STANBIC IBTC Bank dismisses alleged repossession of Lagos property by Ascon Oil

Posted by News Express | 11 August 2020 | 762 times

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Stanbic IBTC Bank PLC has dismissed a publication by various online media (News Express not included), which purports to indicate that Ascon Oil Limited ‘retook possession’ of a property along Lekki Admiralty Way, Lekki Lagos, pursuant to an alleged court order issued in their favour.

Stanbic IBTC Bank said in a statement issued on Tuesday in Lagos: “This is certainly a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020.

“Please take note that the Federal High Court had on 24 July 2020, clearly REFUSED to grant Ascon’s Application to set aside the Order earlier granted to the Receiver appointed by the Bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos. In total contempt of the Ruling by the Federal High Court, the Directors of Ascon resorted to self-help, and forcefully seized the property from the valid title holder.

“The Bank is taking all lawful steps to ensure that the illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book.”

Source: News Express

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