AMCON Takes over Pan Ocean’s Assets over N240bn Debt - THISDAYLIVE

The Asset Management Corporation of Nigeria has taken over all assets belonging to Pan Ocean Group and its subsidiaries.

Pan Ocean Group is promoted by Dr. Festus Fadeyi, a Lagos-based oil and gas businessman whose total indebtedness to AMCON, according to the statement, was over N240 billion. “The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licences that are exemplified by OML 147 , OML 152 and OML 98 respectively.

“Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the properly lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No.

Source: Law Daily Report (lawdailyreport.net)

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