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N240bn Debt: AMCON Takes Over Assets and Properties of Business Mogul, Pa Festus Fadeyi

Festus Fadeyi

The Asset Management Corporation of Nigeria (AMCON) has taken over all assets and properties belonging to Pan Ocean Group and its subsidiaries run by Pa Festus Fadeyi, due to indebtedness amounting to N240 billion.

This came following a Federal High Court order from Justice A.M. Liman.

The statement issued explained that the court had also granted an order appointing AMCON as a receiver-manager (based on its 2019 amended Act) 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.

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 take over the property lying and situated 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.

According to the statement, “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.”

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 and also instructed 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.

Recently, the Nigerians woke up to the news that Festus Fadeyi’s indebtedness to Skye Bank Plc was the reason why the bank eventually collapsed.

Skye Bank Plc officially packed up in 2018 and the Federal Government of Nigeria through AMCON took over by injecting fresh cash of about N786billion.

This move at the time saved thousands of jobs and depositors’ money.

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