Nigeria’s most indebted businessman-politician stripped of all assets, funds in dozen businesses across Lagos, Abuja

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The Asset Management Corporation of Nigeria (AMCON) has taken over no fewer than 14 companies in the business empire of former aviation minister and Sen. Stella Oduah.
Sea Petroleum & Gas Limited, its affiliated companies, and others staked as collateral are now in the kitty of AMCON following the inability of the senator to settle up her N20-billion debt.

AMCON’s spokesperson Jude Nwauzor said the organisation took possession of the company’s asset around 11:00a.m Friday.

That was after Justice M.S. Hassan of the Federal High Court Lagos Division granted AMCON’s application against the company.

“AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012,” an official statement by the corporation said.

According to the spokesperson, efforts made by AMCON to reach an amicable settlement with Oduah and other partners have failed.

“AMCON had no other choice than to refer the matter to court,’ he added.

The first senator-businessman of the Federal Republic of Nigeria to be so stripped was Bayelsa Sen. Ben Bruce. The media baron’s own indebtedness to AMCON stood at N11 billion as of 2016.

The court order affects all of Oduah’s business interests and assets in Sea Petroleum Oil & Gas Limited, Sea Petroleum and Gas FZEm and Star Tourism and Hotels Limited.

Oduah’s Lagos business empire taken over includes a company covering 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 court order also covers 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.

Others 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.”

AMCON has since appointed Moyosore Jubril Onigbanjo, SAN as Receiver over the assets, other assets pledged as collateral for the facility by Sea Petroleum Oil & Gas 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  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 have equally been ordered to assist the receiver and the bailiffs of the Federal High Court in the enforcement of the orders.

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