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AMCON Shops For Buyers For Femi Otedola’s Zenon Oil Tank Farm

First Bank Nigeria


Billionaire oil mogul, femi Otedola must in fact forget that he owns the Zenon Oil Tank Farm in Apapa, Lagos.

According to a reliable source, the Apapa tank farm was one of the properties forfeited by Otedola to settle the outstanding debt of over 140 billion naira owed the Asset Management Corporation of Nigeria (AMCON) by his companies, Zenon Petroleum and gas Limited and Forte Oil.

It would be recalled that femi Otedola’s companies were named as some of AMCON’s biggest debtors early 2012. But months later, AMCON’s Managing Director/ Chief Executive officer, Mr Mustafa Chike Obi had said the corporation had reached a ‘settlement’ with Otedola, that the billionaire had forfeited some of his properties and his debt fully settled.

We can however reveal that the Apapa tank farm of Zenon Oil has been forfeited to AMCON and the corporation has leased it to another oil company which is now making use of the facility.

“AMCON actually wanted to sell it completely to a buyer that will give real value. The Zenon Oil tank farm has been taken over by another oil company under a lease agreement. So, i know AMCON is seriously shopping for a company that will buy it after the expiration of lease agreement with the current company using the place.” Our source disclosed.

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