Official: AMCON Takes Over Capital Oil & Gas

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The Asset Management Corporation of Nigeria has finally taken over the operations of Capital Oil and Gas Ltd. This was confirmed by a press release by AMCON.

“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 the COG for a period of two years.

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“Dr. Patrick Ifeanyi Ubah, the erstwhile Managing Director/Chief Executive Officer, has consequently relinquished his role as head of the organisation. In the interim, AMCON has appointed an acting managing director to ensure accountability and continuity of operations.”