Jide Omokore loses property to AMCON over unpaid N29bn debt

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5 years ago

The Federal High Court in Ikoyi, Lagos, has ordered the Asset Management Corporation of Nigeria (AMCON) to take over some properties belonging to Jide Omokore, an ally of Diezani Alison-Madueke, a former Minister of Petroleum Resources, over an unpaid N29bn debt.

The properties include 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; as well as Marion Apartment, Block 8, No. 4 & 5, Onikoyi Estate, Banana Island, Lagos State, consisting of 43 units of apartments.

AMCON is also in possession of No. 33A, Cooper Road, Ikoyi, Lagos State; No. 8, Gerrard Road, Ikoyi, Lagos State, as well as Manson Apartments, No. 6, Gerrard Road, Lagos State, comprising of 60 units of three-bedroom apartments.

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This order was given by the judge following the refusal of Omokore and his company to pay AMCON their admitted sum of over ₦15bn out of the total outstanding debt of ₦29bn owed to the corporation.

The statement from AMCON reads, “We saw it coming because the said debt was long overdue.

“You can see how these top AMCON obligors are taking all Nigerians for a ride.

“Even when they admitted repaying over ₦15bn owed AMCON, they still did not honour their own agreement, which they did not make under duress.

“I want you to understand that before we get to this stage with any obligor, we must have patiently tried to resolve the matter without going to court.

“Anytime we end up taking over assets such as in the case of Cedar Oil and Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore and others, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.

“If you have exhausted all avenues of peaceful resolution, there is no other option available to the corporation than to commence enforcement action against the firm and Mr Olajide Omokore the promoter of Cedar Oil and Gas Exploration and Production Limited as well as the other directors as ordered by the court and as provided under Section 49-52 of the AMCON Act.” It stated.