AMCON TAKES OVER TOKE MAKINWA’S EX- SUGAR DADDY, FESTUS FADEYI’S OIL COMPANY OVER 240 BILLION NAIRA DEBT

https://www.youtube.com/watch?v=8zHY0E7vI6UThe Asset Management Company of Nigeria, AMCON, on Thursday, July 2, took possession of Pan Ocean Oil Corporation Nigeria Limited, and its affiliate companies owned by billionaire oil mogul, Festus Fadeyi, over an unpaid N240 billion loan debt. Festus Fadeyi is believed to have dated the Billionaire behind the company and picked her bills until his kids came in to frustrate the relationship. Justice Mohammed Liman of the Federal High Court sitting in Lagos had on June 22, granted an ex-parte application by counsel to AMCON, Kunle Ogunba SAN, to…

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AMCON GOES AFTER OGBORU’S PROPERTIES OVER 784MIL DEBT

The Asset Management Corporation of Nigeria has approached the Federal High Court in Lagos for an order to attach the bank accounts of the 2019 governorship candidate of the All Progressives Congress in Delta State, Chief Great Ogboru, and his firm, Fiogret Limited, in a bid to recover a judgment debt of N784m. In an ex parte application filed before Justice Maureen Onyetenu, AMCON said the N784m debt arose from a July 5, 2013 consent judgment entered in its favour by Justice Okon Abang. The corporation said contrary to its…

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A Federal High Court sitting in Abuja, in Suit No. FHC/ABJ/CS/1136/2019 has ordered the Asset Management Corporation of Nigeria to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima. A statement from the corporation on Tuesday said Bedko Nigeria Limited and Alhaji Buba Galadima owed AMCON nearly N900m. It stated that the loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011. Since then, it added, AMCON had offered the obligor a good measure of olive branches…

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BUHARI’S FRIEND, BUBA GALADIMA FORFEITS HOUSE, FIRM TO AMCON OVER 900MIL DEBT

A Federal High Court sitting in Abuja, in Suit No. FHC/ABJ/CS/1136/2019 has ordered the Asset Management Corporation of Nigeria to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima. A statement from the corporation on Tuesday said Bedko Nigeria Limited and Alhaji Buba Galadima owed AMCON nearly N900m. It stated that the loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011. Since then, it added, AMCON had offered the obligor a good measure of olive branches…

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11 PLC ACQUIRES HOTEL FROM AMCON

Feyisayo Popoola 11 Plc, formerly known as Mobil Oil Nigeria Plc, says it has finalised discussions with the Asset Management Company of Nigeria to acquire the Lagos Continental Hotel. The company said in a statement filed at the Nigerian Stock Exchange on Monday that the acquisition was subject to terms and conditions between both parties. 11 Plc, which currently owns several prime properties in its real estate portfolio rented to blue-chip tenants, said it aimed to diversify its interests, given a challenging environment in the downstream sector of the petroleum…

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WHY BUHARI REMOVED MUIZ BANIRE AS AMCON CHAIRMAN

President Muhammadu Buhari on Tuesday replaced Muiz Banire as the head of the Asset Management Corporation of Nigeria (AMCON). This replacement was contained in a letter forwarded to Nigerian Senate on Tuesday. In the letter, the President named Edward Adamu as the new chairman. Banire was appointed chairman of AMCON by President Buhari in July 2018 and confirmed by the Senate in October 2018. Banire’s replacement is believed to be connected to the amended AMCON Act. Recall that the Senate had in August passed a bill that seeks to amend…

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BUHARI KICKS OUT MUIZ BANIRE, PICKS EDWARD LAMETEK ADAMU AS NEW AMCON CHAIRMAN

BY AMOS DUNIA, ABUJA – President Muhammadu Buhari on Tuesday transmitted a formal request to the Senate for the confirmation of the appointment of a new Chairman for the Asset Management Corporation of Nigeria (AMCON). The nominee is Mr. Edward Lametek Adamu. This was contained in a letter dated December 9, 2019, which read: “In accordance with Section 10(1) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010, I hereby present Mr. Edward Lametek Adamu for confirmation as Chairman of the Asset Management Corporation of Nigeria by the Distinguished Senate.…

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AMCON TAKES OVER JIDE OMOKORE’S PROPERTY OVER 29BILLION NAIRA DEBT, SEE PICS

The Asset Management Corporation of Nigeria (AMCON) on Monday December 9, took possession of Cedar Oil & Gas Exploration and Production Limited over a N29 billion debt. AMCON took over the oil firm owned by Olajide Omokore in compliance with a court order issued by Justice C.J Aneke of the Federal High Court, Lagos Division. A new manager/receiver has now been appointed by AMCON who is now in possession of the company’s assets which includes; Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising of 26 flats; Plot 1236, River Niger Street, off River Benue Street,…

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FG FILES CRIMINAL CHARGES AGAINST IFEANYI UBAH AND HIS COMPANY CAPITAL OIL OVER 135BIL NAIRA DEBT

Oladimeji Ramon The Federal Government has filed criminal charges against Ifeanyi Ubah and his Capital Oil and Gas Industries Limited over an indebtedness of N135bn to the Asset Management Corporation of Nigeria. In the charges filed before the Federal High Court in Lagos, the prosecution said the N135bn emanated from a July 2013 consent judgment between Capital Oil and Gas Industries Limited and AMCON but accused Ubah of frustrating AMCON’s efforts to recover the judgment debt. The prosecution alleged that in a bid to defeat the realisation of the judgment…

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SENATE, AMCON COLLABORATE ON 5 TRILLION NAIRA BAD DEBTS OWED BY VIPS

Godwin Isenyo, Kaduna The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, on Friday said the committee had resolved to join hands with the Asset Management Corporation of Nigeria to push for the recovery of N5tn debt owed by high-profile Nigerians. The lawmaker, in a signed statement made available to journalists on Friday, said the decision was part of the outcome of the retreat organised by AMCON for the committee in Kaduna, the Kaduna State capital. He expressed concern over AMCON’s debt profile, noting that…

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