society
Alleged debt: Firm prays Court of Appeal to quash order on takeover of property By Ifeoma Ikem
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.”
Old Students Association rejects alleged commercialisation of Unity School land
By Ifeoma Ikem
The Unity Schools Old Students Association (USOSA) has rejected the alleged commercialisation of any unity schools land under the Public-Private Partnerships (PPP) initiative.
The association made its displeasure known during their awareness walk to protest the concession of the 33 hectares of land belonging to Federal Government College (FGC) Kano yesterday in Lagos.
The members were carrying placards, some of which read “PPP: Save the Future”, “Protect Unity Schools”, “PPP must serve Education not land conversion” and “Schools are not for Real Estate”.
President-General of the Unity Schools Old Students Association USOSA Michael Magaji says Public-Private Partnerships (PPP) was designed to improve public institutions, and not strip them of assets or reduce their land.
Over 60 Unity schools members were drawn from across the nation for the awareness walk to protest against the alleged sale of the school lands.
The P-G said the association was advocating for a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.
“Our coming together is to restore the lost glory of Unity Schools and strengthen Nigeria’s education system. Unity schools are nation-building institutions that have produced leaders across various sectors.
“Unity Schools were not just about education, they were about integration built not by spectators but by active citizens that believe in one nation.
“ The alumni support PPP but oppose the sale of educational assets. Unity never happens by chance but designed, nurtured and protected,’’ he added.
He added that the awareness walk brought about by the alumni across the nation was also to have a stronger network to revive the vision of the Unity Schools.
Mr Humphrey Nwafor, Lagos Chapter President, Federal Government College, Kano Old Students Association said that they are pushing back against the alleged commercialisation of Unity School lands.
Nwafor pointed out that the 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.
“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.
“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of the land,” he said.
According to him, the concession arrangement involving the school’s land will undermine the future of unity schools, which were established in the first place to promote national integration.
“These schools were established to unite Nigerians from different ethnic and religious backgrounds and we are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” he added.
He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.
“We are in solution mode and impact mode and we believe alumni associations should be integrated into the process of repositioning these schools.
“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.
Mr Alex Akindumila, President of FGC Idoani Alumni Association said the concession controversy was a national test of how public assets and educational institutions are being managed.
He said that they are concerned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.
“The lands allocated to unity schools were deliberate and visionary.“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs.
According to him, when you shrink the land of a unity school, you do not just reduce space, but reduce possibility , reduce ability to run agricultural programs that can feed students and teach enterprise, even the space required for sports facilities that build discipline, health and national pride.
Also, Mrs Ifeoma Okeke, an alumna of FGC Nsukka, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.
She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.
“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.
society
NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative
NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative
The National Association of Polytechnic Students (NAPS) Southwest has strongly condemned the continued delay in the passage of the bill aimed at ending the long-standing disparity between Higher National Diploma (HND) and Bachelor of Science (B.Sc) qualifications in Nigeria. The association has described the delay as unjust, discriminatory, and harmful to the future of polytechnic education in the country.
The NAPS Southwest expressed deep frustration over what it called the unacceptable silence and inaction from the Nigerian Senate and Federal House of Representatives regarding the bill. The proposed legislation seeks to abolish the dichotomy between HND and B.Sc holders, a divide that has for years limited career progression opportunities for polytechnic graduates, particularly in the public sector.
This ongoing delay represents a significant policy gap that must be urgently addressed. The continued discrimination against HND holders contradicts the principles of equity, fairness, and meritocracy that should define Nigeria’s public service.
For years, polytechnic students and graduates have faced systemic discrimination in employment opportunities, career progression, and societal recognition an injustice that undermines the value of technical and vocational education in national development. The proposed bill represents a critical step toward equity, fairness, and the full recognition of polytechnic education in Nigeria.
We therefore call on the current administration and the National Assembly to prioritize the reintroduction and immediate passage of this critical legislation. Nigeria cannot afford to sideline a significant segment of its skilled workforce due to outdated and discriminatory policies.
It is therefore disheartening that the Nigeria Senate and House of Representatives has yet to act decisively on this matter of urgent national importance. The continued delay raises serious questions about the commitment of lawmakers to addressing the challenges faced by millions of Nigerian youths in the polytechnic system.
The NAPS southwest unequivocally calls on the Senate and House of Representatives to, without further delay, deliberate on and pass the bill to end the HND/B.Sc dichotomy. The future of countless students and graduates depends on this decisive action.
The continued delay in passing this bill is a direct attack on the dignity and future of millions of Nigerian students and graduates, the statement read. We cannot continue to tolerate a system that places artificial barriers on capable individuals simply because of the institution they attended.
Failure to meet this demand will leave NAPS Southwest with no choice but to mobilize Nigerian Polytechnic Students and Graduates across the country for peaceful but firm actions to press home our demands. We are prepared to take all legitimate steps necessary to ensure that justice is served.
NAPS Southwest has therefore issued a strong warning to the Senate and House of Representatives, urging lawmakers to prioritize and immediately pass the bill without further delay. The association made it clear that failure to act promptly would trigger nationwide protests and coordinated actions by Nigerian polytechnic students and graduates.
