Court to Hear AMCON’s Debt Recovery Suit against Oil Firm Nov 10


The Federal High Court in Lagos yesterday further adjourned till November 10 for report of settlement in a debt recovery suit filed by the Asset Management Corporation of Nigeria against an oil firm, Pan Ocean Oil Corporation Nigeria Limited.

The adjournment by Justice Mohammed Liman followed the disagreement between AMCON’s lawyer, Mr Kunle Ogunba (SAN), and Pan Ocean’s lawyer, Mr Wemimo Ogunde (SAN), on the terms of settlement filed in the matter.

While Ogunde told the judge that parties had already agreed and terms of settlement had been filed in court, Ogunba insisted that the parties had yet to reach a common ground.

“The settlement terms are not valid because what is in the terms of settlement does not cover our agreement and we have deposed to an affidavit to that effect,” Ogunba said.

Consequent upon the disagreement between the lawyers, Justice Liman further adjourned till November 10 for them to return for report of settlement.

AMCON had in June obtained an order to take over Pan Ocean’s assets over alleged debt.

Justice Liman, who made the takeover order, also granted AMCON’s prayer to appoint Ogunba as receiver/manager of Pan Ocean’s assets.

The seized assets included Plot 882, Samuel Manuwa Street, Victoria Island; and FF Towers, Plot 13/14, Ligali Ayorinde Avenue, Victoria Island, Lagos.

The judge also ordered all the banks in Nigeria to, within seven days, furnish Ogunba with details of any sums standing to the credit of Pan Ocean Oil Corporation Nigeria Limited.