Petroleum Africa
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Tuesday, September 3, 2013
Asset Management of Nigeria (AMCON) has formally taken over the affairs and management of Capital Oil and Gas (COG) Industries located in Lagos. According to a statement, AMCON will manage the company for a period of two years. The company was shut down last year following an Abuja High Court ruling that the agency should take over the company’s property and asset due to the debts
AMCON statement read thus: “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 COG for a period of two years.”
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