AMCON Takes Possession of Stella Oduah’ Company Over N20bn Indebtedness

Federal High Court in Lagos on Friday ordered the Asset Management Corporation of Nigeria (AMCON) to take over the asset of Sea Petroleum & Gas Limited and its affiliated companies, owned by a former Minister of Aviation, Senator Stella Oduah.
In a statement by Jude Nwauzor, AMCON spokesperson, the organisation took possession of the company’s asset on Friday morning.
The statement said the decision followed a judgement by Justice M.S. Hassan of the Federal High Court Lagos Division which granted an injunction against Sea Petroleum Oil & Gas Limited, on the application of AMCON.
“Princess Oduah-Ogiemwonyi, a serving member of the 8th Senate of the Federal Republic of Nigeria has been having a running battle with AMCON over her inability to settle her huge debt of nearly N20bn.
“AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement, the Senator and her co-promoters have remained recalcitrant.
“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court. The order also affects Princess Stella Oduah’s other business interests for which AMCON has since appointed Moyosore Jubril Onigbanjo, SAN as Receiver over the assets of Princess Stella Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas Limited; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.”
The court also ordered the freezing of the funds of Sea Petroleum & Gas Limited and its affiliated companies and principal promoters held anywhere by any entity or persons in Nigeria, the statement said.
It also authorised AMCON and its Receiver, Moyosore Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Limited.
“Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited and its affiliated companies to hand over the company’s business, which sits on over 9000 square metres of land in the fastest developing area of Lagos State along the Lekki-Epe Express Way; two Tank Farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, Lagos Island and a filling station complex at kilometre 14, Lekki Epe Expressway, Ikota, Lagos State,” the statement explained.
“The court order also listed a host of other assets across the country including Plot 2,block 12C, Babafemi Osapa Crescent Lekki, Lagos State; Block 5, house 4AMobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-epe Expressway , Ikota, Lagos State; Filing station Complex at km14, Lekki Epe Expressway, Ikota Lagos State; Staff residential Quarters, Ikota Lagos State; E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State. The rest include, SPG Agungi 2 Lekki Lagos State; Office/Filling station complex at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja; Filing station Complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje, FCT Abuja.”
In compliance with the order of the court, AMCON said it simultaneously took possession of the asset of Sea Petroleum & Gas Limited and its affiliated companies.
It said further that the Court in granting the injunction ordered the Inspector-General of Police, Assistant Inspectors-General of Police, and the Commissioner of Police in charge of Lagos State, their deputies and all other police officers under them to assist Mrs Onigbanjo, the Receiver and the Bailiffs of the Federal High Court in the enforcement of the orders.

Author: News Editor

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