A Federal High Court, Ikoyi, 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 the suit marked AMC/67/2024, with Justice Ambrose Lewis-Allagoa presiding over the matter.
AMCON, represented by its counsel, O.T. Ogunba, filed an ex parte motion requesting the court’s intervention in the takeover process.
The court, after reviewing the motion, affidavit in support, and accompanying written address, granted the interim order in favour of AMCON.
Also affected by the court’s verdict is 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 an immediate intervention to prevent further economic risk.
Meanwhile, Justice Lewis-Allagoa has adjourned the hearing on the substantive suit to November 21, 2024, when the court will further review the details surrounding the alleged insolvency.
