The Asset Management Corporation of
Nigeria has taken over the management of Capital Oil and Gas Industries.
The Head of Corporate
Communications, AMCON, Mr. Kayode Lambo, said in a signed advertorial on
Wednesday 29 August, 2013, that the management’s takeover of the indigenous
downstream player would last for two years.
He explained that the takeover
became necessary after AMCON acquired Capital Oil and Gas’ outstanding
facilities from various banks.
The corporation said, “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 the COG for a period of two years.
“Dr. Patrick Ifeanyi Ubah, the
erstwhile Managing Director/Chief Executive Officer, has consequently
relinquished his role as head of the organisation. In the interim, AMCON has
appointed an acting managing director to ensure accountability and continuity
of operations.”
AMCON said its takeover of the
executive management of the COG within the two-year timeframe would stabilise
the company, adding that it planned to ensure seamless operations at the
company.
The agency added that it would,
within the two years, “drive the turnaround of the company’s operations in
order to meet various timelines and goals set by COG’s board of directors and
AMCON.”
“This change of management was
effected on June 21, 2013,” AMCON said.
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