Stella Dimoko Korkus.com: Billionaire Businessman Festus Fadeyi Reportedly Loses Company To AMCON Over Huge Debt..

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Friday, July 03, 2020

Billionaire Businessman Festus Fadeyi Reportedly Loses Company To AMCON Over Huge Debt..

The Asset Management Corporation of Nigeria (AMCON) has taken over all assets belonging to Pan Ocean Group and its subsidiaries.





A statement Thursday from AMCON said the takeover followed the order of Justice A.M. Liman of the Federal High Court.


Pan Ocean Group is promoted by Dr. Festus Fadeyi, a Lagos-based oil and gas businessman whose total indebtedness to AMCON, according to the statement, was over N240 billion.


The statement explained that the court had also granted an order appointing AMCON as a receiver manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group and their promoters as well as directors.


"The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licences that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively.


"The order also mandated AMCON to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

"Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the properly lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos," the statement added.

According to AMCON, aside from these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests, among others, belonging to the defendants wherever the same may be found.

"He also directed the Inspector General of Police and his commissioners to assist AMCON and its designates as well as the court bailiffs in taking over the assets on behalf of the corporation," it stated.

from Thisday

84 comments:

  1. Mehn!!!
    That's a whole lot of money.

    ReplyDelete
    Replies
    1. Where are u, Toke?

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    2. And the man fit get one side chic wey follow chop the money. Chai! When money enter wrong hands,... The rest is history.

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    3. Toke is leaving this chat

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    4. Toke was busy doing Tiktok ds morning, while Oga dey cry. No be only men dey chip & clean mouth, women dey do so too. Toke don collect e own share Waka.

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    5. Stella that ya dog pishure is making me laugh πŸ˜‚ πŸ˜‚ πŸ˜‚ πŸ˜‚

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    6. No one should get too excited until the assets are really seized and sold by Govt. With limited liability companies, you can only take assets under the said company and not from other companies owned by same person. He knew this and was very good at opening new companies once he accumulates debt under each company. I can bet you that the properties listed, although belonging to him, were not bought under Panocean. Be that as it may, I am happy the arm of the law has finally caught up with him. He was very dubious in business transactions. Go and find out how the German that started Panocean was murdered in Lagos. From accountant to multi billionaire.

      Delete
  2. Eyah! Sorry Pa Fadeyi, what will your side chicks do now?

    ReplyDelete
    Replies
    1. 🀣🀣🀣🀣🀣

      Unto the next money bag, no time to check time!

      "when the money goes, will the honey stay?"

      Delete
    2. Unto the next Money Bag! Lol

      Delete
    3. @EverYoung Move to the next best thing Mugu. Those Runs don’t have vein!

      Delete
  3. Aunty Toke, please sell your car and πŸ›️bags as we are about to go on a rescue mission.

    ReplyDelete
    Replies
    1. Real rescue mission. Awon side puppies/chics time to rescue your pappy.

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    2. That's if her house no follow

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  4. Why wont he Lose his company, when he was Giving Toke 25M every month according to his children...
    Sorry

    ReplyDelete
    Replies
    1. @Chike, TWENTY FIVE MILLION!!! hehehehe
      it was All over Blogs last year

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    2. Shuo! Then she wee comman do motivational vlogging.

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    3. Toke did nothing. He has a habit of not honouring business agreements and paying contractors. That has been his way for as long as I can remember.

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    4. Lies @25 million per month.

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  5. Is dis not that toke's sugar daddy, please this amcon should not let daddy remove food from toke's table oo

    ReplyDelete
    Replies
    1. πŸ˜‚πŸ˜‚πŸ˜‚,wicked!

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    2. Toke bought her house, set up bag company and left him I guess. She’s living the life now in Ikoyi

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    3. The house bought by someone else...

