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Industrialists begs Tinubu over destruction of his company by Banks,other to intervene By Ifeoma Ikem

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Industrialists begs Tinubu over destruction of his company by Banks,other to intervene

By Ifeoma Ikem

 

 

An industrialist, Chief Executive Officer of Algrain Foods Limited, Chief Anthony Obidulu has called on President Bola Tinubu, the Senate President, Lagos State Governor Babajide Sanwu-Olu and other well meaning Nigerians to save indigenous entrepreneurs and industrialists from what he described as the “crookedness with which some commercial banks manipulate accounting books relating to loans in a manner that cripple businesses in the country to the great advantage of banks.”

 

Industrialists begs Tinubu over destruction of his company by Banks,other to intervene

By Ifeoma Ikem

 

Addressing journalists in Lagos during a press briefing, Obidulu said he had been running the food company with about 300 direct employees and over 2800 indirect personnel who were deriving their means of livelihood from the company before the company got involved in a criminally orchestrated seizure by the First City Monument Bank and its collaborators with a view to destroying it.

Taking journalists round the multibillion naira production complex located in Canal Estate in Okota area of Lagos, he disclosed that all the assets of the company worth not less than N20billion had been criminally carted away by agents of the FCMB in the guise of carrying out a court judgment that was dubiously procured.
According to him,“Our company is one of the beneficiaries of the Federal Government’s intervention loans tagged Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) in 2011.

We got a N100 million of the intervention fund through the bank (FCMB) because one of the conditions for getting the  fund was that one must go through a commercial bank to access it. So we opened an account with the bank,from where the fund was accessed. But unfortunately,as the CEO what I personally thought would boost our business and increase the company’s economic base, turned out to be one of our worst economic decisions as a businessman.

“The N100 million was guaranteed by the Federal Government of Nigeria to the tune of 80% (Principal and interest) and tenure of 60 months with12months moratorium. Final date of repayment ought to be November, 2016 in respect of which the Central Bank of Nigeria issued a Guarantee Certificate to First City Monument Bank Plc.dated 15th March,2012 containing the afore-mentioned terms which the Bank concealed from the Federal High Court in securing the judgment they are peddling around.”

Pointing that “the action of the bank became a nightmare which has crippled our business since 2017 and continuing. The bank, cooked up some fictitious figures, and alleged that we owed about N350 million.They went to court behind us,procured an order to take over the company and eventually sealed the company.

As at the time they went to court, we had only touched the Federal Government’s money, not the bank’s money.The offer letter that has not been drawn down is what they relied on to convince the court that our company owed them. The judge did not look at the drawdown, while looking at the offer letter, and he gave the judgment without telling them how much money they can recover from Algrain Foods Limited, thereby giving them an open ticket that has led to the looting that has taken place in the factory as moveable assets worth over N20billion (Twenty Billion Naira) have been stolen from the factory with the aid of Mobile Policemen illegally procured from Mopol 20, Ikeja, Lagos.

“Drawdown means you have touched the money. For example, they gave you N100 million, you withdrew N80 million, and then, N20 million remains with the bank and attracts no interest. So,they used the offer letter and other manipulations to go to court. They had no right in the first place to enforce the loan which was not even due for repayment as at the time they appointed the Receiver/Manager  because it has a tenure of 60 months,with 12 months moratorium.

“Final payment was to be due in November, 2016 (5th year anniversary of the facility). In fact the SMECGS guidelines issued by the Central Bank of Nigeria talks of 8 years tenure; it was an intervention fund for Small and medium enterprises engaged in the Agriculture value chain.We did not take any loan from the FCMB because there was no drawdown even on their own N205million (Two Hundred and Five Million Naira, they encouraged us to take in case of financial emergency. Neither was any such money utilized by our company If they claim otherwise, let the bank show any application to utilize this sum of money by Algrain Foods Limited,” he stated.

“Having played a fast one on our company by the bank (due to my absence from the country as I was overseas attending a conference) which has now taken over the company, we did not know what to do and where to start. In this desperation, after three months, we initially offered to give the bank N150 million so that the company could be re-opened temporarily.They said we should put it in writing and we did but they did not accept it. We wanted to use that period to study the documents they presented to the court to really understand what actually happened, but the bank demanded N450 million. It was at this point we assembled a team of experts in accounting, auditing and banking, as well as legal experts to assist us fight the legal battle that was imminent.

“Regrettably, the first thing the bank did was to overwhelm our team in a manner that created some ambiguity. The team reported that the bank was wrong to have said we owed them N350 million but rather said what we owed was N280 million. As the CEO of the company, I personally began to suspect that something was wrong and I used my contact to find out exactly what was happening. I got answers that confirmed my suspicion. So, we disbanded that team and set up a new team of lawyers, accountants, auditors and ex-bankers. We set up four accounting around the world, one in Toronto, Canada, one in Holland, another one in Enugu, and the fourth one was in Lagos. After two weeks of painstakingly looking into the books, the account was negative indicating that we were not owning the commercial bank.”

