the American television channel’s piece.

According to the institute, the report was carried out in poor taste, lacking professionalism and objectivity. It added that the claim of use of live bullets and testimonies of victims were all tales.

The institute, however, advised the television channel to retract and admit error in the documentary.

Read the full statement below:

The International Institute for Investigative Journalism is issuing this press statement with the best of intents after a careful investigation on the events that led to the escalation of violence at the Lekki Tollgate in Lagos Nigeria during the EndSARS protest.

A team of investigative journalists with extensive experience in conflict situation interrogated the various claims made by the American Cable News Network in its report on the Lekki Shootings and came up with a comprehensive analysis that found gaps that were not filled in the CNN documentation of the events at the Lekki Tollgate in Lagos Nigeria.

Our statement:

The CNN documentary on the EndSARS protest in Nigeria was released to the general public with lots of inaccuracies. These accuracies were detected after an extensive forensic investigation by the International Institute for Investigative Journalism.

It is thus our opinion that the report was carried out in the poor taste, lacking in professionalism and objectivity. This is a great betrayal on journalism by the CNN, which indeed violated the known tenets of journalism.

The videos and images used in the CNN report were not subjected to adequate scrutiny. Consequently, it lacked credibility for use by an organization of repute such as the CNN. This fact was also buttressed by the fact that the CNN report was very hasty in its conclusion by indicting the Nigerian Army of culpability in the events at the Lekki Tollgate.

Our position remains that the CNN erred substantially in its report that was highly misleading to the general public in Nigeria and other parts of the world. The documentary also failed woefully to highlight the events that led to the reign of violence in parts of Lagos state but instead rehashed the issues under different subheadings with minimal evidence that indicts the Nigerian Army of wrongdoing at the Lekki Tollgate.

The International Institute for Investigative Journalism concludes that the CNN documentary was prejudiced in its analysis as well as presentation which fall nothing short of a poor hatchet job with the undeniable intent to discredit the Nigerian Army operation at the Lekki Tollgate in Lagos Nigeria.

The analysis by CNN in the documentary was hasty in its categorization with regards to the use of live bullets by soldiers at the Lekki Tollgate. The report attempted to portray the use of excessive force by soldiers, while the accompanying videos and images did not depict such.

The credibility of those interviewed in the documentary was also suspect with the choice of words and the facial and body expressions of the victims as well as their relatives. Thus much was revealed by forensic analysis as the emotions portrayed didn’t match their words.

Conclusion:

The International Institute for Investigative Journalism is of the considered opinion that the CNN carried out a hatchet job that is targeted at the Nigerian Army institution. We as a result of this classify the CNN documentary as highly misleading and with the capacity to cause disquiet in Nigeria.

The CNN must retract and admit error in submission in its documentary on the Lekki Tollgate shootings. The International Institute for Investigative Journalism faults the CNN documentary in all ramifications.

Facebook Comments
Continue Reading

News

Why Army is Boosting Land Power, Buratai Speaks at War College Lecture

Avatar

Published

on

The Chief of Army Staff (COAS), Lt. Gen. Tukur Yusuf Buratai, has said that the Army War College Nigeria (AWCN) has continued to churn out highly-capable operational commanders, with a very good understanding of operational art and the requisite skills for the effective application of land power.

Buratai, was the special guest of honour at the ‘Graduation Lecture’ of Course 4/2020, in Abuja. The COAS, who had earlier commissioned the War College Office Extension Building, further said the building is made up of offices, Central Auditorium with 450 seating capacity, a lecture hall and a lounge with 180 and 120 seating capacity, respectively.

According to Lt. Gen. Buratai, the War College was conceived to address the observed gaps in the professional military education of Army’s personnel at operational level. The Commandant of AWCN, Maj. Gen. SE Udounwa, expressed gratitude to the Army Chief for tirelessly supporting the College, especially in the area of infrastructural development.

The AWCN was established in 2017 to bridge the gap between the tactical and strategic level training by producing well trained, educated and inspired operational level leaders for the Nigerian Army.

Facebook Comments
Continue Reading

News

JUST IN: NLC, TUC Stage Walk Out From Meeting With FG

Avatar

Published

on

Labour union representatives on Sunday staged a walk-out from a meeting with the federal government, barely five minutes after it started.

According to the president of the Trade Union Congress, Quadri Olaleye, on the meeting’s top agenda were the issues surrounding the hike in the price of fuel and electricity tariffs, not issues of palliatives.

In his opening remarks before the closed-door session, Olaleye accused the federal government of dishonesty, playing to the gallery and painting the organised labour in a bad light before civil servants and the public.

Representing the Nigerian Labour Congress was its deputy president, Najeem Yasin.

“This meeting is not going to be as usual,” Olaleye told news men. “Why, because we have seen the insincerity of government and it’s putting us at risk. They are taking us for a ride, which cannot continue.

“We are in the process of discussing, for over three months now. And they made announcement increasing the fuel price again. And no other person than NNPC. When has authority been giving to NNPC to increase the price of PMS? This is unacceptable.

“The meeting agenda is not well prioritised. And because of that, we are leaving the meeting. We will not continue, we will go back to our organ, and we are going to get back to you on the next line of action.”

In attendance from the federal government were the Minister of Labour and Employment, Chris Ngige, the Minister of State for Labour, Festus Keyamo, Minister of State for Petroleum, Timiprye Sylva, Minister of state for power, Goddy Agba and the Secretary to the Government, Boss Mustapha.

“We felt that the item of increase in PMS, having been listed at all as an additional item, would have satisfied everybody,” labour minister, Ngige said after the walkout.

More to come…

Facebook Comments
Continue Reading

Trending

Copyright © 2018 -2019