Ike Ejizu, chief executive officer (CEO)/founder of Pan African International (PAI) Group; Tunde Ayeni, chairman, Skye Bank Plc, and other investors have acquired Ascot Offshore Nigeria Limited for an estimated N16 billion ($95.24 million) from the Asset Management Corporation of Nigeria (AMCON).
Ascot Offshore, an energy services firm came into prominence in 2007 after its $155.25 million acquisition of Willbros Group Nigeria Holdings from its United States-based parent company, Willbros Group.
Willbros was forced to withdraw from Nigeria, following its indictment alongside Halliburton and others by the US Justice Department and US Securities and Exchange Commission (SEC) for bribing Nigerian officials to obtain and retain $387 million in Nigeria Liquefied Natural Gas (NLNG) contracts.
PAI is a mechanical engineering and equipment supplies company operating in Nigeria’s oil and gas sector. AMCON confirmed that the deal was closed recently when the PAI Group paid N16 billion for 95 per cent of the equity interest in Ascot.
Under the terms of the deal, AMCON said the group would also take over the non-statutory liabilities of Ascot while AMCON would shoulder the company’s statutory liabilities amounting to some N6 billion.
“Ascot has a tax liability of N6 billion, of which AMCON will pay N3 billion to the Federal Inland Revenue Service (FIRS) while the balance will be paid to other agencies of government that Ascot owes.”
AMCON stated that with the sale of the firm, its massive fabrication yard in Port Harcourt, Rivers State, will be refurbished and provide jobs for thousands of Nigerians.
Ejizu, who holds controlling interest in PAI, also doubles as the country director/agent of Samsung Heavy Industries, which was awarded the $3.3 billion contract for the Egina deepwater oil field operated by France’s Total.
Industry sources confirmed that the Ascot fabrication yard in Port Harcourt has been certified by Total for the local fabrication of the Floating Production Storage Offloading vessel that will service the oil multinational’s Egina field project.
AMCON has been managing Ascot owing to its inability to repay a bank loan until its recent acquisition by PAI.

Folashade Olubayo
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