Pan Ocean is fighting AMCON take over of its assets


Nigeria’s Pan Ocean Oil Corporation Nigeria Limited, has urged the Federal High Court in Lagos to stay the execution of an order, authorising the takeover of its assets by the Asset Management Corporation of Nigeria.

In a report by the PUNCH, AMCON had, through its counsel, Mr Kunle Ogunba (SAN), secured an ex parte injunction authorising it to take over the firm’s assets over an alleged debt.

Justice Mohammed Liman, in a June 22, 2020 order, granted the prayer by AMCON that Ogunba should be appointed as the receiver-manager to preserve the firm’ assets, particularly properties situated at 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.

But the firm, in an application by its lawyer, Mr Oluwemimo Ogunde (SAN), urged Justice Liman to stay the execution of the takeover order pending the determination of a suit marked, FHC/L/CS/552/2020, which is also a subject of an appeal before the Court of Appeal in Lagos.

Ogunde described AMCON’s ex parte application leading to the takeover order as an abuse of court process, which he said the court rules frown upon.

He said, “The applicant has a prior claim or suit pending before Honourable Justice Liman in suit No. FHC/L/CS/552/2020, wherein the applicant is challenging the right of AMCON to the debt it is seeking to enforce or recover by the application herein challenged.

“The applicant also has an appeal, No. CA/LAG/322/2020, which has been entered at the Lagos Division of the Court of Appeal in respect of the same debt, which is the subject of this suit.”