Lagos — The Asset Management Corporation of Nigeria, AMCON, has clarified that it is yet to finalise an ‘out-of-court settlement’ with the management of Pan Ocean Group over the N240 debt.
In a statement in Lagos, the Head, Corporate Communications, AMCON, Jude Nwauzor, explained that the settlement is yet to be presented to the court for approval as Justice A.M. Liman in suit No. FHC/L/CS/722/20 had 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 according to him, 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, AMCON said Pan Ocean and its promoters have been in “on-going discussions” with the Corporation to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court.
Pan Ocean had in a statement few days ago, stated that they had reached an out-of-court-settlement with AMCON over the debt, adding that it however awaits consent of a Federal High court.
The N240 billion indebtedness of Pan Ocean had led to its takeover by AMCON earlier in July 2020.