February 25, 2021

No out-of-court settlement with Pan Ocean over N240bn debt – AMCON

Pan Ocean



The Asset Management Corporation of Nigeria (AMCON) says it is yet to reach an out-of-court settlement with Pan Ocean Group, an oil and gas company, over a N240 billion debt owed by the latter.

This is contrary to reports in a section of the media that the embattled oil company had reached an agreement with AMCON to settle its indebtedness out of court.

AMCON, riding on the back of an order of a Federal High Court, appointing it a Receiver-Manager, had taken over assets belonging to Pan Ocean sometime in July 2020.

“As a result of the takeover, Pan Ocean and its promoters have been in ongoing discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court,” AMCON’s Head of Corporate Communications, Jude Nwauzor, said in a statement Wednesday.

READ: Judge calls on Judiciary to help AMCON collect N5 trillion debt

According to Nwauzor, 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 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),” the AMCON spokesman explained.

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