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AMCON Seizes Stella Oduah’s Assets Over N20bn Debt

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A court in Lagos yesterday granted the Asset Management Corporation of Nigeria (AMCON) request to take over the assets of Sea Petroleum Oil & Gas Ltd whose chief promoter is former minister of aviation, Senator Stella Oduah following a debt of N20 billion the firm has failed to repay.

The seizure order was granted by Justice M.S. Hassan of the Federal High Court, Lagos Division.
The court, in granting the injunction, ordered the inspector general of police, assistant inspectors-general of police, and the commissioner of police in charge of Lagos State, their deputies and all other police officers under them to assist the receiver and the bailiffs of the Federal High Court in the enforcement of the orders.

In compliance with the order of the court, AMCON through its Receiver, at about 11am yesterday, simultaneously took possession of the assets of Sea Petroleum & Gas Ltd and its affiliated companies.

Princess Oduah, a serving member of the 8th Senate of the Federal Republic of Nigeria, has been having a running battle with AMCON over her inability to settle a huge debt of nearly N20 billion.

It was learnt that AMCON had purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Ltd from Union Bank Plc sometime in 2012, but despite the efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters remained unyielding.

Having exhausted all avenues of peaceful resolution, AMCON took the matter to court.
The order also affects Princess Stella Oduah’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo, SAN, as Receiver over the assets: Sea Petroleum Oil & Gas Ltd, Sea Petroleum and Gas FZE ,as well as Star Tourism and Hotels Ltd.

The court also ordered the freezing of the funds of Sea Petroleum & Gas Ltd and its affiliated companies and principal promoters held anywhere by any entity or persons in Nigeria. It also authorised AMCON and its Receiver, Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

Justice Hassan specifically ordered Sea Petroleum Oil & Gas Ltd and its affiliated companies to hand over the company’s business, which sits on over 9,000 square kilometres of land in the fastest developing area of Lagos State along the Lekki-Epe Express Way; two Tank Farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme II, Lagos Island, and a filling station complex at kilometre 14, Lekki Epe Expressway, Ikota, Lagos State.

The court order also listed a host of other assets across the country including Plot 2, block 12C, Babafemi Osapa Crescent Lekki, Lagos State; Block 5, house 4A Mobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-epe Expressway , Ikota, Lagos; Filing station Complex at km 14, Lekki Epe Expressway, Ikota Lagos; Staff residential Quarters, Ikota, Lagos; E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos, and F3-F5, SPG Road, Millennium Estate, Oniru, Lagos; SPG Agungi 2 Lekki, Lagos.
The rest include Office/Filling station complex at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja; Filing station Complex, Lugbe, FCT, Abuja and Agriculture Farm at Kuje, FCT Abuja.

LEADERSHIP Weekend reports that AMCON under managing director/CEO, Ahmed Kuru, has insisted that there will be no sacred cows in its bid to recover the huge debts in the hands of a few Nigerians.

To deal with the situation, however, AMCON has in recent times increased the tempo of its recovery activities using firmer negotiation strategies as well as utilising the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors, especially those that are politically exposed and business heavyweights, to repay their debts.



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