Stanbic IBTC Bank has said it was considering taking a legal action against Ascon Oil Limited for allegedly retaking possession of a property along Lekki Admiralty Way illegally.
The two companies are at loggerheads over a petrol station in the area and recently, the oil company took over the property, citing a court order.
But the bank said the said court order was misunderstood by Ascon Oil, promising the take “all lawful steps to ensure that the illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book.”
In a statement, Stanbic IBTC Bank said Ascon Oil Limited was wrong for taking such action “pursuant to an alleged Court Order issued in their favour.”
The bank described the taking over of the petrol station as “certainly a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020.”
“Please take note that the Federal High Court had on 24 July 2020, clearly REFUSED to grant Ascon’s application to set aside the Order earlier granted to the Receiver appointed by the bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos.
“In total contempt of the Ruling by the Federal High Court, the Directors of Ascon resorted to self-help, and forcefully seized the property from the valid title holder,” the statement said.
