A flamboyant Lagos oil and gas businessman, Dr. Festus Fadeyi, has finally lost his oil exploration and production company, Pan Ocean Group, over indebtedness to the Asset Management Corporation of Nigeria (AMCON).

Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between 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 over N240billion.

Recall that the media was recently awash with the report of aN independent audit which reported that Pan Ocean Group was a main contributor to bankruptcy suffered by defunct Skye Bank by securing one of the biggest loan portfolio which he has not been able to repay.

The operating licence of bank was revoked by the Central Bank of Nigeria, CBN, on September 21, 2018, as the bank could no longer meet its obligation.

A source close to the bank observed that, “Although there is a long list of those who ordinarily should be in jail as a result of their roles in the eventual collapse of the bank, it was frightening to note that only one individual accounted for a debt exposure to the bank in excess of over N240 billion, which is more than the annual budget of the country’s ministry of works for instance.

“Additional dirty details of these transactions revealed that Festus Fadeyi, who owed the bank over N240 billion, was represented on the board by his son when all the funds were taken.

“Although these individuals have ruined lives as well as investments made by hundreds if not thousands of the bank’s innocent shareholders, most of who we gathered lost lifetime investments when the bank died. However, Fadeyi among others, who killed the bank have continued to live their life in total opulence, which is a reflection of a weak financial regulatory laws in the country.”

In the takeover ruling, the court 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 properly 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.

Dr. Fadeyi, before now, was alleged to be involved with the on-air-personality, Toke Makinwa. Despite owing staff salaries for over 6 months, the over 70yr old businessman was allegedly responsible for funding the Makinwa’s luxurious lifestyle.

“In other climes, such people (as Fadeyi) that have brought distress to a bank and untold hardship to innocent depositors should indeed be made to account for what happened to the bank,” the source indignantly said over the fate of Skye Bank.