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

CGI Babandede Bows Out With Glorious Light, Global Acclaim

Avatar

Published

on

The 11th Comptroller-General of the Nigeria Immigration Service (NIS), Muhammad Babandede, MFR, was pulled out from Service Monday in grand style, razzmatazz and pageantry, after a transparent and diligent service to his country – Nigeria.

The occasion took place at the NIS Parade Ground, Sauka, Abuja, and was graced by the Minister of Interior, Ogbeni Rauf Aregbesola, who was Special Guest of Honour; Governor of Jigawa State, Alhaji Muhammad Badaru Abubakar, MON, mni; Service Chiefs, Inspector-General of Police, IGP Alkali Usman Baba and other heads of sister security agencies. Also at the occasion were top traditional rulers, Captains of industry, community leaders, youth groups, women groups and members of the diplomatic corps.

Speaking during the ceremony, the Minister of Interior, Aregbesola, who represented President Muhammadu Buhari, paid glowing tributes to CGI Babandede for rebranding and repositioning the Nigeria Immigration Service as a top class migration management agency globally.

Continuing, Ogbeni Aregbesola, enjoined Babandede’s successor and NIS management to effectively harness and utilize the ultra-modern technological infrastructure established by Babandede for continued policing and surveillance of Nigeria’s borders, adding that the innovation is world-class and must be properly maintained at all times.

The Minister of Interior poured encomiums on the out-going CGI, applauded the gigantic transformational milestones and legacies left behind by the outgoing CGI

In the same vein, the Governor of Jigawa State, Alhaji Muhammad Abubakar Badaru lauded the sterling leadership qualities of CGI Babandede, patriotism and monumental achievements of the outgoing CGI, noting that he is a shining ambassador of Jigawa State, whose footprints are written on the sands of time in building a harmonious relationship with sister agencies; was unparalleled and must be exploited to the fullest for enhanced productivity and service delivery.
He enjoined other chief executive officers to borrow a leaf from the mercurial service record of CGI Babandede who has made Jigawa State proud.

Meanwhile, other stakeholders are also unanimous that CGI Babandede will continue to be a reference point, in the annals of efficient service delivery, transparency and patriotism in Nigeria, alluding that he has changed the narrative and paradigm shift of the NIS in compliance with best international practices.

Also, a prominent civil society group, Guild of Civil Societies and Media Executives for Equity, Justice & Transparency (GOCMEJ), was full of praises for CGI Babandede for redefining service delivery, accountability, transparency and patriotism in Nigeria’s public service. The organization, which is an amalgamation of over 350 CSOs, NGOs and media executives, recommended the outgoing CGI for higher national office, stating that his invaluable service record must not be sacrificed on the altar of officialdom. Emphasizing that CGI Babandede is brimming with resourcefulness, youthful energy and zeal for service to humanity and his fatherland.

Facebook Comments
Continue Reading

News

NDDC: GPMI Hails Sen. Akpabio , Says Detractors Should Leave Him Alone

Avatar

Published

on

The Global Peace Movement International UK has described the Niger Delta Minister, Sen. Godswill Akpabio as a man who claimed fifteen story building without a steer case.

The group also said Senator Godswill Akpabio is a proven performer. Since he became the Minister of Niger Delta, he has been working diligently to develop the region. It is on record that massive work is going on in the region in different sectors.

In a press statement signed by the media officer, Augustine Aminu (KSM) on behalf the President General of Global Peace Movement International UK, Dr. Mike Uyi who currently lost his sister, Pastor Rose Uyi.

He said, prior to the minister’s assumption of office at the Niger Delta Affairs ministry, activities at the ministry were in dire need for reformation. Therefore, it took the frugality in his resource management and political determination to turn around the entire gamut of the Niger Delta community for the better within his short stay in office.

According to Uyi, the mandate of the Ministry of Niger Delta Affairs is to formulate and execute plans, programmes, and other initiatives as well as coordinate the intervention activities of agencies, communities, donors, and other relevant stakeholders involved in the development of the region. Akpabio has promised never to deviate from the mandate.

“NDDC was meant to address the development challenges in the Niger Delta region but the commission has only enriched a few people in the past leaving the mission and vision not actualized. Faceless contractors have pocketed funds for projects and were never executed”.

“Akpabio is tested and trusted. As commissioner, senator and governor, he performed excellently. Unarguably, Akpabio is among the ministers that would perform very well in this administration and should be allowed to concentrate on transforming NDDC. GPMI believes that he will do greater things if given a higher national assignments”.

Under the supervision of Senator Akpabio, a forensic audit was carried out to unravel corruption and bad corporate governance in the commission.

“The Minister as we know him has been a detribalised and generous individual. His personal aides and workers hail from different states in the Niger Delta region and the country. Besides, the minister is known for presenting opportunities to people based only on their competencies”.

“He has carried all stakeholders in the Niger Delta along and that is why the region has remained peaceful since his emergence as a minister”.

Facebook Comments
Continue Reading

News

Less Than 3 Percent Of Kaduna Residents Have Health Insurance – KADCHMA

Avatar

Published

on

Less than 3 percent of people out of about 9 million are covered by medical insurance under the Kaduna State Contributory Health Management Agency (KADCHMA) it has been revealed.

The revelation was made during a stakeholders meeting organized by the Kaduna Maternal Accountability Mechanism (KADMAM) with Partnership to Engage and Learn (PERL-EC) and Lafiya Programme.

Speaking on the matter, the representative of KADCHMA and Director of Operations, Dr Juliana Bungon said that apart from the state government employees only about 2000 individuals from the informal sector are registered with the scheme.

She added that  getting the informal sector to participate in the scheme had been difficult because they are not organized as the organized informal sector who are part and parcel of the trade unions.

She however added that the state government is making arrangement with farmers in the rural area to batter harvested food items with relevant agency so that they can be captured in the scheme.

” we are also going to vigorously involve cooperatives, desk officers in local governments as well as embark on massive sensitization with media to drive home the matter, ” she said.

Speaking earlier,  Mal Mustapha Juma’are  said that people must be part and parcel of the scheme so that the issue of out of pocket expenditure which hitherto had been a stumbling block to Nigerians resident in Kaduna state can be minimized.

Mal Juma’are who frowned at the paltry percentage of residents who have embraced the scheme called on participants to help in galvanizing the populace so that they can embrace it and make it their own.

Also speaking, the Co-Chair of Open Government Partnership (OGP) Hadiza Umar said that action in the area of sensitizing and enrolling the people of Kaduna state is necessary in order to curb or reduce the number of people dying daily from treatable diseases.

She said that Kaduna State will remain open in all its activities as she urged participants and stakeholders to share the information especially in the informal sector.

Mr Abel Adejor, on behalf of PERL-EC and Lafiya programme said that the aim of the meeting is for associations and organizations that are in the informal sector to be properly mobilized with adequate information for them to key into the scheme.

He further said that the civil societies and Non Governmental Organizations (NGO) will continue to give support to program for it to succeed in the state.

The meeting was made possible by the KADMAM in collaboration with KADCHMA and support from PERL-EC and Lafiya programme in partnership with UKAID.

Facebook Comments
Continue Reading

Trending

Copyright © 2018 -2019