AMCON takes over oil firm over N29b debt, appoints manager


By Collins Nweze

 

The Asset Management Corporation of Nigeria (AMCON) on Monday took over Cedar Oil & Gas Exploration and Production Limited over N29 billion bad debt and appointed Receiver/Manager to oversee the firm.

Hon. Justice C.J. Aneke of the Federal High Court Lagos Division granted an injunction against Cedar Oil & Gas Exploration and Production Limited on the application of AMCON over the debt.

AMCON has subsequently taken possession of all the assets of Cedar Oil & Gas Exploration and Production Limited promoted by Olajide Omokore and others as ordered by the Court through Godwin Nwekoyo, the Receiver/Manager who also received protective orders from the court.

Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru said the corporation would continue to sustain its high tempo of recoveries, by strategically focusing more on enforcements especially since AMCON’s top obligors have resorted to hiding under all manner of technicalities of the law to delay the…



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