Stanbic IBTC Accuses Ascon Oil of Contempt of Court

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By Modupe Gbadeyanka

An energy firm, Ascon Oil Limited, has been accused of contempt of court by Stanbic IBTC Bank Plc.

The issue between these two organisations arose from a property located in the Lekki area of Lagos State.

According to reports, Ascon ‘retook possession’ of a petrol station along Lekki Admiralty Way, pursuant to an alleged court order issued in its favour.

But Stanbic IBTC Bank, in a statement, said the oil company misinterpreted the said court order and in total defiance and disregard of the ruling of Justice Liman of the Federal High Court on July 24, 2020, took over the property.

The lender emphasised that “no court order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a petrol station validly belonging to a third party.”

According to the financial institution, “the federal high court had on July 24, 2020, clearly refused to grant Ascon’s application to set aside the order earlier granted to the receiver appointed by the bank to take possession of the petrol station located on Lekki Admiralty Way, Lekki Phase 1, Lagos.”

“In total contempt of the ruling by the federal high court, the directors of Ascon resorted to self-help, and forcefully seized the property from the valid titleholder,” it said.

But Stanbic IBTC Bank said it was “taking all lawful steps to ensure that the illegal and unlawful possession is reversed and the directors of Ascon are brought to book.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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