Ahmed Kuru, MD/CEO AMCON

Assets Management Corporation of Nigeria AMCON has denied any out-of-court settlement with the Pan Ocean Group, oil and gas company over its N240billion debt to the corporation, contrary to claims published by a section of the media.

According to a statement by the Head, Corporate Communications of AMCON Jude Nwauzor, the court is yet to approve any such settlement model.

Recall that Justice A.M. Liman of the Federal High Court in Lagos had in a suit no. FHC/L/CS/722/20 instituted by AMCON in July, 2020, ordered the corporation and it’s 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 court 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.

Also granted was AMCON’s prayer to appoint it as a Receiver Manager for the assets in accordance with the provisions of the AMCON Act 2019 as amended.

It was however gathered that following the takeover of the assets, Pan Ocean Group and its promoters have been in talks with AMCON with a view to an amicable resolution of the debt through a settlement framework, which is yet to be presented to the court because it has not been approved by both parties.