Lagos — Asset Management Corporation of Nigeria (AMCON) on Thursday said it has formally taken over the affairs and running of Capital Oil and Gas (COG) Industries located in Apapa, Lagos.
The asset manager said yesterday that it would manage the company for a period of two years and appointed a new managing director to ensure accountability as well as continuity of operations.
The manager said through this development, Patrick Ifeanyi Ubah, the erstwhile managing director and chief executive officer has relinquished his role as head of the organization.
Ubah, who will represent Labour party at the forthcoming governorship election in Anambra State, has been having running battle with AMCON over an alleged N48.014 billion debt. The company was shut down last year following an Abuja High Court ruling that the agency should take over the company's property and asset due the debts
AMCON statement read thus: "Following discussions with COG, a resolution was reached which was subsequently adopted as terms of settlement in suit number FHC/ABJ/CS/714/2012 at the Federal High Court. One of the key conditions of this settlement is that AMCON takes over executive management of COG for a period of two years."
According to the corporation's head corporate communication, Kayode Lambo, AMCON has taken over the executive management of COG for two years and will see to the stablisation of the company.
"ACON plans to ensure seamless operations at COG thereby facilitating optimal performance, support and drive towards turning around the company's operations in order to meet various timelines and goals set by COG's board of directors and AMCON.