AMCON’s attempted illegal takeover of Pan Ocean condemnable

AMCON’s attempted illegal takeover of Pan Ocean condemnable

The management of Pan Ocean Oil (Nigeria) Limited has express dismay at the attempted illegal takeover of our premises by persons purported to be representatives of the Asset Management Corporation of Nigeria (AMCON).

On July 2nd, 2020, a team led by Mr. Kunle Ogunba (SAN), disrupted work activities at two of our facilities under the guise of executing court order.

This was done despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.

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Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable.

Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.

We are committed to the rule of law and due process and will continue to rely on legal due process to resolve these issues despite the provocation and lawlessness of the party.

We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.

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