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Alleged debt: Firm prays Court of Appeal to quash order on takeover of property By Ifeoma Ikem

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Alleged debt: Firm prays Court of Appeal to quash order on takeover of property

By Ifeoma Ikem

 

 

Algrain Foods Limited and its managing director, Chief Anthony Obidulu, have approached the Court of Appeal in Lagos seeking to upturn the verdict of two high court judges empowering a receiver-manager, Emmanuel Adeyeye Oyebanji, SAN, to take over the company for alleged indebtedness.

The appellants are praying the appellate court to set aside the judgement delivered by Justice H.R. Shagari of the Federal High Court, on February 23, 2018, in a suit between CSL Trustees Limited, First City Monument Bank (FCMB) and the Central Bank of Nigeria vs. Algrain Foods Limited and Obidulu.

In another separate appeal, the firm and its managing director are praying the appellate court to set aside the ruling, decisions and orders of Justice A. Lewis Allagoa of the Federal High Court, Lagos Division, made on October 18, 2021.

Justice Allagoa had ruled that the receiver-manager, Oyebanji, had the legal right to take possession of the appellants’ property due to the agreement between the parties in the credit facility offered the company.

However in its ground of appeal, the company and Obidulu held that the lower court judges erred in law, stating: “There is before the trial court evidence of non-compliance with section 392(1), 396(1) and 397(1) of the Companies and Allied Matters Act, Cap. C. 20, Laws of the Federation of Nigeria 2004, by the receiver-manager appointed by the respondents that requires a mandatory service of statutory notice of appointment of receiver-manager and his remuneration on the registrar-general, Corporate Affairs Commission, and the first defendant/appellant, respectively, by the receiver-manager forthwith and or immediately after his appointment as required by the Companies and Allied Matters, Cap. C. 20, L.F.N. 2004, which was not complied with.
“The learned trial court totally misconstrued the practical effect and application of Section 392(1), 396(1) and 397(1) of the Companies and Allied Matters Act. Cap. C. 20, L.F.N. 2004, when he failed in his duty to countenance that the category of abuse of court process was not closed and any failure to adhere to the stipulation of the law in initiating administrative and or legal proceedings as in the instant case before approaching the court for a remedy even where a cause of action has accrued is an abuse of the process of court.

“The trial court’s interpretation of the operative words of Sections 392(1), 396(1) and 397 (1) of the Companies and Allied Matters Act. Cap. C. 20, L.F.N. 2004, read together is perverse and its misinterpretation and misapplication has led to a serious miscarriage of justice and a perverse decision.”

Meanwhile, lawyer to Algrain Foods, Aloy C Ezenduka, has raised the alarm that the receiver-manager has continued to take away the company’s property despite the fact that the case is still on appeal.

“Now, the government said before anybody can access that loan facility, you choose a bank and it has to be a bank for that particular facility and the bank should have access of the N400 billion; so, any money that is given out, you get a rebate from that fund. Instead of FCMB to do the needful, the bank went to the man’s factory, saw that he was producing noodles, saw that he had very efficient working system with low overhead, so they wrote in that they were going to sponsor the man’s business 100%.

“Instead of giving the man an order of N100 million working capital, on their own, they said they wanted to give the man N350 million; but at the end of the day, they only gave the man N100 million from the facility and never gave the man the other tranche of money

“When the auditors worked on the account, they found out that (the bank) collected more than N100 million from CDMU and they only gave the man N100 million. Meanwhile, they passed it through the man’s account, a lot of money illegally passed through his account. Maybe he had an inefficient accounting system. They were using the man’s ignorance to rip him off. It was when I came into the picture after the man was not satisfied with what the former man was doing after he refused to do comprehensive study. We did all these and found out that they were owing the man.

“When I got into the matter, I found a new case asking the court to discharge or nullify the receiver-manager because, by the time he was appointed, the so-called facility was not due for payment. His six-month activity was supposed to expire in 2016, but Oyebanji was appointed receiver-manager in 2016. If you add the one year moratorium they gave, it would have ended in July 2017 and by that time they had already taken over the factory.

“So, these were the issues we raised in the lower court. The lower court didn’t want to listen to us. The court just raised three issues and said we should address the court on that and called mood against us. We appealed that decision.