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  6. Any man Toke makinwa sleeps with begins to go down. It seems her juju not only takes their money but their luck. The other one who bought her a car is also experi3ncing financial difficulties

    ReplyDelete
    Replies
    1. It is not easy t source for a new born for baba 2 fortify your love jazz. The new born blood drains the men

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    2. When money enters wrong hands, financial crises will follow

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    3. Ahhh, are you sure? I don't know any other guy apart from Pa Fadeyi and that young bf she had . So who bought her car that is going down?
      Stella I no call name oo

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    4. The person who bought her the house was an igbo guy not pa fadeyi. That one only bought her her first big car.

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    5. Anon pls drop clue

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    6. Nawa ok,Toke's voodoo mad gan,she even laced it with badluck. Olodumare koni ba ti wa je o!!!!

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    7. It’s not an Igbo guy who bought her the house. Lies. What car? Bought by former Governor now Minister. Broke how?

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    8. Any man she touches has bad luck or gets major wahala. These type of olosho women would have fortified themselves with various babalawos and they drain the men. She is like a curse to men. Maybe one of the wives of the many married men she sleeps with all over lagos put a curse on her. Remember this old man’s wife and children were very bitter about the in your face affair two years ago.
      Good riddance. One day she will mess with the wrong wife and it will be over for her. She is still doing this shit.

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    9. If Fadeyi got her the house AMCon may come after it.

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  7. Oh my God. It is well with him but that money is huge.

    ReplyDelete
  8. You cannot hit some toto, if you do, even if you were doing okay before you must go down.

    ReplyDelete
    Replies
    1. If when u were hitting the Toto and u were advancing, once u mess of the heart of d Toto owner, you Must g down. Sure banker

      Delete
  9. That is why his children were complaining about him spending lavishly ok Toke Makinwa!

    ReplyDelete
  10. This blog has made me know many people I have no business with, immediately I saw fadeyi, fiam my mind went to Toke.

    ReplyDelete
    Replies
    1. Lol, in fact it was paying Fadeyi that came to my mind and Toke, lol. Well that is how he will see it, congrats to Toke she really chop clean mouth

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    2. Say it louder@ 14:47πŸ“’
      When this news popped up on my email, my mind raced to TokeπŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚
      If you no dey SDK blog,wetin you gain??🀷🀷

      Delete
  11. Mehn..240billion is no joke.
    Kpele ooo aunty tok tok

    ReplyDelete
  12. Some pussy are bad luck hit and run down for life.

    ReplyDelete
    Replies
    1. I swear down,last last all this shit had repercussions. Na dem sabi jare

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  13. How art thy mighty fallen!!!! May God help him...
    This is not pleasant at all...

    Toke, you need to console Pa Fadeyi..

    ReplyDelete
  14. Some men are so stupid , it is not all ladies you sleep with. That is why I pity those who rape . There are some lady you sleep with and your entire destiny is transfer. If you are in doubt go and do your research.

    ReplyDelete
    Replies
    1. πŸ’―πŸ’―πŸ’―πŸ’―πŸ’―

      Delete
  15. Toke don use her had luck rob the baba

    ReplyDelete
  16. Leave Toke alone, did she force herself on the randy scumbag? She got gains from frolicking with him, so? How does dating Toke stop him from wealth creation if he wasn't borrowing to fund his lavish lifestyle just to impress and oppress. If ordinary people like Toke approach the bank, will they listen, loan or even give favourable rates? So let her take her share just like others at least, she is 'rubbing shoulders' with them. Imagine Panocean full of so much potential just gone down like that, what is the point then?

    ReplyDelete
    Replies
    1. I am surprised that the majority here blames one single girl. Its like ppl are more guided by supernatural myths than with strict business principles. No wonder its so easy to fool ppl, clean mouth. Mamalawo, alfa,men/women of god alljust dey start, there is billions to be made from sheeple.

      A big elderly man lost his buesiness, na one tiny girl una dey chant. Does he not have a wife as well? she no get luck.

      crazy af pipu

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    2. Toke won't be the only one....... He fragnented his wealth...... Following women anyhow will turn a man to a piece of bread eventually.....

