Details: Festus Fadeyi’s Money Spinner, Pan Ocean Fights Take Over

The Pan Ocean, the money spinner company owned by Festus Fadeyi is kicking against a takeover by AMCON over mega debt.

Details of the fight against the takeover is detailed in the report by Orientalnewsng.com which reads

Pan Ocean Nigeria, has raised alarm over attempt by Asset Management Corporation  of Nigeria, AMCON’s attempt to take over its facilities illegally.

According to the firm, on Thursday July 2nd, 2020, a team led by Mr. Kunle Ogunba (SAN), disrupted work activities at its headquarters FF Towers under the guise of executing a court order. 

This according to the company was done despite  a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos.

The management of oil firm has expressed dismay at the attempted illegal takeover of our premises by persons acting as representatives of AMCON.

“Our legal representative, 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 not in line with the judicial process.” it said in a statement. 

Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. 

The funds it explained were invested in assets which are verifiable and within Nigeria.

The company said that it remain committed to working with its financial partners to resolve all outstanding issues.  

“We are committed to the rule of law and legal due process.  We shall continue to abide by same to resolve these issues despite the provocation and injustice imposed on the organisation.

“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.” the statement added.