ASCOT OFFSHORE NIGERIA LTD (formerly Wilbros (Offshore) Services Ltd.) AND ITS SUBSIDIARIES
Our firm is currently acting as Resolution Solicitors in respect of the above company under appointment by the Asset Management Corporation of Nigeria [AMCON] (which took up 95% of the Ascot’s shareholding following the assignment to AMCON of Ascot’s non-performing loans from eligible financial institutions) to inter alia, resolve all legacy issues.
CONCESSIONING OF A STATE-OWNED ENTERPRISE
Our firm was recently engaged by a State Government to conduct due diligence on expressions of interest in respect of the concessioning for redevelopment of certain assets of a State-owned enterprise.
NIGER DELTA DEVELPOMENT COMMISSION
Our firm is currently defending the above institution in a claim of N3,538,940,486.00 (three billion, five hundred and thirty-eight million, nine hundred and forty thousand, four hundred and eighty-six naira only) against it arising from an alleged breach of the terms of a Memorandum of Understanding in respect a joint venture agricultural business project.
LEGISLATION
Our firm recently advised a State Government on setting up a lottery scheme in the state and also received instructions to secure the requisite federal license for same.
Our firm reviewed, advised on and contributed to the Revenue Bill whilst it was before the State House of Assembly.
FINANCIAL INSTITUTIONS
Our firm acted for Skye Bank PLC on their appointment by a State Government as Lead Consultant to the State for its internal revenue generation. We participated in meetings with The Honourable Attorney General and the Commissioner of Finance in this regard. Our services were retained to provide legal counseling and to furnish other legal services to support the bank throughout the tenure of its mandate from the government.
CORPORATE RE-STRUCTURING
Our firm was engaged in diverse corporate restructuring and was instructed by a State Government to midwife its divestiture from a private concern. We engaged with viable investors with a view to perfecting the assignment and indeed perfected the divestiture of the government from the private entity.
DEBT RECOVERY
Our firm has successfully handled diverse debt recoveries. Currently, we are in the process of recovering (amongst other recoveries) the sum of $1,719,458.00 (One Million ,Seven Hundred and Nineteen Thousand, Four Hundred and Fifty-Eight Dollars) and N83,793,539.63 (Eighty-Three Million, Seven Hundred and Ninety Three Thousand, Five Hundred and Thirty Nine Naira, Sixty-Three Kobo) from an oil major on behalf of our client (a logistics company).