N29bn debt: AMCON takes over Omokore’s company, Cedar Oil & Gas

The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON)
The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON)

Hon. Justice C.J. Aneke of the Federal High Court Lagos Division has granted an injunction against Cedar Oil & Gas Exploration and Production Limited on the application of Asset Management Corporation of Nigeria (AMCON).

The order therefore mandates AMCON to take over the assets of the firms over an indebtedness of ₦29billion.

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

In a statement, AMCON said the assets, which are now under AMCON include: Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising of 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 of 60 units of three-bedroom apartments.

Hon. Justice 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, Engr. Silas Ode and others to pay AMCON their admitted sum of over ₦15billion out of the total outstanding indebtedness of ₦29billion owed to the recovery agency of the federal republic of Nigeria.

Jude Nwauzor, Head, Corporate Communications, AMCON, confirmed the takeover. He said AMCON, pursuant to its mandate just obeyed another court order “as a responsible organization with due respect for the laws of the land, he added, “we saw it coming because the said debt is long overdue.”


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