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AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt (24508 Views)

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Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by kafeii123: 2:38pm On Jul 03, 2020
UDUJ:
I knew this was bound to happen.

I fear for some of my former colleagues still working there. Their jobs are hanging on a balance now undecided

With the current state of the oil industry...the company may not recover from this very soon.

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by gaskiyamagana: 3:05pm On Jul 03, 2020
.
. .... .. billionaire oil mogul....
Only few Nigerians is deceived by that title, most of them in reality are debtornaire who have access to steal Nigerians money more than some of us here in nairaland.
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by cyrilamx(m): 3:10pm On Jul 03, 2020
SarkinYarki:


They will auction it to Buharis cronies for pittance
You think PMB is like your overlord, Atiku sold who sold off Alscon built for $3.2B for mere $130m to his crooked friends?
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by precious1967(m): 3:33pm On Jul 03, 2020
how could someone owe so much without any conscience while we have people searching how to secure ten thousand naira loan. mtcheeeew
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by hardbody: 4:06pm On Jul 03, 2020
UDUJ:
I knew this was bound to happen.

I fear for some of my former colleagues still working there. Their jobs are hanging on a balance now undecided

Do they still have jobs in the real sense of the word? That is how they refused to employ me in that company that year, maybe if don help them avoid this situation. Too bad.
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by UDUJ(m): 4:10pm On Jul 03, 2020
hardbody:


Do they still have jobs in the real sense of the word? That is how they refused to employ me in that company that year, maybe if don help them avoid this situation. Too bad.

I was a wellsite senior geologist but left the company in 2014 for a better offer elsewhere. Even then those of us in the know knew it was just a matter of time before the company would be taken over because of the debts and we were not even producing up to 5000 barrels of oil a day but continuously collecting cash calls from NNPC. It was just a ticking timebomb waiting to happen.

2 Likes

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by einsteine(m): 4:13pm On Jul 03, 2020
Using borrowed money to fund the lifestyle of a plastic, know nothing socialite. How can you owe over half a billion dollars and still have the presence of mind to be fucking Toke Makinwa?

2 Likes

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by hardbody: 4:20pm On Jul 03, 2020
UDUJ:


I was a wellsite senior geologist but left the company in 2014 for a better offer elsewhere. Even then those of us in the know knew it was just a matter of time before the company would be taken over because of the debts and we were not even producing up to 5000 barrels of oil a day but continuously collecting cash calls from NNPC. It was just a ticking timebomb waiting to happen.

I can relate. When I wrote their recruitment test and passed was way back before 2014. I was later to get a sense of their financial stress much later, i guess around 2013 when i was working with a company on the same street as their head office and I think there was a transaction i worked on where the company also had some interest.

Congrats bros for moving on before the collapse. May God continue to give us the wisdom to act with insight. Cheers.

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Eluala(m): 5:26pm On Jul 03, 2020
MT:
This is the way some of our so-called big men roll. They use their companies to take a loan and spend the money on other thing. Sadly, he can't even forfeit his personal cars, houses etc. It's a limited liability company (LTD) and the liability only applies to anything bought in the company's name. He won't care if AMCON takes over as he is already richer than that company, albeit in fraudulent way.

Not correct. The judgment empowers AMCON to forcefully take over any assets located anywhere ( I guess where the jurisdiction of the Federal High Court reaches) as a means of recouping the said loan amount. So if they take over all the company assets they find and the value is not up to the loan, they will go after any property or asset they can prove belongs to him anywhere within the Federal Republic of Nigeria irrespective of the asset type or class. People should learn to say no to unfettered greed, financial recklessness, corruption and lack of self control. Above all honesty will save you from numerous troubles and while gaming the system may give you wins for a while, the day you lose, you will lose so miserably. I rest my case.

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by ProtectMyMoney: 5:27pm On Jul 03, 2020
...Spent money on side chick rather than pay loan.
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Hedonisco: 5:39pm On Jul 03, 2020
leaculpa:

Lol! No matter all he spent on Hermes and patek, all of that no reach $1million.

These bitches don't have the capacity to financially wreck a made man, as long as you keep them at the level of 'fun accessories'. How much dem wan chop? Lol. Even if she chopped N1b (roughly $3m at the time of their affair), which is unlikely, that is chicken change to the man in question at his peak. Some of his prime properties are worth way more than that each. Most of these kinds of men have lost several billions to unsuccessful business gambles that we don't know about. So woman matter na only broke ass lover boys e dey wreck.

