N20bn Debt: AMCON Takes Possession Of Asset Belonging To Stella Oduah

The Federal High Court sitting in Lagos has granted an injunction against Sea Petroleum Oil & Gas Limited, whose chief promoter is former Minister of Aviation, Princess Stella Oduah-Ogiemwonyi on the application of Asset Management Corporation of Nigeria (AMCON).

A statement issued by Jude Nwauzor, AMCON spokesperson, said the organisation took possession of the company’s asset around 11:00a.m on Friday.

The decision followed a judgement by Justice M.S. Hassan of the Federal High Court Lagos Division which granted an injunction against Sea Petroleum Oil & Gas Limited, on the application of AMCON.

 “Princess Oduah-Ogiemwonyi, a serving member of the 8th Senate of the Federal Republic of Nigeria has been having a running battle with AMCON over her inability to settle her huge debt of nearly N20billion,” Mr Nwauzor said in the statement issued to newsmen.


“AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement, the Senator and her co-promoters have remained recalcitrant.

“Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court. The order also affects Princess Stella Oduah’s other business interests for which AMCON has since appointed Moyosore Jubril Onigbanjo, SAN as Receiver over the assets of Princess Stella Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas Limited; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.”



The statement added: “Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited and its affiliated companies to hand over the company’s business, which sits on over 9000 square metres of land in the fastest developing area of Lagos State along the Lekki-Epe Express Way; two Tank Farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, Lagos Island and a filling station complex at kilometre 14, Lekki Epe Expressway, Ikota, Lagos State,” the statement explained.

“The court order also listed a host of other assets across the country including Plot 2,block 12C, Babafemi Osapa Crescent Lekki, Lagos State; Block 5, house 4AMobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-epe Expressway , Ikota, Lagos State; Filing station Complex at km14, Lekki Epe Expressway, Ikota Lagos State; Staff residential Quarters, Ikota Lagos State; E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State. The rest include, SPG Agungi 2 Lekki Lagos State; Office/Filling station complex at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja; Filing station Complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje, FCT Abuja.”