Ascon Oil Ltd has recovered a petrol retail station at Block 36, Admiralty Way, Lekki Phase 1, Lagos purportedly sold by Stanbic IBTC Bank.
The property had been in the receiver’s possession following a May 15, 2020 ex-parte ruling by the same court authorising the takeover of the property and restrain Ascon from interfering with the receiver’s discharge of his functions. On May 27, 2020, Ascon approached the court to set aside its earlier orders and nullify all steps taken pursuant to the orders.
“At the time the Deed of Legal Mortgage was purportedly executed, Ascon had by letters of 28th and 31st May 2018 protested the inclusion of the property for perfection. Thus, Ascon could not have executed a Deed of Legal Mortgage over the same property,” the document stated. It also requested for a restructuring of the loan facility to enable it to meet the escalating repayment obligations on it following fresh terms/conditions by the bank.
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