      Delete
  17. This played out in the movie 'Bling Lagosians'.
    What's the difference between a broke unemployed guy and a billionaire owning 240 BN. The latter simply had collateral to borrow from the bank.
    That's why I don't envy some so called miliomaries and billionaires. Their accounts are on red!

    ReplyDelete
  18. This just made me remember bling lagosian the movie

    Aunty toke, how far na

    ReplyDelete
  19. Shaking my head at those blaming Toke. Why didn't he respect his marriage vows (if he's still married)?

    If he's single, so a woman should be blamed for the financial difficulties of her partner? Na wa for una sha!

    ReplyDelete
  20. Damn, this is so sad!!!
    I have a friend that have been working with Pan African oceon for 7years now, I have been to their Ligali Ayorinde branch& their office was fine...
    What will be the fate of the workers, will they be retrenched??
    Kai, I feel bad for Fadeyi oh, every sweat & investments gone down the drain like that..
    Too much properties, high blood pressure fit kill am..
    Chizzy j.

    ReplyDelete
    Replies
    1. First ask your friend when last they received salary. Lagosians and packaging na 5 and 6. You will be surprised to learn that your driver is richer than those working in that nice office.

      Delete
  21. 240billa!!! Mehn! That's huge sha

    ReplyDelete
  22. Only in Nigeria, everyone is an audio billionaire, billionaire owing billions means you're nobody, they drive range rover and still pay rent, when windshield of the car can buy land in some areas, they drive cars they cannot service after a year, some go ask legedes benzer for petrol money sef, have you seen them shopping at the supermarket, you wonder if the 2/3 items they buy is for their gateman, they buy clothes on credit in boutique, it was a woman thing from 90's, irresponsible men have joined the band wagon, to what end. They reject job opportunities cos they are looking for a mega contract and end up turning woman wrapper, they become boyfriends of runs girls or gigolo and 419ers. How did we get here as a nation? Why is contentment missing in our culture compared to other African countries that we cuss out. They have little but are contented and not under any pressure to steal from their offices or do yahoo or drugs to survive to build houses, buy cars, travel abroad and show off on social media. Our thirst for material things and love for accolades has destroyed the principles of living a fulfilled life on earth. If allow contentment as a core value then crime rates will reduce. No be only Una dey suffer for this world, go to other African countries and see suffering too but they don't resort to criminal activities for a better life. All we are known for internationally is show off. Same with our leaders and their spending. Kenya, Ghana and Rwanda is doing way better than us in terms of development and all we do is get defensive on social media. I wish I could lay a curse on the spirit of covetousness that has eaten deep into our system but I'm not God, check yourselves and become that change you want to see before attacking others. Nigeria oh Nigeria whom Una offend?

    ReplyDelete
    Replies
    1. Anonymous You are very apt!

      Delete
    2. Honestly it is ridiculous

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    3. I love you already

      A lot of us paid invoices in the work place ...on Sunday we lift up holy hands

      @ 10pm while we watch the late night news we curse out our leaders

      While surfing the web we defend Uncle Dubai and his wooden partner and declare anonymous cyber wars on anyone who dares speak up against them.

      We curse out folks who return missing money and utter a lot of gibberish in defense of daylight theft

      A country where an active percentage of their youth are runs girls and Yahoo boys.

      Which way Nigeria?

      Which way to go? I love my fatherland...I want to know....

      Delete
  23. Nawa o, Toke it's time to rescue pa Fadeyi

    ReplyDelete
  24. Your wife brought you wealth your mistress brought you misery.

    ReplyDelete
  25. He stole the company from those Italian family
    Karma

    ReplyDelete
  26. One of the reasons i HATE loan.

    ReplyDelete
  27. AMCON is mandated to confiscate his open interests as well which means Toke's house is gone.

    ReplyDelete

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