The Asset Management Corporation of Nigeria (AMCON) has rejected debt settlement terms proposed by an oil firm, Pan Ocean Oil Corporation Nigeria Limited.

 Pan Ocean’s lawyer, Mr. Wemimo Ogunde (SAN), told the Federal High Court in Lagos that the terms had been filed.

But AMCON’s lawyer, Mr. Kunle Ogunba (SAN) of Insolvency Forte, insisted that the parties were yet to agree.

He said: “The settlement terms are not valid because it does not cover our agreement. We have deposed to an affidavit to that effect.”

Justice Mohammed Liman further adjourned until November 10 for a report of settlement.

 AMCON had in June obtained an order to take over Pan Ocean’s assets over an alleged debt.

Justice Liman granted AMCON’s prayer to appoint Ogunba as receiver/manager of Pan Ocean’s assets.

The seized assets include Plot 882, Samuel Manuwa Street; and FF Towers, Plot 13/14, Ligali Ayorinde Avenue, both on Victoria Island in Lagos.

The judge also ordered all the banks in Nigeria to, within seven days, furnish Ogunba with details of any sums standing to the credit of Pan Ocean Oil Corporation Nigeria Limited.

TBI AFRICA