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Unpaid debts of over N20bn forces AMCON to override Stella Oduah’s oil firm, others

Due to an unpaid debt of about N20 billion, the Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Senator Stella Oduah-Ogiemwonyi

According to the Corporation, the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & Gas Ltd.

A statement from AMCON signed by Head, Corporate Communications, Mr Jude Nwauzor, noted that Oduah-Ogiemwonyi had been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.

Whereas AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas from Union Bank Plc. sometime in 2012, in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.

AMCON averred that “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court”.

It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.

AMCON, who relied on the court order that freezed the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters to state that “In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.”

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