Press Release Nov 5, 2014/AMCON

The Asset Management Corporation of Nigeria (AMCON) has reached an amicable settlement with Chief Patrick Ifeanyi Ubah of Capital Oil and Gas (COG) of all pending legal disputes between the parties.

Consequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director/ Chief Executive Officer of COG. His resumption as the MD/CEO of COG brings to an end the management of COG by AMCON.

This is in accordance with the terms of settlement as agreed by both parties that the loan be serviced as per the judgement of the Federal High Court.

This settlement is in line with AMCON’s role as a resolution vehicle to help stabilize and revitalize the Nigerian banking system and economy.