This is not the best of times for billionaire businessman- Olajide Omokore, as the Asset Management Corporation of Nigeria (AMCON) formally took possession of all assets of his Cedar Oil & Gas Exploration and Production Limited.
The action followed an injunction granted by Justice Chukwujekwu Joseph Aneke of the Federal High Court, Lagos Division, against the company over its ₦29bn indebtedness.
The assets, which are now under AMCON, based on an application through Godwin Nwekoyo, the Receiver/Manager who also received protective orders from the court, according to a statement by AMCON, include: 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.
Others are Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments; 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 the failure of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Olajide Omokore; Alhaji Isiaka Mohammed, Joseph Bazuaye, Engr. Silas Ode and others, to pay AMCON their admitted sum of over ₦15bn out of the total outstanding indebtedness of ₦29bn owed.
Jude Nwauzor, Head, Corporate Communications, AMCON, while confirming the takeover, said the corporation, pursuant to its mandate just obeyed another court order as a responsible organization with due respect for the laws of the land.
According to him, “We saw it coming because the said debt is long overdue.”
Nwauzor lamented the rate at which the top AMCON obligors continue to take all Nigerians for a ride, such that even when they admit to owing over ₦15bn, they still will “not honour agreements, 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.”
After exhausting “all avenues of peaceful resolution, there is no other option available to the corporation than to commence enforcement action against the firm and Olajide Omokore, 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,” he stressed.
