Stella Oduah Loses N20bn Assets to AMCON over Debt

Hon. Justice M.S. Hassan of the Federal High Court, Lagos Division has granted an injunction against Sea Petroleum Oil & Gas Limited, whose chief promoter is former Minister of Aviation, Senator Stella Oduah-Ogiemwonyi, following an application of Asset Management Corporation of Nigeria (AMCON)

This comes after Oduah-Ogiemwonyi’s failure to settle her huge debt of nearly N20 billion with AMCON.

AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012, and despite the overtures and genuine efforts made by AMCON to reach an amicable settlement, Oduah-Ogiemwonyi, a Senator, and her co-promoters have remained adamant, forcing the matter to be referred to court.

The order also affects Oduah-Ogiemwonyi’s other business interests for which AMCON has since appointed Moyosore Jubril Onigbanjo, SAN as Receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas Limited; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.

Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited and its affiliated companies to hand over the company’s business, which sits on over 9000 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 11, Lagos Island and a filling station complex at Kkilometre 14, Lekki Epe Expressway, Ikota, Lagos State, TheNation writes.

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 State; filling station complex at Km 14, Lekki-Epe Expressway, Ikota Lagos State; staff residential quarters, Ikota, Lagos State; E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State.

The rest include, SPG Agungi 2 Lekki Lagos State; office/filling station complex at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja; filling station complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje, FCT Abuja.

In compliance with the order of the court, AMCON through its Receiver, Moyosore Jubril Onigbanjo, SAN, simultaneously took possession of the assets of Sea Petroleum & Gas Limited and its affiliated companies.

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