AMCON TAKES OVER IFEANYI UBAH'S CAPITAL OIL

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 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.