“The court told them, based on the question they brought for determination, that they had right and debenture to take possession and to sell without saying how much they can collect.

“Assuming the man was owing N350 million, then you now sell over N20 billion worth of assets for N350 million worth of debt, is that not criminality and stealing?

“In the case that brought Oyebanji to possession, they were saying it was based on mispresentation of material facts. It was not a bad debt and they have not called in the guarantee certificate, and the facility is 80%, principal and interest. So, from beginning to the end there was an intention to rip this man, to take over his factory, dissipate his asset and dupe him.

“This is a typical example with Nigerian banks and borrowers but, unfortunately for them, the Court of Appeal, in one of the appeals, the file that concerns Oyebanji, gave me permission to bring the document they were concealing. That document shows the fraudulent nature of the entire transaction.

“Immediately the court gave me the ruling that allowed me to furnish the documentary evidence, which is the certificate of guarantee, Oyebanji started moving material parts of the factory, between 1am and 3am every day.”

Ezenduka has asked the Inspector-General of Police, Kayode Egbetokun, to investigate his senior colleague, Emmanuel Oyebanji, SAN, for alleged sale of his client’s assets worth N20 billion.

Ezenduka, in a petition dated January 7, 2024, noted that Oyebanji, who was appointed as receiver-manager by CSL Trustees Limited on behalf of First City Monument Bank, following a N350 million loan dispute, allegedly converted, stole and sold the assets belonging to Obidulu and his company, Algrain Foods Limited, located at 15/17, Canal Avenue, Canal Estate, Okota, Lagos.

The petitioner said the actions of Oyebanji and FCMB were reprehensible, as four court cases, two at the Appeal Court in Lagos (CA/L/CV/1021/2021 and CA/L/CV/1024/2021) and two at the High Court of Lagos State, were pending and trial ongoing.

He said the cases at the High Court of Lagos State were instituted by Obidulu against Oyebanji, his law firm and FCMB, for trespassing over his property, alleging that despite the pendency of the suits, the defendants were discretely stealing and selling assets, comprising vehicles, heavy machinery and goods kept in the warehouse worth billions of naira.

The petitioner accused the defendant of acting on “a purported judgement on appeal that claimed that FCMB was owed N350 million, when an audit report had shown that the company was not indebted to the bank or anyone.”

However, Oyebanji has dismissed the allegations as fallacious and a deliberate attempt at misrepresenting facts, noting that the sale of the properties was backed by court judgements.

“It is total fallacy and complete misinformation that the receiver has been stealing the assets of Algrain Foods but, rather, the assets were legally disposed of by virtue of the judgement.

“There is no judgement or order from the Court of Appeal reversing the judgement of the Federal High Court,” Oyebanji said.

Moreover, FCMB’s group head of communication and branding, Mr. Diran Olojo, denied any looting by the bank, saying, “t is not possible for a serious organisation like FCMB to loot a company. There is a receiver-manager who is backed up by the law to recover debt. The debt recovery does not concern FCMB. Besides, everything that the receiver-manager is doing is backed by the law.

“The case is in the courts. Let the complainant wait for the decision of the court. FCMB is a serious organisation and would not be involved in petty things.”

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The Power of Building Resilience” By Prudent Ludidi

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The Power of Building Resilience” By Prudent Ludidi

 

Ladies and gentlemen,

Life is unpredictable. It’s full of twists and turns. Some days are easy others are hard.

But no matter what life throws at you, you have a choice, you can let challenges break you, or you can build resilience.

Resilience is the strength to withstand, to bounce back, to adapt, to overcome, it’s the power to face adversity head-on, to transform obstacles into opportunities, to turn setbacks into stepping stones!

Building resilience is not about being invincible. It’s about being human, it’s about acknowledging your vulnerabilities and working on them.

Resilience is built in both small and big moments of the everyday choices we make!

To get up when you’re tired, keep going when you’re struggling, to push through when you’re doubting. It’s built in the habits you form.

It’s important to understand that resilience is not just about surviving, it’s about thriving, growing, becoming stronger, more confident and more compassionate.

When you build resilience, you open yourself up to possibilities, you take risks, you innovate, you create and inspire.

So, how do you build resilience?
You start small.
You take care of yourself.
You practice self-compassion.
You seek support.
You focus on the present.
And you keep moving forward.
One step at a time.
Resilience is not a destination it’s a journey!

