Nigeria’s Asset Management Corporation takes over Pan Ocean assets over US$619M debt

Nigeria’s Asset Management Corporation takes over Pan Ocean assets

NIGERIA –Asset Management Corporation of Nigeria (AMCON) have received the green light from Nigeria’s judicial court to take over all the assets of Pan Ocean Group. The Federal High Court, presided over by Justice A.M. Liman, made the land mark ruling , giving AMCON the authority to seize all of Pan Ocean Group’s assets in efforts to recover an over N240 billion debt (about US$619 million) owed to it by the company’s directors. The Nigerian court in its ruling also granted an order appointing AMCON as a Receiver Manager. The…

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