A Federal High Court in Lagos has granted the Asset Management Corporation of Nigeria (AMCON) an interim order to take over Heyden Petroleum Limited, a company owned by Ogun State Governor Prince Dapo Abiodun, due to alleged insolvency issues.
The ruling, issued on October 29, 2024, was made in case number AMC/67/2024, with Justice Ambrose Lewis-Allagoa presiding.
AMCON, represented by O.T. Ogunba, filed an ex parte motion requesting the court’s intervention in the takeover process.
After reviewing the motion, affidavit in support, and accompanying written address, the court granted the interim order in favour of AMCON.
Heyden Petroleum is not the only company affected by this ruling. The court’s interim order also extends to Innovative Ventures Limited and Optimum Construction & Property Development Company Limited, two other businesses connected to the case.
AMCON’s legal team argued that these companies, along with Heyden Petroleum, faced financial challenges that necessitated immediate intervention to prevent further economic risk.
The case has been adjourned until November 21, 2024.
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