N29bn Debt:  AMCON takes over Jide Omokore’s Cedar Oil

The Asset Management Corporation of Nigeria (AMCON) on Monday took over operations of Cedar Oil and Gas Exploration and Production Limited after a Federal High Court Sitting in Lagos granted its prayer to do so.

Justice C.J. Aneke granted AMCON’s application following the inability of Cedar Oil, its directors – Mr Olajide Omokore, Alhaji Isiaka Mohammed, Mr Joseph Bazuaye, Silas Ode – and others to pay AMCON the agreed sum of N15 billion out of their total indebtedness of N29 billion to the agency.

AMCON, through its spokesman, Jude Nwauzor, stated that it had formally succeeded in taking over the company according to the court order through the Receiver/Manager, Godwin Nwokoyo, who also received protective orders from the court.

According to a statement from the company, “The assets, which are now under AMCON include: Block A, No.46 Gerrard Road, Ikoyi Lagos State, comprising 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.

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 the court.

“Anytime we end up taking over assets such as in the case of Cedar Oil and Gas Exploration and production Limited as well as its directors, it means that 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 provided under sections 49-52 of the AMCON Act.”

“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 60 units of three-bedroom apartments.”