Home News AMCON takes over Cedar Oil & Gas over N29 billion debt ...

AMCON takes over Cedar Oil & Gas over N29 billion debt

… appoints new Receiver

The Asset Management Corporation of Nigeria (AMCON) has taken possession of Cedar Oil & Gas Exploration and Production Limited over a N29 billion bad debt.


It also  as it appointed a Receiver/Manager to oversee the operations of the oil firm.

In compliance with a court order, the undertaker took over the assets of the company, which was promoted by Olajide Omokore and others as ordered by the Court through Mr Godwin Nwekoyo, the Receiver/Manager, who also received protective orders from the court.

What it means: Omokore has lost all assets of the company. The assets are Block A, No. 46 Gerrard Road, Ikoyi Lagos State, comprising of 26 flats; Plot 1236, River Niger Street, off River Benue Street, Maitama, Federal Capital Territory, Abuja; and Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments.

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