December 10, 2019

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

?29billion Debt: AMCON takes over Olajide Omokore?s Cedar Oil & Gas (Photos)
Justice C.J Aneke of 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 an indebtedness of ?29billion.

“In compliance with the court order, AMCON has formally & 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“.

Justice Aneke gave the orders 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 government





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