The Lagos Division of the Federal High Court has ordered an interim takeover of Heyden Petroleum Limited owned by the Ogun State Governor, Dapo Abiodun.
The Asset Management Corporation of Nigeria (AMCON) had approached the court for the takeover of the company over its alleged bankruptcy.
AMCON had argued that Heyden Petroleum Limited is financially incapacitated to operate, saying that its control of the company would save it from further risk.
Represented by its counsel, O.T. Ogunba, the Assets Management body had filed an ex-parte motion requesting the court’s intervention in the takeover process.
Mr Ogunba explained that the governor’s company and others including Innovative Ventures Limited and Optimum Construction & Property Development Company Limited, which are linked to the case, are currently financially insolvent.
The presiding judge, Justice Ambrose Lewis-Allagoa had reviewed the motion and supporting documents.
Expressing satisfaction with AMCON’s arguments, the court granted the prayer.
In his ruling on the case marked AMC/67/2024, Justice Lewis-Allagoa, on October 29, permitted the corporation to take over the companies.
The judge fixed hearing on the substantive suit on November 21.
