Festus Fadeyi Loses His Pan Ocean Oil Company Over N240 billion debt

The Federal High Court, presided over by Justice A.M. Liman, in 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. Lagos-based oil and gas businessman, Dr. Festus Fadeyi, whose total indebtedness to AMCON is over N240 billion, is the promoter of Pan Ocean Group.
   
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 (Kunle Ogunba Esq.) its privies, and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of its prime assets over some irreconcilable huge debt owed AMCON by Everest Nominees, Pan Ocean and their promoters as well as directors.

  

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 licences 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 situated at No. 33b, Adebayo Doherty Street, off Admiralty Way, Lekki Phase One, in Lagos, as well as the FF Towers, on Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

Other properties include, No. 8; Grand Villa, No. 10/12; and No. 14, all on Modupe Alakija Crescent, Ikoyi, Lagos, as well as the Ark Towers at No. 17, Ligalli Ayorinde Avenue; and Plot 5, and Plot 822, Samuel Manuwa Street, all in Victoria Island, Lagos.
   
Meanwhile, the management of Pan Ocean Oil (Nigeria) Limited has expressed dismay at what it described as attempted illegal takeover of its properties by AMCON.
 
According to the firm, on July 2nd, 2020, a team led by Kunle Ogunba, disrupted work activities at two of its facilities under the guise of executing a court order.

The firm noted that the action was taken despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.
 
“Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable.

“Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.”
 
“We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party.
 
“We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.”
Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests among other belongings to the defendants wherever the 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.