₦29 Billion Debt: Court orders AMCON takeover of Jide Omokore’s firm

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The Federal High Court in the Lagos Division on Monday granted the Asset Management Corporation of Nigeria (AMCON) application to take Cedar Oil & Gas Exploration & Production Limited over a ₦29 billion debt.

The company is promoted by Jide Omokore, currently standing trial over charges of money laundering preferred against him by the Economic and Financial Crimes Commission .

In compliance with the court order, AMCON spokesperson, Jude Nwauzor, said on Monday the debt recovery agency has successfully taken possession of all assets of the company through the Receiver/Manager, Godwin Nwokoyo, who also received protective orders from the court. Mr Nwauzor said AMCON is also in possession of No. 33A, Cooper Road, Ikoyi; No. 8, Gerrard Road, Ikoyi, as well as Manson Apartments, No. 6, Gerrard Road, all in Lagos State, comprising of 60 units of three-bedroom apartments.

 

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