A Federal High Court in Lagos has heard that parties to a N58.9billion loan dispute between Pan Ocean Oil Corporation Nigeria Limited (POON), its affiliates and Asset Management Company of Nigeria (AMCON) are yet to settle.
Lead counsel for the firms, OAR Ogunde and his AMCON counterpart, Kunle Ogunba told Justice Mohammed Liman at the last hearing on July 23.
“If the claimant can be restricted, then this will encourage us to wait for settlement because they are expensive buildings can attract thieves if left unoccupied”, he argued. “The defendant has a legion of companies, which they operate. We have put a system in place to attend to affected third parties. One of them is Saipem Contracting Nig Ltd, who wants to leave and we have instructed them to write to us,” Ogunba, SAN said.Trial judge, Liman, J in response, stated that it was improper to drive tenants out and then begin to listen to them. “It is a bullet approach which is wrong.
“If things are not managed well, oil and gas production will cease. We have been paying despite being in court. How can we continue to pay when the account has been frozen? These issues are mitigating against settlement. There was no point freezing the accounts. People who should be paid are not paid as a result”, he declared.
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