Business

N20bn debt: AMCON takes over Stella Odua’s oil company

Published

7 years ago

May 21, 2018

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The Asset Management Company of Nigeria (AMCON) recently obtained an interim forfeiture order from a Federal High Court sitting in Lagos with respect to the assets of Sea Petroleum Oil and Gas Limited belonging to Senator Stella Odua.

The court also granted AMCON the permission to appoint a receiver manager for the company.

Among the assets covered by the forfeiture order are over 9000 square kilometres of land along Lekki-Epe Express Way; two Tank farms, 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.

In addition, 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.

AMCON purchased the loan from Union Bank in 2012. The Bad bank had obtained the court order after all efforts to reach an amicable settlement with the company and its promoters had yielded no results.

AMCON’s Receiver, Moyosore Jubril Onigbanjo, SAN has also been authorized to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Limited.

Sea petroleum and gas group was established in 1992 as an independent Marketer of Petroleum and Allied Products in Nigeria with offices in Lagos, Port Harcourt, Warri, Abuja, Onne, Eket, Calabar, and Kaduna.

The company specializes in all aspects of Petroleum Marketing including distribution of petroleum and allied products, management and consultancy services, marine/coastal delivery as home delivery.