Stanbic IBTC Threatens Ascon Directors, As Dispute With Ascon Oil Intensifies

Stanbic IBTC Bank Plc has reacted to claim that a Federal High Court judge ruled in favour of Ascon Oil Limited, authorising the oil company to takeover a property, a fuel retail station, along Lekki Admiralty Way, Lagos State. According to Stanbic IBTC, Justice Mohammed Liman never made such ruling.

In a statement received by AllNews, Stanbic IBTC said Justice Liman never ruled in favour of Ascon Oil, but still, the oil firm disregarded the court ruling by forcefully taking possession of the property that now belongs to another entity, Rainoil Ltd, which happens to be Ascon Oil's competitor in the oil market.

It was learnt that the fuel station was undersold by Stanbic IBTC at N1.53 billion, which is below the reported market value of N2.5 billion. Stanbic IBTC had taken over the property and handed it to a Receiver to monitor the property over the N1.7 billion Ascon owed the bank. Ascon had paid N500 million and informed Stanbic IBTC that it has the balance, but the bank went ahead to sell the property to Ascon's rival, which Stanbic IBTC happen to be its banker.

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According to Ascon Oil in a Businessnewsreport, it stated that on July 24, 2020, Justice Liam had lifted the May 15, 2020 order that prevented Ascon Oil from moving to take possession of the property, hence Ascon Oil retaking the fuel station from the new buyer.

Stanbic IBTC Denies Ascon Oil's Claim, Threatens Directors

Stanbic IBTC said Justice Liman never gave Ascon Oil the order to repossess the property, stating that the claim is gross misrepresentation by Ascon Oil. The bank accused Ascon Oil of extra-judicial action by "forcefully seizing" the fuel station. Stanbic IBTC said it will ensure Ascon's directors are brought to book for repossessing the property.

"The attention of Stanbic IBTC Bank PLC (“the Bank”) has been drawn to a publication by various online media, which purports to indicate that Ascon Oil Limited (“Ascon”) ‘retook possession’ of a property along Lekki Admiralty Way, pursuant to an alleged Court Order issued in their favour. 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.

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"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 titleholder.

"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." Stanbic IBTC said in a statement seen by AllNews.