AMCON In Talks With Pan Ocean To Resolve N240bn Debt

The Asset Management Corporation of Nigeria has said there are ongoing discussions between it and Pan Ocean Group to see how to amicably resolve the oil firm’s N240bn debt through a settlement framework.

AMCON said on Wednesday that contrary to some media reports, the court had yet to sanction any ‘out-of-court settlement’ with the management of Pan Ocean Group over its indebtedness.

The debt of the company led to its takeover by AMCON sometime in July, according to the statement signed by the corporation’s Head of Corporate Communications, Mr Jude Nwauzor.

It said, “Recall that Hon. Justice A.M. Liman in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively.

“The order also mandated AMCON to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way, Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos and a host of other assets.

“The court also granted an order appointing AMCON as a receiver manager (in accordance with its 2019 Act as amended).

“As a result of the takeover, Pan Ocean and its promoters have been in ongoing discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court.”

Pan Ocean Oil Corporation Nigeria Limited had said in a statement that an agreement had been reached between it and the AMCON for an out-of-court-settlement of the debt dispute pending the consent of a Federal High Court.