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Capital Oil Resumes Operations as AMCON Vacates Premises

21 Dec 2012

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Chika Amanze-Nwachuku

One month after its operations were shut down, Capital Oil and Gas Industries Ltd Thursday resumed normal business activities
The premises of the company was shut down following an order of an Abuja Federal High Court that the Assets Management Corporation of Nigeria (AMCON) should take over its properties and assets over an alleged N48.014 billion debt.

Administrative Manager of Capital Oil and Gas Industries, Mr. Ugochukwu Ehighibe, in an emailed statement last night, confirmed that AMCON Thursday morning withdrew from the premises of the company and that operations had commenced immediately.
“I can confirm that AMCON has this morning (Thursday) vacated our depot. We have therefore commenced full operations,” he said.
The closure of the company’s 196 million litre-capacity storage tank often used by the Nigerian National Petroleum Corporation (NNPC) for products storage had hampered products distribution across the country and added to the fuel crisis being witnessed since early this year.

Efforts by the company to resume operations on Monday, after the court, presided over by Justice Abdul Kafarati, on December 13, set aside the ex-parte order, had been thwarted as the police who prevented members of staff gaining access to the premises.
In an advertorial yesterday, AMCON confirmed that it had withdrawn from Capital Oil and Gas facility, over which the Federal High Court had previously granted it possession.
“The corporation however remains firm in its resolve to vigorously pursue the indebtedness and ensure the recovery of the debt in the interest of the economy,” it stated.

Justice Kafarati had on December 13, set aside the ex-parte order of November 13, which directed AMCON to take immediate possession of the properties and assets of Capital Oil and Gas as well as those of its Managing Director, Mr. Ifeanyi Uba over the firms indebtedness to the corporation.

Specifically, the court ordered AMCON to immediately re-open the facilities of the oil company to allow it resume normal business activities and to enter into negotiations with the company on how to offset the loan

Tags: News, Nigeria, Featured, Capital Oil, AMCON, Premises

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