Pan Ocean Corporation boss, Festus Fadeyi is in big trouble.

Assets Management Corporation of Nigeria (AMCON) has confiscated his Pan Ocean Corporation’s assets and those of its subsidiaries over N240 billion bank loan.

Properties seized from him include 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase 1; FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island; No. 8, Modupe Alakija Crescent, Ikoyi; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; Ark Towers situated at No. 17, Ligali Ayorinde Avenue, Victoria Island, and Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.

Besides, his residential mansion, the ‘Grand Villa’ situated on Modupe Alakija Street in Victoria Island, Lagos, has also been seized by AMCON.

Fadeyi was a director cum shareholder at Skye Bank and used his position to secure multi-billion naira loans.