Financial Energy Review
There are strong indications that Polaris Bank is uncomfortable over Asset Management Corporation of Nigeria (AMCON) moves to take over Pan Ocean Oil Gas company over alleged N240 billion inedebtness.
Financial Energy Review gathered that Polaris Bank may have been making moves behind the scene intervening to ensure that the matter is settled out of court.
This is to give Pan Ocean more opportunity to focus on pursuing its commitment to the development and production on OML 147 which came from OPL 275 in 2014. OML 147 is expected to attain peak output of 11,000 barrels of crude oil and 90 million standard cubic feet of gas per day when fully operational.
These projects were expected to come on stream early this year, but several things including the disruption in business activities and the distortion in the oil and gas sector by the global pandemic had made Pan Ocean and the host of other oil companies to put on hold all planned business executions.
Pan Ocean had accessed funding for the project from a consortium of banks led by Polaris Bank Limited (Former Skye Bank Plc). It is said that some of the banks involved in the project are nolonger comfortable with the delays associated with the projects.
However, Pan Ocean is said to be determined to go ahead with the project which also include the expansion of Phase II of the Ovade-Ogharefe Gas Processing Plant/LPG Propane Plant is designed to expand gas processing capacity at the plant to 200 million standard cubic feet per day.
“We accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.”
“We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party.
“We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.” Pan Ocean said.
The Federal High Court, presided over by Justice A.M. Liman, in the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited, and Dr. Bolaji Ogundare, a subsidiary of Pan Ocean Group, has ordered AMCON and its assignee to take over all the assets of the companies. Lagos-based oil and gas businessman, Dr. Festus Fadeyi, whose total indebtedness to AMCON is over N240 billion, is the promoter of Pan Ocean Group.
The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended), and its designated human nominees (Kunle Ogunba Esq.) its privies, and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of its prime assets over some irreconcilable huge debt owed AMCON by Everest Nominees, Pan Ocean and their promoters as well as directors
Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests among other belongings to the defendants wherever the same may be found.
He also directed the Inspector-General of Police and his commissioners to assist AMCON and its designates as well as the Court Bailiffs in taking over the assets on behalf of the Corporation.
Meanwhile, the management of Pan Ocean Oil (Nigeria) Limited has expressed dismay at what it described as attempted illegal takeover of its properties by AMCON.
According to the firm, on July 2nd, 2020, a team led by Kunle Ogunba, disrupted work activities at two of its facilities under the guise of executing a court order.
The firm noted that the action was taken despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.
“Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable
