AMCON OFFERS OTEDOLA’S AIRCRAFT FOR SALE

Indications have emerged that the Asset Management Corporation of the Nigeria (AMCON) has offered the private aircraft it took over from the Chairman of Forte Oil Plc, Mr. Femi Otedola, for sale.
The aircraft, a Bombardier Challenger 605, was put up for sale following Otedola’s transfer of his assets to AMCON as settlement of his indebtedness to AMCON.
Following the assumption of Otedola debts from the banks, AMCON went into negotiations with the Forte Oil chairman in a debt payment deal that involved the transfer of his assets, including the aircraft, as full and final payment for the debts.
Investigations revealed that the price tag placed on the aircraft by AMCON is between $45 to $50 million.

OTEDOLA’S FIRM PAYS $33M FOR GEREGU POWER PLANT

Femi Otedola’s firm, Amperium consortium, has presented a confirmation of payment of $33 million including local component of N519.12 million into Bureau for Public Enterprise’s (BPE) account, being 25 per cent down payment for acquiring 51 per cent of Geregu power plant.

Akin Akinfetiwa, CEO of Forte Oil, a partner of Amperium consortium, made the public presentation at the end of the meeting to the Acting Director General Benjamin Dikki.

Though the firm was given 15 days grace, it paid the purchase sum immediately after the approval was granted.

This coming on the heels of National Council on Privatisation (NCP) chaired by Vice-President Namadi Sambo’s  approval for the sale of 70 per cent of Egbin power plant in Lagos to a Korean firm,  KEPCO for the sum of  $407.3 million.