A Federal High Court, Ikoyi, Lagos has granted the Asset Management Corporation of Nigeria (AMCON) an interim order to take over Heyden Petroleum Limited, a company owned by Ogun State Governor, Prince Dapo Abiodun, due to alleged insolvency issues.
Also affected by the court’s verdict is Innovative Ventures Limited and Optimum Construction & Property Development Company Limited, two other businesses connected to the case.
AMCON’s legal team argued that these companies, along with Heyden Petroleum, faced financial challenges that necessitated an immediate intervention to prevent further economic risk.
Justice Lewis-Allagoa adjourned the hearing on the substantive suit to November 21, 2024, when the court will further review the details surrounding the insolvency.
