₦29billion Debt: AMCON takes over Olajide Omokore’s Cedar Oil & Gas (Photos)

The Asset Management Corporation of Nigeria (AMCON) on Monday December 9, took possession of Cedar Oil & Gas Exploration and Production Limited over a N29 billion debt.

AMCON took over the oil firm owned by Olajide Omokore in compliance with a court order issued by Justice C.J Aneke of the Federal High Court, Lagos Division.

A new manager/receiver has now been appointed by AMCON who is now in possession of the company’s assets which includes; Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising of 26 flats; Plot 1236, River Niger Street, off River Benue Street, Maitama, Federal Capital Territory, Abuja; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, 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.

Justice Aneke issued the court injunction after Omokore and other Cedar Oil & Gas’ directors; Isiaka Muhammed, Joseph Bazuaye, Silas Ode failed to pay their admitted sum of over N15 billion out of the total outstanding indebtedness of N29billion owed to the recovery agency of the federal republic of Nigeria.

AMCON’s Head of Communication, Jude Nwauzor who confirmed the asset takeover said they were only obeying a court order.

Nwauzor said;

“We saw it coming because the said debt is long overdue. You can see how these top AMCON obligors are taking all Nigerians for a ride. Even when they admitted repaying over N15 billion owed AMCON, they still did not honour their own agreement, which they did not make under duress”
“I want you to understand that before we get to this stage with any obligor, we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Olajide Omokore and others, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.
“If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against the firm and Mr Olajide Omokore the promoter of Cedar Oil & Gas Exploration and Production Limited as well as the other directors as ordered by the Court and as provided under Section 49-52 of the AMCON Act.”