AMCON takes over Cedar Oil over N24bn debt

Image result for Cedar Oil & Gas Exploration and Production LimitedAsset Management Corporation of Nigeria has taken over the operations of Cedar Oil & Gas Exploration and Production Limited on the orders of a Federal High Court sitting in Lagos.

The application for the takeover came following the failure of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore, Alhaji Isiaka Mohammed, Mr Joseph Bazuaye, Silas Ode and others to pay AMCON their admitted sum of over N15bn out of outstanding debt of N29bn owed the recovery agency.

The order was granted by Justice C.J. Aneke, AMCON said in a statement on Monday.

In compliance with the court order, AMCON said it had formally and successfully taken possession of all the assets of Cedar Oil & Gas Exploration and Production Limited.

The company, according to the statement, is promoted by Mr Olajide Omokore and others as ordered by the court through Mr Godwin Nwekoyo, the receiver/manager who also received protective orders from the court.

It stated, “The assets, which are now under AMCON include: Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising 26 flats; Plot 1236, River Niger Street, off River Benue Street, Maitama, Federal Capital Territory, Abuja; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments.

“AMCON is also in possession of No. 33A, Cooper Road, Ikoyi, Lagos State; No. 8, Gerrard Road, Ikoyi, Lagos State as well as Manson Apartments, No. 6, Gerrard Road, Lagos State  comprising 60 units of three-bedroom apartments.”

The statement said Aneke gave the orders following the failure of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore; Alhaji Isiaka Mohammed, Mr Joseph Bazuaye, Mr Silas Ode and others to pay AMCON their admitted sum of over N15bn out of the total outstanding indebtedness of N29bn being owed.

The Head, Corporate Communications, AMCON,  Jude Nwauzor, said AMCON, pursuant to its mandate just obeyed another court order as a responsible organisation with due respect for the laws of the land.

He said, “We saw it coming because the said debt is long overdue.

 

“You can see how these top AMCON obligors are taking all Nigerians for a ride. Even when they admitted repaying over N15bn owed AMCON, they still did not honour their own agreement, which they did not make under duress.

“I want you to understand that before we get to this stage with any obligor, we must have patiently tried to resolve the matter without going to court.

“Anytime we end up taking over assets such as in the case ofCedar Oil & Gas Exploration and Production Limited as well as its directors,  it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.

“If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against the firm and Mr Olajide Omokore the promoter of Cedar Oil & Gas Exploration and Production Limited as well as the other directors as ordered by the Court and as provided under Section 49-52 of the AMCON Act.”

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