Nigeria bad bank takes over serving senator’s assets over N20bn debt

The Asset Management Company of Nigeria (AMCON) has taken over the assets of Stella Oduah, former minister and serving senator, including the freezing of the funds of Sea Petroleum & Gas Limited and its affiliated companies over a N20 billion debt.

A Federal High Court in Lagos, presided over by Justice M.S. Hassan granted the injunction against Sea Petroleum Oil & Gas Limited, whose chief promoter is Oduah on the application of AMCON.

Oduah has been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.

AMCON had purchased the eligible bank assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc. sometime in 2012. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement, the Senator and her co-promoters have remained recalcitrant, according to a statement from AMCON.

“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court. The order also affects Oduah’s other business interests for which AMCON has since appointed Moyosore Jubril Onigbanjo, SAN as receiver over the assets of Oduah, including Sea Petroleum Oil & Gas Limited; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited,” the statement said.

Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited 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 Express Way; 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 State.

The court order also listed a host of other assets across the country including Plot 2, block 12C, Babafemi Osapa Crescent Lekki, Lagos State; Block 5, house 4A Mobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-Epe Expressway , Ikota, Lagos State; Filing station Complex at km 14, Lekki Epe Expressway, Ikota Lagos State; Staff residential Quarters, Ikota Lagos State; E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State. The rest include, SPG Agungi 2 Lekki Lagos State; Office/Filling station complex at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja; Filing station Complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje, FCT Abuja.

In compliance with the order of the court, AMCON through its Receiver, Moyosore Jubril Onigbanjo, SAN, at about 11:00am on Friday May 18, 2018, simultaneously took possession of the assets of Sea Petroleum & Gas Limited and its affiliated companies.

The Court in granting the injunction ordered the Inspector General of Police, Assistant Inspectors General of Police, and the Commissioner of Police in charge of Lagos State, their deputies and all other police officers under them to assist Moyosore Jubril Onigbanjo, SAN, the Receiver and the Bailiffs of the Federal High Court in the enforcement of the orders.

AMCON under Ahmed Kuru, managing director/chief executive officer has maintained that there will be no sacred cows in its bid to recover the huge debts in the hands of a few Nigerians.