BlackfireX:
Poor billionaire




But I pray he bounce back

I like this nomenclature : Poor Billionaire

Solomon vs Solomon & co.
I don't think this business law should be applicable in Nigerian setting. If a company directors or owners of company are to made to forfeit all their belongings and not limited to the borrowed company alone, the rate of incurring huge debt will drastically.
Look at our former "common sense senator" he is enjoy himself in the U.S living large on unpaid debt laughing at AMCON

Enough of robbing Peter to pay Paul.

SmartPolician:


Oh, really?

Na you dey hold touch for them?

You don't need touch nao.

Toke's Sugar Daddy.

damola1:
Easy.

Pull a Ifeanyi ubah. Join senate.

It wont change anything, Capital Oil is still being managed by Amcon till date.

240 billion

Instead of a select few getting loans of upto 240 billion I think every nuclear family should be enumerated and given a start up loan of between 2-10m Naira based on a business initiative with track records. Individuals with businesses should also be enlisted for similar loans.

It will go a long way in ending poverty quickly.

TA4TA4:

https://www.youtube.com/watch?v=8zHY0E7vI6U

The Asset Management Company of Nigeria, AMCON, on Thursday, July 2, took possession of Pan Ocean Oil Corporation Nigeria Limited, and its affiliate companies owned by billionaire oil mogul, Festus Fadeyi, over an unpaid N240 billion loan debt.

Justice Mohammed Liman of the Federal High Court sitting in Lagos had on June 22, granted an ex-parte application by counsel to AMCON, Kunle Ogunba SAN, to take interim possession of the assets of Pan Ocean over the unpaid loan. The court also granted the application by AMCON to take over several oil mining and oil prospecting licenses exemplified by OML 147, 152 and 98 respectively owned by the company. Properties in Victoria Island, Lagos among several others were also included for possession.

“An order of this honourable court granting interim judicial protection to AMCON, the receiver/manager (and its duly appointed nominee; Mr. Kunle Ogunba SAN) appointed herein over the assets/businesses of the defendants by virtue of its deed of appointment dated March 5, 2020, in furtherance of the mutually binding covenants of the parties in the various facility/offer letters pending the determination of this suit is granted.” Justice Liman had ruled

However, Pan Ocean through its counsel, Oluwemimo Ogunde (SAN), had filed an application before the court asking it to stay the execution of the takeover order pending the determination of a suit marked, FHC/L/CS/552/2020, which is also a subject of an appeal before the Court of Appeal in Lagos. Ogunde described AMCON’s ex parte application leading to the takeover order as an abuse of court process, which he said the court rules frown upon.

A statement from AMCON announcing the takeover of the company's assets reads

“Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies.

Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240 billion.

“The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group and their promoters as well as directors.

The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order also mandated AMCON to took over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the property lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.

Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests etc belonging to the defendants wherever same may be found. He also directed the Inspector-General of Police and his commissioners to assist AMCON and its designates as well as the Court Bailiffs in taking over the assets on behalf of the Corporation.”

Meanwhile, the management of Pan Ocean Oil group has expressed dismay at what it described as an attempted illegal takeover of its properties by AMCON. In a statement released, the firm said on July 2nd, 2020, a team led by Kunle Ogunba, disrupted work activities at two of its facilities under the guise of executing a court order. The firm noted that the action was taken despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos. The statement in part reads

“Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable.

Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.”

We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party. We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.”

SOURCE: https://www.lindaikejisblog.com/2020/7/amcon-takes-over-oil-magnate-festus-fadeyis-pan-ocean-assets-over-n240-billion-debt-video.html

Wicked

DCmonster:
So this old nigga borrowed from a bank to screw a hoe! Amcon should take possession of Toke Makinwa as well, because she was part of his investment.

Another Tinubu goon crippled ... Tinubu will have himself to blame if he didn't join PDP now what is coming after him is bigger than entire oduduwa republic, maybe he can contest for Lagos west senatorial position and they will compensate him with automatic chief whips of blue chamber

most so called billionaires are chronic debtors who have run the economies of their nations underground with their flamboyant and weird lifestyles .

Forumobserver12:


It wont change anything, Capital Oil is still being managed by Amcon till date.

After his term in senate. We shall see.

Ask buruju kasamu

Toke makinwa

MT:
This is the way some of our so-called big men roll. They use their companies to take a loan and spend the money on other thing. Sadly, he can't even forfeit his personal cars, houses etc. It's a limited liability company (LTD) and the liability only applies to anything bought in the company's name. He won't care if AMCON takes over as he is already richer than that company, albeit in fraudulent way.

lol.. the man is a very sharp businessman,, he has already divested his money from PanOcean since over 5yrs ago into Newcross Petroleum Ltd that has about 2 lucrative OMLs.

PanOcean is producing close to nothing...

for you to survive in the world of capitalism u must b a very sharp businessman...

this kind of thing happens a lot in the US.

SarkinYarki:


Buharis cronies bought Polaris bank and 9 mobile through Amcon , where were u Then?

Keep repeating unfunded and unsubstantiated beer parlor gossip trash. Repeating a lie over and over again will never make it true.

SmartProf:
N240 billion loan? Wow...even if AMCON decides to also take over the company owner and his family, it will be justified. This debtor na legend

Dr Festus Fadeyi is a Confirmed Criminal...
Toke Makinwa's Former Boyfriend

FirstSon01:
Debts are very risky.
Las Las they'll auction the company to one of themselves at peanuts price and take over the company.
I just pity the man and his family

Dr Fadeyi no longer has interest in the Management of Pan Ocean Oil (Big), He has since Established other Oil companies...