Because when you build resilience, you unlock your true potential to withstand unplanned inconveniences in your life.

You become unstoppable.
You achieve greatness.
You inspire others.

And you create a ripple effect of resilience that touches everyone around you.
Remember, resilience is not something you have or you don’t.

It’s something you build, day by day, moment by moment, choice by choice.
So, choose to build resilience, face your fears, push through challenges, choose to rise above obstacles, choose to become the best version of yourself!

You’re capable of thrive and succeed!

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Equatorial Guinea S*x Scandal: Woman Allegedly Commits Suicide

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Equatorial Guinea Sex Scandal: Woman Allegedly Commits Suicide

Equatorial Guinea Sex Scandal: Woman Allegedly Commits Suicide

 

Sadly, in a shocking turn of events related to the ongoing sex scandal in Equatorial Guinea, one of the women allegedly featured in explicit videos involving high-profile individuals reportedly took her own life.

The woman is believed to have been overwhelmed by the spread of the footage, which has gone viral and caused a media uproar in the country.

The scandal erupted after Baltasar Engonga, Director General of the National Financial Investigation Agency, was arrested on charges of misconduct, including allegedly recording over 400 videos involving wives of notable figures in the nation.

The videos, which surfaced amid a broader investigation into fraud, reportedly include intimate encounters with influential individuals, escalating the controversy.

This latest development has sparked a public outcry, with many calling for stronger measures to protect the privacy and dignity of those affected by the leaked content.

Meanwhile, officials in Equatorial Guinea are reportedly taking steps to control the scandal’s impact as they continue their investigation.

News360 Nigeria reports that Baltasar Engonga, the Director General of the National Financial Investigation Agency in Equatorial Guinea, was arrested following a shocking revelation of over 400 sextapes reportedly involving the wives of prominent figures in the country.

Engonga, 54, came under investigation for fraud, leading to an unannounced search of his residence and office, where officials discovered numerous CDs containing recordings of his alleged sexual encounters.

The tapes reportedly feature encounters with high-profile individuals, including relatives and wives of government officials, such as the sister of the President, the wife of the Director General of Police, and spouses of approximately 20 ministers.

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Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

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Primate Ayodele Never Said Seyi Makinde Would Become President’’ – Media Aide Clarifies*

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

 

The governor of Ekiti state, Biodun Oyebanji has honoured the Primate Elijah Ayodele’s late father by naming a street after him in Ikere-Ekiti.

The street which used to be ‘Area One’ where the prophet’s church in Ekiti is located has now been registered as Ayomate Avenue.

According to reports, the renaming took the combined efforts of the Ogoga of Ikere-Ekiti, Oba Samuel Alagbado, his chiefs, the local government chairmen, and ultimately, the governor of Ekiti state, Biodun Oyebanji.

According to the governor, the street was named in recognition of the good works done by the late father of Primate Ayodele and the continuation of the good works by the prophet. He also recognized the efforts of the prophet to drive economic growth in the community.

Primate Ayodele embraced the development while expressing appreciation to the governor for honouring God in such a manner. The prophet applauded the governor for his efforts towards bringing development to Ikere-Ekiti and promised that the presence of his church will in turn lead to more economic development in the local government.

Furthermore, Primate Ayodele promised that he would begin by sinking boreholes across the local government to support the government in solving the water crisis.

‘’I appreciate the governor for the magnanimous development of naming this vicinity after our church, it’s indeed marvellous in God’s sight. This is a testament to his love for God and the people of Ekiti state.”

“I also want to appreciate him for the development he started in Ikere-Ekiti local government, the people are happy with him and above all, God is happy with him for all he is doing”

“I want to promise His Excellency that our presence here will bring a new dawn to this vicinity, we will also assist the government. We will be sinking boreholes across the local government to solve the water crisis.’’

History has it that Primate Ayodele’s father was one of the most respected individuals in Ikere-Ekiti who brought good tidings to the community and provided succour for individuals who needed help.

Consequently, Primate Ayodele has been engaging in humanitarian activities on a large scale across the country. Since he opened a branch in Ikere-Ekiti, Primate Ayodele has organized charitable programmes thrice which involved selling a bag of rice for N20,000, scholarships for youths, empowerment for widows, to mention but a few.

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