DEBT : Court Orders AMCON to take Over Jide Omokore’s Oil & Gas Company over N29b debt.

Federal High Court Lagos Division has granted an injunction against Cedar Oil & Gas E&P Ltd, mandating AMCON to take over assets of the firm over N29 billion debt .
Justice C.J Aneke gave the order following failure of Cedar Oil & Gas Exploration & Production Limited as well as its directors, to pay AMCON their admitted sum of over ₦15billion out of the total outstanding indebtedness of ₦29billion owed to the recovery agency of federal government.
According to the document, “In compliance with the court order, AMCON has formally and successfully taken possession of all assets of Cedar Oil & Gas E&P Ltd promoted by Mr Olajide Omokore & others… through Mr. Godwin Nwekoyo, the Receiver/Manager who also received protective orders from the court.
The assets, which are now under AMCON include: Block A, No. 46 Gerrard Road, Ikoyi, comprising of 26 flats; Plot 1236, River Niger Street, Maitama, FCT, Abuja; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, consisting of 43 units of apartments.
“AMCON is also in possession of No. 33A, Cooper Road, Ikoyi, Lagos State; No. 8, Gerrard Road, Ikoyi, Lagos State as well as Manson Apartments, No. 6, Gerrard Road, Lagos State comprising of 60 units of three-bedroom apartments.”