Court Orders AMCON Takeover of Governor Abiodun’s Heyden Petroleum Over ‘Severe Financial Trouble’

The Lagos Federal High Court has issued an interim order allowing the Asset Management Corporation of Nigeria (AMCON) to take over Heyden Petroleum Limited, owned by Ogun State Governor Dapo Abiodun. The decision, delivered by Justice Ambrose Lewis-Allagoa on October 29, responded to an ex parte motion filed by AMCON’s counsel, O.T. Ogunba, who argued that Heyden Petroleum and associated companies, Innovative Ventures Limited and Optimum Construction & Property Development Company Limited, face financial distress. To prevent further risk, the court granted AMCON’s request for an interim takeover, with the hearing on the main case set for November 21.