Pan Ocean Condemns AMCON’s Invasion of Premises

By Modupe Gbadeyanka

The invasion of the premises of Pan Ocean Oil (Nigeria) Limited on Thursday by those believed to be representatives of the Asset Management Corporation of Nigeria (AMCON) has been condemned by the management.

In a statement by the organisation’s media representatives, Caritas PR, the energy firm described the attempted takeover as “illegal.”

In the statement signed by the Senior Media and Communications Executive at Caritas PR, Mr Mutiu Yekeen, it was stressed that AMCON carried out the act yesterday despite a pending lawsuit marked FHC/L/CS/552/2020 before the Court of Appeal in Lagos.

“On July 2, 2020, a team led by Mr Kunle Ogunba (SAN) disrupted work activities at two of our facilities under the guise of executing a court order.

“This was done despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos,” the statement said.

“Our lawyer, Mr Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets.

“The attempted takeover of our assets by AMCON and its lawyer is, therefore, condemnable,” the company stated in the release obtained by Business Post.

Pan Ocean explained that it accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections.

“The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues,” it further explained.

The firm expressed its committed to the rule of law and due process, promising to “continue to rely on legal due process to resolve this issue despite the provocation and lawlessness of the party.”

Concluding, Pan Ocean called on the “leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.”

AMCON was at the premises of Pan Ocean yesterday to seize its assets over an alleged debt worth N240 billion. The company is owned by oil magnate, Mr Festus Fadeyi, a former director on the board of the defunct Skye Bank Plc.