The Federal High Court in the Lagos Division on Monday granted the Asset Management Corporation of Nigeria (AMCON) application to take Cedar Oil & Gas Exploration & Production Limited over a ₦29 billion debt.
The company is promoted by Jide Omokore, currently standing trial over charges of money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC).
Mr Omokore, who is also the Chairman of Atlantic Energy Limited, has links with the former Petroleum Resources Minister, Diezani Alison-Madueke, who is also wanted by the anti-graft agency for corruption.
Justice C.J. Aneke who gave the order said AMCON was mandated to move in immediately and take possession of the assets of the firms over the indebtedness.
In compliance with the court order, AMCON…