Governor Dapo Abiodun of Ogun State is set to lose his petroleum company, Heyden Petroleum Limited over bankruptcy, News About Nigeria reports.
This is following the order by the Lagos Division of the Federal High Court for an interim takeover by the Asset Management Corporation of Nigeria (AMCON).
The ruling was issued on the 29th of October, by the presiding Judge, Justice Ambrose Lewis-Allagoa, and pertains to the suit marked AMC/67/2024.
AMCON represented by its counsel, O.T. Ogunba, had filed an ex parte motion requesting the court’s intervention in the takeover process.
Following a review of the motion and supporting documents, the court granted the interim order in favour of AMCON.
The court order also affects Innovative Ventures Limited and Optimum Construction & Property Development Company Limited, which are linked 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.
Justice Lewis-Allagoa has however, adjourned the hearing on the substantive suit to November 21, 2024, when the court will further review the details surrounding the bankruptcy.
Heyden Petroleum Limited was incorporated on the 30th of October 2001 as an independent Oil Trading Company in Nigeria and in the United Kingdom.
Its trading activities range from refined white products to semi-refined black products.
The petroleum company is strategically located in Abuja, Lagos and London with its affiliates in Dubai UAE and Cape Town in South Africa.
It has also established very strong relationships with many customers nationally and internationally over the years; particularly the major Petroleum Retailing Companies and the armed forces.
