The Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria, Mr. Mustafa Chike-obi Friday in Lagos said that AMCON will hold on to the assets of Ifeanyi Uba’s troubled Capital Oil and Gas Industries Limited despite a court ruling ordering it to vacate the premises of the oil company.
A Federal High Court sitting in Abuja on Wednesday, vacated its earlier order granting AMCON immediate possession of properties belonging to Capital Oil and Gas Industries Limited and its owner, Ifeanyi Uba.
But Chike-obi who spoke during the presentation of the corporation’s full year audited group results for the year ended December 31, 2011 said: “But we are still at the property and we intend to remain there until the Court of Appeal rules. So, if they want to delay, let them delay, but we are staying there. No matter how many obstacles are put on our way by the various obligors, AMCON would ensure that its debts are fully recovered.
“The judge made a surprising ruling which we have either appealed or we are going to appeal. He basically said we should go and talk to the guy (Ifeanyi Uba) and we have been talking to him for two years. He owes us for two years – N53 billion and interest has accumulated to N12 billion – and he hasn’t paid us a kobo and so I don’t know how much talk the judge wants us to do.”
Culled from ThisDay