We urge all relevant stakeholders to initiate comprehensive reforms that will harmonize qualification frameworks, ensure equal opportunities for career advancement, and restore confidence in the civil service system.
NAPS Southwest remains committed to advocating for the rights and dignity of polytechnic students and graduates across Nigeria. We will continue to engage constructively with policymakers and mobilize support until justice is achieved.
Signed
Comr Ogunsola Adewale John
NAPS Southwest Coordinator
+234 704 720 2907
society
African Focus Historic Royal Visit of Olúkòyí of Ìkòyí Ọba Iyiola Akande Morenigbade in Los Angeles, CA —
African Focus Historic Royal Visit of Olúkòyí of Ìkòyí Ọba Iyiola Akande Morenigbade in Los Angeles, CA —
African Focus Inc. its 20th Anniversary with Goodwill Awards and Induction Ceremony in April, 2026, held at the Renaissance LAX in Los Angeles, California.
The landmark event brought together distinguished guests, cultural leaders, and members of the African diaspora for an evening of recognition, reconnection, and celebration.
The ceremony honored outstanding community leaders and cultural champions whose contributions have strengthened African heritage and unity across generations.
The evening featured an elegant dinner, and an inspiring awards presentation, commemorating two decades of impactful service.
Highlight of the event was the African Family Induction, a signature tradition of African Focus.
18 Diaspora Africans were formally welcomed into native African families for a meaningful cultural experience.
The Inductees received certificates bearing their native names, along with cultural artifacts symbolizing their new lineage.
This initiative continues to foster cultural identity, bridge generational and geographical divides, and encourage deeper engagement with the African continent.
Many past inductees have gone on to travel to Africa with their host families, strengthening cultural bonds and understanding.
This year’s event was graced by a Yorùbà monarch His Royal Majesty, Oba Iyiola Akande Morenigbade, the Olukoyi of Ikoyi in Osun State, Nigeria who doubled as special guest of honour and historically served as Royal Father of the Day.
His royal presence brought cultural significance to the celebration.
The event was hosted by Uchenna Nworgu, Founder and Director of African Focus Inc, alongside a distinguished team of Cultural Ambassadors and leaders, including Paul Babatunde, Director of Cultural Initiatives; Dominique DiPrima, Cultural Ambassador; Wole Nipede; Ojise Isedale (also known as Olubunmi Olukanni); Ade James; and other notable contributors.
The event was concluded with vibrant music and dance, reflecting the spirit of unity and cultural pride that has defined African Focus for the past 20 years.
African Focus is a nonprofit organization dedicated to reconnecting the African diaspora with their cultural roots through education, cultural exchange, and community engagement initiatives.
- Africa’s next energy boom will be won through infrastructure, not exploration alone May 11, 2026
- President El-Sisi Heads to Kenya to Participate in the Africa–France Summit May 11, 2026
- Telecoming Strengthens Its Presence in Africa with the Launch of DCB Software South Africa May 11, 2026
- From Megawatt (MW) to Gigawatt (GW): Why Africa Must Think in Grid-Scale Power to Compete in the Artificial Intelligence (AI) Economy May 11, 2026
- Enlit Africa 2026 makes 20 May the Commercial and Industrial (C&I) delivery day across power, water and clean energy hubs May 11, 2026
- Africa Centres for Disease Control and Prevention (Africa CDC) and Ethiopia Officially Launch Conference on Public Health in Africa (CPHIA) 2026 to Advance Africa’s Health Security and Sovereignty Agenda May 10, 2026
- How a Mother Broke Tradition to Fight for her Son’s Life May 10, 2026
- Seychelles - Minister of Foreign Affairs and the Diaspora, Ambassador Barry Faure conducts bilateral meetings in the margins of Seychelles Universal Periodic Review in Geneva, Switzerland May 9, 2026
- Egypt - President El-Sisi, French President Macron Attend Opening of Senghor University New Headquarters May 9, 2026
- Rhino Resources Joins African Energy Week (AEW) as Gold Sponsor as Southern African Exploration Expands May 8, 2026
- Africa’s next energy boom will be won through infrastructure, not exploration alone May 11, 2026
- President El-Sisi Heads to Kenya to Participate in the Africa–France Summit May 11, 2026
- Telecoming Strengthens Its Presence in Africa with the Launch of DCB Software South Africa May 11, 2026
- From Megawatt (MW) to Gigawatt (GW): Why Africa Must Think in Grid-Scale Power to Compete in the Artificial Intelligence (AI) Economy May 11, 2026
- Enlit Africa 2026 makes 20 May the Commercial and Industrial (C&I) delivery day across power, water and clean energy hubs May 11, 2026
- Africa Centres for Disease Control and Prevention (Africa CDC) and Ethiopia Officially Launch Conference on Public Health in Africa (CPHIA) 2026 to Advance Africa’s Health Security and Sovereignty Agenda May 10, 2026
- How a Mother Broke Tradition to Fight for her Son’s Life May 10, 2026
-
news5 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society1 week agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips3 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips5 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’