AMCON vacates Capital Oil premises, citing overriding public interest

Finally, the Asset Management Corporation of Nigeria (AMCON) has withdrawn from the premises of Capital Oil and Gas Limited.

The corporation decided to vacate the premises of the oil firm owing to overriding public interest, the managing director of AMCON, Mr Mustafa Chike-Obi, said in a statement on Wednesday.

Capital Oil had on Tuesday raised the alarm that AMCON had refused vacate its promises despite the order of an Abuja high court to that effect.

Chike-Obi added that AMCON would allow Capital Oil resume operations to allow for more fuel supply ahead of the Christmas and New Year holidays.

Capital Oil and AMCON have been embroiled in a legal battle over unpaid debt to AMCON which the corporation says is worth N65 billion.

Recently, a high court in Abuja ordered AMCON to vacate the premises of Capital Oil, but the order was immediately appealed by the AMCON and it maintained its presence at the oil firm's premises.