One month after its operations were
shut down, Capital Oil and Gas Industries Ltd Thursday resumed normal business
activities
The premises of the company was shut down following an order of an Abuja Federal High Court that the Assets Management Corporation of Nigeria (AMCON) should take over its properties and assets over an alleged N48.014 billion debt.
The premises of the company was shut down following an order of an Abuja Federal High Court that the Assets Management Corporation of Nigeria (AMCON) should take over its properties and assets over an alleged N48.014 billion debt.
Administrative
Manager of Capital Oil and Gas Industries, Mr. Ugochukwu Ehighibe, in an
emailed statement last night, confirmed that AMCON Thursday morning withdrew
from the premises of the company and that operations had commenced immediately.
“I can confirm that AMCON has this morning (Thursday) vacated our depot. We have therefore commenced full operations,” he said.
The closure of the company’s 196 million litre-capacity storage tank often used by the Nigerian National Petroleum Corporation (NNPC) for products storage had hampered products distribution across the country and added to the fuel crisis being witnessed since early this year.
“I can confirm that AMCON has this morning (Thursday) vacated our depot. We have therefore commenced full operations,” he said.
The closure of the company’s 196 million litre-capacity storage tank often used by the Nigerian National Petroleum Corporation (NNPC) for products storage had hampered products distribution across the country and added to the fuel crisis being witnessed since early this year.
Efforts
by the company to resume operations on Monday, after the court, presided over
by Justice Abdul Kafarati, on December 13, set aside the ex-parte order, had
been thwarted as the police who prevented members of staff gaining access to
the premises.
In an advertorial yesterday, AMCON confirmed that it had withdrawn from Capital Oil and Gas facility, over which the Federal High Court had previously granted it possession.
“The corporation however remains firm in its resolve to vigorously pursue the indebtedness and ensure the recovery of the debt in the interest of the economy,” it stated.
In an advertorial yesterday, AMCON confirmed that it had withdrawn from Capital Oil and Gas facility, over which the Federal High Court had previously granted it possession.
“The corporation however remains firm in its resolve to vigorously pursue the indebtedness and ensure the recovery of the debt in the interest of the economy,” it stated.
Justice Kafarati had on December 13,
set aside the ex-parte order of November 13, which directed AMCON to take
immediate possession of the properties and assets of Capital Oil and Gas as
well as those of its Managing Director, Mr. Ifeanyi Uba over the firms
indebtedness to the corporation.
Specifically, the court ordered AMCON
to immediately re-open the facilities of the oil company to allow it resume
normal business activities and to enter into negotiations with the company on
how to offset the loan