N29bn Debt: AMCON Takes Control of Cedar Oil

• N29bn Debt: AMCON Takes Control of Cedar Oil

The Federal High Court in Lagos had ordered Asset Management Corporation of Nigeria (AMCON) to take over operations of Cedar Oil & Gas Exploration and Production Limited for failing to pay N15 billion out of outstanding debt of N29 billion.

AMCON had filed an application for takeover after Cedar Oil & Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore, Alhaji Isiaka Mohammed, Mr Joseph Bazuaye, Silas Ode and others failed to pay the agreed amount.

Following Justice C.J. Aneke judgment, AMCON immediately took possession of all Cedar Oil & Gas Exploration and Production Limited properties.

In a statement released by AMCON on Monday, the agency said, “The assets, which are now under AMCON include: Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising 26 flats; Plot 1236, River Niger Street, off River Benue Street, Maitama, Federal Capital Territory, Abuja; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments.

“AMCON is also in possession of No. 33A, Cooper Road, Ikoyi, Lagos State; No. 8, Gerrard Road, Ikoyi, Lagos State as well as Manson Apartments, No. 6, Gerrard Road, Lagos State comprising 60 units of three-bedroom apartments.”

Jude Nwauzor, the Head, Corporate Communications, AMCON, said “We saw it coming because the said debt is long overdue.

“You can see how these top AMCON obligors are taking all Nigerians for a ride. Even when they admitted repaying over N15bn owed AMCON, they still did not honour their own agreement, which they did not make under duress.

“I want you to understand that before we get to this stage with any obligor, we must have patiently tried to resolve the matter without going to court.

“Anytime we end up taking over assets such as in the case of Cedar Oil & Gas Exploration and Production Limited as well as its directors, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.

“If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against the firm and Mr Olajide Omokore the promoter of Cedar Oil & Gas Exploration and Production Limited as well as the other directors as ordered by the Court and as provided under Section 49-52 of the AMCON Act.”