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Oduah’s assets seized over N20bn debt owed banks

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As part of its mandate to recover all debts owed deposit money banks and other lenders in the nation,the Asset Management Corporation of Nigeria(AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Senator Stella Oduah-Ogiemwonyi over a N20bn debt.

The seizesure by AMCON followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos, against the Sea Petroleum Oil & Gas Ltd.

According to a statement from Head, Corporate Communications,AMCON, Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with Corporation over her “inability to settle her huge debt of nearly N20bn.”

Continuing,he said that AMCON bought the Eligible Bank Assets of Sea Petroleum & Gas from Union Bank Plc sometime in 2012 and all efforts made so far for amicable settlement have hit the rocks.

“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.

The order as issued also affects the senator’s other business interests, for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd including freeze on assets of the oil and gas company,affliated businesses and the principal promoters in Nigeria..

Inaddition,the order authorised AMCON and its receiver, Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

“In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.

“Justice Hassan specifically, ordered Sea Petroleum Oil & Gas Ltd. and its affiliated companies to hand over the company’s business, which sits on over 9000 square kilometres of land in the fastest developing area of Lagos State along the Lekki-Epe Expressway,” it said.

The affected assets, according to AMCON, are two tank farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, Lagos Island and a filling station complex at kilometre 14, Lekki-Epe Expressway, Ikota, Lagos.

Others as listed were Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.

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