These bitches can only wreck made men when they are elevated to the position of controlling mistress or 'commanding wife' who can influence your major financial and business decisions.

3 Likes

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Nodogragra4me(m): 5:51pm On Jul 03, 2020
MT:
This is the way some of our so-called big men roll. They use their companies to take a loan and spend the money on other thing. Sadly, he can't even forfeit his personal cars, houses etc. It's a limited liability company (LTD) and the liability only applies to anything bought in the company's name. He won't care if AMCON takes over as he is already richer than that company, albeit in fraudulent way.


The amcon is empowered to over personal assets of promoters where that of the company is deemed not sufficient

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by ProtectMyMoney: 5:58pm On Jul 03, 2020
brainshaker:
Nigerians and short sightedness if apple was a Nigerian company they for don chop am fall,check the biggest companies in Africa Nigeria companies they struggle see weyting puna don cause

Nigerian companies struggle because after collecting loans, the promoter diverts the money else where rather than stay focused on the goal...example collecting loan to sleep with Toke Makinwa
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Hedonisco: 6:05pm On Jul 03, 2020
einsteine:
Using borrowed money to fund the lifestyle of a plastic, know nothing socialite. How can you owe over half a billion dollars and still have the presence of mind to be fucking Toke Makinwa?

It doesnt require presence of mind to fuccck a sluuut like Toke. All that is required is an erect diccck at most. Thanks to the relatively affordable viagra and similar performance enablers, Pa Fadeyi wouldn't have had a problem with that.
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by ProtectMyMoney: 6:13pm On Jul 03, 2020
favinvest:


lol.. the man is a very sharp businessman,, he has already divested his money from PanOcean since over 5yrs ago into Newcross Petroleum Ltd that has about 2 lucrative OMLs.

PanOcean is producing close to nothing...

for you to survive in the world of capitalism u must b a very sharp businessman...

this kind of thing happens a lot in the US.

This is not sharpness...this is fraud...

You took a loan to fund your Company A business but because you don't want to pay back the loan, you use the proceeds of the Company A business to set up another Company B business so that your debtors take over only the empty Company A business you set up for the fraud.

Nigeria...Everywhere Fraud.

Bvn should be tied to such divestments so that there will be no escape route for anyone to practice such... so that any divestments to new companies will always tie you back to the original loan.

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by legionISproteus: 9:16pm On Jul 03, 2020
MT:
This is the way some of our so-called big men roll. They use their companies to take a loan and spend the money on other thing. Sadly, he can't even forfeit his personal cars, houses etc. It's a limited liability company (LTD) and the liability only applies to anything bought in the company's name. He won't care if AMCON takes over as he is already richer than that company, albeit in fraudulent way.
Guy, you're the only person with more than two brain cells on this thread

1 Like

Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Standardbiz01: 12:29am On Jul 04, 2020
Sweetgoodie:
awon Forbes billionaires
na dem
audio
This one dey learn work, I remembered the time e red for Dangote in 2014, his own was more than 5trillion, but AMCON no come. God dey shas
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by enomakos(m): 1:30pm On Jul 04, 2020
me that need a loan of just 5 million ,banks no give

someone borrow that billions
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by enomakos(m): 1:32pm On Jul 04, 2020
ProtectMyMoney:


This is not sharpness...this is fraud...

You took a loan to fund your Company A business but because you don't want to pay back the loan, you use the proceeds of the Company A business to set up another Company B business so that your debtors take over only the empty Company A business you set up for the fraud.

Nigeria...Everywhere Fraud.

Bvn should be tied to such divestments so that there will be no escape route for anyone to practice such... so that any divestments to new companies will always tie you back to the original loan.
correct
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by enomakos(m): 1:32pm On Jul 04, 2020
he shall be arrested and force to cough out the money
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Khez: 5:38pm On Jul 04, 2020
Oluwa toke baby is doing well
Re: AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt by Mryacks: 10:43pm On Jul 06, 2020
IamWonderful:
The same fadeyi that was sleeping with Toke makinwa the other time, women have been causing down of men since garden of Eden, Toke makinwa finally reck the old man

She got her cut from the loans I guess... grin

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