The Asset Management Corporation of Nigeria has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Senator Stella Oduah-Ogiemwonyi over a debt of about N20bn.
AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos, against the Sea Petroleum Oil & Gas Ltd.
The corporation, in a statement by its Head, Corporate Communications, Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with AMCON over her “inability to settle her huge debt of nearly N20bn.”
The statement said that AMCON purchased the Eligible Bank Assets of Sea Petroleum & Gas from Union Bank Plc sometime in 2012.
It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had been uncooperative.
“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.
It said that the order also affected the senator’s other business interests, for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.
The statement said that the court also ordered the freezing of the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.
It also authorised AMCON and its receiver, Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.