The Lagos Division of the Federal High Court has ordered an interim takeover of Heyden Petroleum Limited by the Asset Management Corporation of Nigeria (AMCON) over alleged bankruptcy.
Heyden Petroleum Limited is owned by Governor Dapo Abiodun of Ogun State.
The ruling, issued on October 29, pertains to the suit marked AMC/67/2024, with Justice Ambrose Lewis-Allagoa presiding.
AMCON was represented by its counsel, O.T. Ogunba, who 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.
Mr Ogunba argued that the companies in question are currently financially incapacitated, emphasizing the need for the takeover to prevent further risk.
The hearing on the substantive suit has been adjourned by Mr Lewis-Allagoa to November 21.
