Court Orders AMCON Takeover of Governor Abiodun’s Heyden Oil and Gas Over Bankruptcy Claims

In a Federal High Court in Lagos has ordered an interim takeover of Heyden Petroleum Limited, a company owned by Ogun State Governor Dapo Abiodun. The court’s decision grants the Asset Management Corporation of Nigeria (AMCON) control of the company, citing bankruptcy concerns.

The ruling, issued by Justice Ambrose Lewis-Allagoa on October 29, responds to case AMC/67/2024. AMCON’s counsel, O.T. Ogunba, filed an ex parte motion that urged the court to approve the takeover to address financial issues linked to Heyden Petroleum.

The court’s decision to grant AMCON’s motion also extends to two additional entities—Innovative Ventures Limited and Optimum Construction & Property Development Company Limited. Both companies are reportedly associated with the case and are believed to be facing severe financial challenges.

AMCON, through Mr. Ogunba, argued that the companies involved are in a state of financial distress, highlighting the importance of the takeover to avert further fiscal instability.

The next hearing, which will address the main aspects of the case, has been scheduled for November 21, as confirmed by Justice Lewis-Allagoa.