Uncertainty has enveloped the status of Capital Oil and Gas Industries Limited assets, seized by Assets Management Company of Nigeria (AMCON), despite a subsisting court order in favour of the oil company.

AMCON has said it would not yield possession of the assets of Capital Oil, temporarily forfeited to it by virtue of a Federal High Court order of November 13 this year.

But the embattled oil company has faulted AMCON’s position, saying the continued closure of its premises was not in the best interest of the economy and rule of law.

AMCON said, in a statement Tuesday, that it will remain in possession of the assets pending the determination of the appeal it filed against the court’s later ruling, reversing its November 13 decision.

Justice Abdu Kafarati of the Federal High Court, Abuja had, in the suit by AMCON, marked: FHC/ABJ/CS/714/2012 against Capital Oil & Gas Industries Limited and Ifeanyi Patrick Ubah, via an order ex-parte, granted AMCON possession of certain assets of the defendants pending the final determination of the substantive suit.

The assets covered by the court order include landed properties; some of which are facilities containing high stocks of petroleum products.

On December 12, 2012 Justice Abdu-Kafarati discharged order of possession granted AMCON and ordered that the defendants be allowed to continue to run their business and pay their debt to AMCON as they can.

The judge also ordered that parties should resolve their dispute amicably in the interest of the economy.

Kafarati refused AMCON’s application for the sale of the petroleum products in the defendants’ facilities, which have been leaking and posed serious security risks as well as public health hazard, but instead, adjourned hearing to January 18 next year.

Dissatisfied, AMCON appealed the court’s decision of December 12 and filed an application praying for and order of stay of execution an injunction pending appeal.

It is also seeking an order mandating the Inspector -General of Police (IGP) to provide security to secure the assets of the defendants, and an order for the immediate sale of the petroleum products in the defendants’tank farms.

AMCON prayed the court to order that proceeds from the sale be paid into an interest yielding account in the name of the Chief Registrar of the Court pending the final determination of the suit.

It hinged its decision to maintain possession over the assets on the ground that the defendants were at the risk of not being able to recover the over N65billion debt owed by the defendants to four local banks.

But in a press statement yesterday Capital Oil’s spokesperson, Nick Hayes stated that as at “Monday December, 17, the policemen deployed at the instance of AMCON to take over the premises of Capital Oil and Gas, have refused to allow staff of the company access into the premises.

“Although the court order is pasted at the gates of the massive premises, the policemen claim that they have not been de-briefed by AMCON. They simply told inquisitive staff who are eager to go into the depot and resume work that, ‘somebody sent us here and that person is the one that can ask us to leave this place.’

According to Hayes, “this latest action of AMCON is a clear indication that the masked people bent on taking over Capital Oil and Gas Industries Ltd. are still at work, doing everything they can, to perfect their plans – court order, or no court order.

“It is paradoxical that the same AMCON who did not waste time in taking over the premises and properties of Capital Oil and Gas when it got an order to do so, is now foot-dragging as the same court has vacated the initial order”.