N240billion Debt: No ‘Out-of-Court Settlement’ Yet With Pan Ocean Group – AMCON

N240billion Debt: No ‘Out-of-Court Settlement’ Yet With Pan Ocean Group – AMCON

Contrary to the false news published by some sections of the media, the court is yet to sanction any ‘out-of-court settlement’ with the management of the embattled Pan Ocean Group, an oil and gas company over its indebtedness of N240billion. The huge debt of the company led to its takeover by AMCON sometimes in July.

Recall that Hon. Justice A.M. Liman in suit No. FHC/L/CS/722/20 ordered AMCON and its 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 order 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. The court also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended).

As a result of the takeover, Pan Ocean and its promoters have been in on-going discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court says a statement by Jude Nwauzor, Head, Corporate Communications, AMCON.