Stanbic IBTC Bank has said that there is no truth in the story that pursuant to an alleged Court Order issued in Ascon Oil Limited’s favour, it has gone ahead to take possession of a property along Lekki Admiralty Way.
According to a statement released by the bank, its attention was drawn to the move from “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”.
The bank said Ascon’s action is a gross misrepresentation “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”.
Stanbic IBTC Bank noted that a Federal High Court had on July 24, 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”.
It explained that it is taking all lawful steps to ensure that the “illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book.”