The attention of Stanbic IBTC Bank PLC (“the Bank”) has been drawn to a publication by various online media, which purports to indicate that Ascon Oil Limited (“Ascon”) ‘retook possession’ of the property along Lekki Admiralty Way, pursuant to an alleged Court Order issued in their favour.
This is certainly a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020.
Please take note that the Federal High Court had on 24 July 2020, clearly REFUSED to grant Ascon’s Application to set aside the Order earlier granted to the Receiver appointed by the Bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos.
In total contempt of the Ruling by the Federal High Court, the Directors of Ascon resorted to self-help and forcefully seized the property from the valid titleholder.
The Bank is taking all lawful steps to ensure that the illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book.”
What happened?
There had been media reports that Ascon Oil Ltd has recovered a petrol retail station at Block 36, Admiralty Way, Lekki Phase 1, Lagos purportedly sold by Stanbic IBTC Bank. The action taken by Ascon Oil was as a result of a recent ruling by Justice Mohammed Liman of the Federal High Court, Lagos. The suit marked FHC/L/CS/567/2020, arose following a N1.7bn loan facility.
The property had been in the receiver’s possession following a May 15, 2020 ex-parte ruling by the same court authorising the takeover of the property and restrain Ascon from interfering with the receiver’s discharge of his functions.
But on July 24, 2020, it was reported that Justice Liman vacated that order after Ascon alleged non-disclosure and material misrepresentation of facts against Stanbic IBTC.
