The Asset Management Corporation of Nigeria(AMCON) has reached an amicable settlement with Chief Patrick Ifeanyi Ubah of Capital Oil and Gas(COG) of all pending legal disputes between the parties, a statement by Kayode Lambo, AMCON Head, Communications, Strategy & Research has stated. It further added that,” Consequent upon this settlement, Chief Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director/Chief Executive Officer of COG. His resumption as the MD/CEO of COG brings to an end the management of COG by AMCON. This is in accordance with the terms of settlement as agreed by both parties that the loan be serviced as per the judgement of the Federal High Court. This settlement is in line with AMCON’s role as a resolution vehicle to help stabilize and revitalize the Nigerian banking system and economy.” Recall AMCON took over the management of Capital Oil and Gas Industries in June 2013, and the management’s takeover of the indigenous downstream player was to last for two years. The takeover at the time became necessary after AMCON acquired Capital Oil and Gas’ outstanding facilities from various banks.This change of management was effected on 21st June 2013
Deji Sadiq, a.k.a DEJI OF LAGOS is a LASU trained Economist turned freelance journalist, a Blogger, an information strategist, a public affairs analyst and a committed activist with a passion for equal opportunities.
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