SmartProf:
N240 billion loan? Wow...even if AMCON decides to also take over the company owner and his family, it will be justified. This debtor na legend

some times I think all this loans sef na scam, its dem go just print paper give you while you pay back in real cash. 240 billion no be million o.

oluwaseyi0:
How are this people able to borrow this much

That's almost quarter of a trillion

Yet average Nigerians will be asked to bring the impossible after charging criminal interest rate just to access loan of hundreds of thousands

Because they have a big business system that is why they can access huge loans like this 240 billion

fabolouz1:
most so called billionaires are chronic debtors who have run the economies of their nations underground with their flamboyant and weird lifestyles .

Paper currency is debt nah,it does not have value on its own and it can b printed.

So been in debt ain't a bad thing as long as its good debt, check dangote... As rich as he is, he still dey borrow from world bank.

If u don't understand how the financial system works, you will always be ignorant about money thinking debt is bad

bigiyaro:
some times I think all this loans sef na scam, its dem go just print paper give you while you pay back in real cash. 240 billion no be million o.

Lolzzz cash is still paper, see paper currency doesn't have value on its own. It's we people that gives it value because we trust it.

Be it millions or billions Paper currency is still valueless Until u use it to acquire income generating assets

U can't save paper currency and b rich and successful

I don't know if it's only in Naija ppl do these but what I have noticed is that our so called business men approach a bank and they now use the influence of who they know to secure a very large loan.... they use the money to execute the said project and when it now comes to the time of paying back the loan, they now start diverting the money into another business project not caring if the bank later now comes to take over the company the borrowed the money for....it's a bad business practice but they don't care cos they don't loose since they have a new company to fall back on but the staffs of those so called companies will now be the ones at the receiving end of their boss sharp practice.

SarkinYarki:


They will auction it to Buharis cronies for pittance

What is your headache with Buhari

selfmadeboss:
i just read abut the story now. i swear if the man was my father or brother and a bitch like toke was doing this , na to arrange for her assassination fast. hoes like this dont deserve mercy

Do you guys even know how a company works? An oil company is not a small business. Their annual turnover is in hundreds of millions of dollars a year.

What happened here is poor debt management. The managers of the company were too optimistic. Most company owners don't even know what is going on in their company. So much delegation of responsibilities

damola1:
Easy.

Pull a Ifeanyi ubah. Join senate.

Hmm. Ifeanyi ubah's case I hear is different. It is said his company is of strategic national importance. If it is allowed to fold, there will be chaos is petrolium distribution as it is said he owns the largest ship berthing, storage and truck loading facility. That was why amcon had to play safe when they went for him years back.

Newboss:


Do you guys even know how a company works? An oil company is not a small business. Their annual turnover is in hundreds of millions of dollars a year.

What happened here is poor debt management. The managers of the company were too optimistic

chill man. she can distract him and make him not monitor the company properly. maybe you should also fo find out the price of just 1 hermes bag and check how many original ones she owns. i dont want to talk of audemers and patek watches. like i said, chill

So?...

Karlifate:

Toke Makinwa is a Scorpio.

AMCON cannot be allowed to take possession at this time given global economic challenges, agreed they were exposed before Convid 19, what Amcon should do is to find a new investor who has proper management skills. We should consider the ripple down effect before talking about taking over, creating a buffer fund to keep the firm afloat might help. The CBN should please play a role , Madam Aisha and Oga Godwin over to you.

selfmadeboss:
chill man. she can distract him and make him not monitor the company properly. maybe you should also fo find out the price of just 1 hermes bag and check how many original ones she owns. i dont want to talk of audemers and patek watches. like i said, chill

Distract him? There is what is called board of directors. They run the company. Debt management is usually a long term plan. Something went wrong with their debt servicing plan. Even Dangote Group have debt they're currently servicing.

omooba969:
Is that not Toke Makinwa's former sugar daddy?

That girl don wreck the old man with her kpekus but him family warn am o.

Toke said it's hard work o. Doing instagram/YouTube influencer, radio OAP & part-time actress bought her Mercedes Benz cars and 2 houses. One in lekki and her new one in ikoyi.

He can't pay it back but he's still spending that money...he better split 20bn between his children cuz that oil company is gone, probably for good !

ELKHALIFAISIS:
Another Tinubu goon crippled ... Tinubu will have himself to blame if he didn't join PDP now what is coming after him is bigger than entire oduduwa republic, maybe he can contest for Lagos west senatorial position and they will compensate him with automatic chief whips of blue chamber

what does tinubu have to do wt this now? He's mainly just a politician.
He doesn't even hang out with all these Yoruba billionaires. Have u ever seen him in all these otedola or okoya people's parties? Tinubu is not a flamboyant social elite in yorubaland.
He's only contacted when they're interested in politics. e.g. dapo abiodun.

selfmadeboss:
chill man. she can distract him and make him not monitor the company properly. maybe you should also fo find out the price of just 1 hermes bag and check how many original ones she owns. i dont want to talk of audemers and patek watches. like i said, chill

Lol! No matter all he spent on Hermes and patek, all of that no reach $1million.

SmartPolician:


Oh, really?

Na you dey hold touch for them?

The person is prolly referring to Toke Makinwa. I think it was widely acknowledged and nullified with the whole 'anti-slut shaming' rhetoric.

Not a denial. More so a 'none of ya business' sort of dismissal.