The Asset Management Corporation of
Nigeria has taken over the management of Capital Oil and Gas Industries.
The Head of Corporate Communications,
AMCON, Mr. Kayode Lambo, said in a signed advertorial on Wednesday that the
management’s takeover of the indigenous downstream player would last for two
years.
He explained that the takeover became
necessary after AMCON acquired Capital Oil and Gas’ outstanding facilities from
various banks.
The corporation said, “Following
discussions with COG, a resolution was reached, which was subsequently adopted
as terms of settlement in suit number FHC/ABJ/CS/714/2012 at the Federal High
Court. One of the key conditions of this settlement is that AMCON takes over
executive management of the COG for a period of two years.
“Dr. Patrick Ifeanyi Ubah, the
erstwhile Managing Director/Chief Executive Officer, has consequently
relinquished his role as head of the organisation. In the interim, AMCON has
appointed an acting managing director to ensure accountability and continuity
of operations.”
AMCON said its takeover of the
executive management of the COG within the two-year timeframe would stabilise
the company, adding that it planned to ensure seamless operations at the
company.
The agency added that it would,
within the two years, “drive the turnaround of the company’s operations in
order to meet various timelines and goals set by COG’s board of directors and
AMCON.”
“This change of management was
effected on June 21, 2013,” AMCON said.
When contacted on the telephone by
our correspondent, the Administrative Manager, Capital Oil and Gas Industries,
Mr. Ugochukwu Ehighibe, confirmed the development.
“Yes, we have an agreement with
them,” he said.
AMCON had shut the premises of
Capital Oil and Gas in 2012 following an Abuja Federal High Court ruling that
the agency should take over the company’s properties and assets over an alleged
N48.014bn debt.
The closure of the company’s
196-million-litre capacity storage tank often used by the Nigerian National
Petroleum Corporation for products storage had hampered products distribution
across the country then.
Justice Abdul Kafarati, however, on
December 13, 2012 set aside the ex-parte order of November 13, which
directed AMCON to take immediate possession of the properties and assets of
Capital Oil and Gas as well as those of its managing director, Ubah, over the
firm’s alleged indebtedness to the corporation.
But AMCON in an advertorial said it
remained firm in its “resolve to vigorously pursue the indebtedness and ensure
the recovery of the debt in the interest of the economy.”
The Managing Director, AMCON, Mr.
Mustafa Chike-Obi, had put Capital Oil and Gas’ total indebtedness at N65bn as
of December 2012.
“It was N53bn plus N12bn of interest
accumulated over the last two years, and the interest is accruing at the rate
of about N800m to N900m a month,” he had said.
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Hw cn he own ppl or company such amount & he wnt 2govern Anambra & it's economy?,hee! Be ware of rong choise
ReplyDeleteU are right jo .
ReplyDeleteIf he doesn't become governor nd loot d treasury of Anambra state,hw is he suppose 2 pay his debth....lol
ReplyDelete