According to Obidulu, it is quite unimaginable how FCMB and its collaborators could get a court judgment that purportedly gave out a company with assets worth over N20billion to a receiver/manager Mr. Emmanuel Adeyeye Oyebanji (Senior Advocate of Nigeria)  for an alleged debt of N350million.  Shockingly and surprisingly, the assets had been sold to a foreign company which was in competition. “It is disheartening to say that a Senior Advocate of Nigeria, Emmanuel Oyebanji,   was appointed as Receiver/Manager by CSL Trustees Limited on behalf of First City Monument Bank (FCMB) when issues revolving around the disputed N350million loan had not been resolved.  The Receiver Manager has converted, and sold assets worth about N20 billion belonging to our company Algrain Foods Limited- located at 15/17, Canal Avenue, Canal Estate, Okota, Lagos.”

Further, he asked “how can a judge give order that they should go and sell our company without ascertaining how much we owed.   It was wrong to do so.  That kind of judgment is what has killed many Nigerian businessmen.  However, the Appeal Court ruling of 5th December, 2023 proved that the Judiciary can live up to expectation if the will is there as they permitted us to present the concealed document before the Court to determine the pending appeals. The document they concealed was what the judges relied on. The statement in the judgment said, ‘If the judge in the lower court had seen that document, he would not have given them that judgment meaning the judgment that empowered them to seal off my company was wrong.  One of the ongoing appeals now in the court by Algrain Foods Limited is for the Court to give limitation order on what can be sold from the company, assuming the alleged N350million indebtedness is proved beyond any doubt.

Speaking on First Bank’s involvement, the Algrains boss said “the FCMB having seen that we were fighting back, involved First Bank of Nigeria which our company had a business dealing with, in the past to join forces to fight us. The two banks collaborated to put pressure on me that that our company owed them. The official from the First Bank was in my place several times looking for something to rope our company in.  He had brought one programme and said they would give us N50 million in Dangote Flour line, to be repaid at every 60 days interval without interest. And we will put that money towards a flour project.

”We accepted and decided to patronise them. They disbursed N40million worth of flour and before they took our company, we had paid N27 million, remaining N13million out of which we had placed order for N4million worth of flour not supplied before the closure of the company.  But the First Bank of Nigeria joined FCMB to take over the company. They came under N13 million to seal the place but when they wrote us, they said we owed them N155 million.   When the books were dissected, we found out that we had overpaid them. So, we are in court with them on accusation of fraud.

The industrialist is therefore appealing to the Inspector General of Police to also intervene in the matter as some mobile policemen suspected to have been wrongly engaged in the carting away and sales of the machinery and other movable assets of Algrain Foods Limited (which is located on hectares of land) to a foreign company and other buyers.  On tour of the premises by journalists, it was discovered that apart from the expansive warehouses and spaces that used to house production materials, machines and finished goods, not a single machine, forklift or vehicle was seen.  Over forty trucks and other vehicles belonging to Algrains Food Limited had reportedly been sold by the receiver/manager based on the purported court judgment which has been challenged on appeal.

 

 

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AANI ADVOCATES FOR PEACEFUL DIALOGUE AND CALM AMIDST AUGUST 1 PROTEST

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AANI ADVOCATES FOR PEACEFUL DIALOGUE AND CALM AMIDST AUGUST 1 PROTEST

AANI ADVOCATES FOR PEACEFUL DIALOGUE AND CALM AMIDST AUGUST 1 PROTEST

 

 

 

 

 

 

 

Sahara Weekly Reports That The Alumni Association of the National Institute (AANI), a non-partisan, impartial, and non-profit voluntary association, consisting of highly patriotic Nigerians, elder statesmen and women, including former Heads of State and revered traditional rulers; expresses profound concern over the impending August 1st 2024 protest. We find it crucial to join other well meaning Nigerians in appealing to all stakeholders to seek a peaceful dialogue as an alternative solution.

 

 

 

 

AANI ADVOCATES FOR PEACEFUL DIALOGUE AND CALM AMIDST AUGUST 1 PROTEST

 

 

 

 

In this context, we acknowledge the planned 10-day protest by some Nigerians, primarily youths, who seek a better, more prosperous, and secure Nigeria. While protests are a vital aspect of democratic expression, we recognize the legitimate concerns that such actions may be hijacked or that leaders might lose control, especially if some protesters have ulterior motives, as seen in other African countries and parts of the world.

 

Considering these concerns, AANI calls for dialogue and calm ahead of the planned protests. We believe that peaceful and constructive engagement between the government and the protest organizers, is essential to addressing the issues raised and ensuring the safety and security of all Nigerians. Therefore, we urge the government at all levels to initiate an open and transparent dialogue with the protest organizers to understand their demands and work towards practical solutions. This engagement should be inclusive, involving all stakeholders to ensure that the voices of the youth and other concerned citizens are heard and addressed.

 

We commend President Bola Ahmed Tinubu, GCFR, for his proactive approach to initiating dialogue with the youth, urging them to cancel their planned protest and patiently await the government’s response. According to the Minister of Information and National Orientation, Mohammed Idris, the President is attentive to the voices of young Nigerians and is diligently working to address their grievances. This demonstration of empathy and responsiveness is a commendable step towards fostering trust and understanding between the government and its citizens.

 

However, we urge the government to take additional proactive measures to ensure that the protest remains peaceful and that security forces are deployed to protect the rights of the protesters while preventing any attempts by hoodlums to hijack the movement for nefarious purposes. While immediate actions are necessary, long-term strategies and policies must be implemented to address the root causes of these challenges and to foster a more equitable and prosperous Nigeria.

 

We also appeal to all Nigerians, especially the youth, to remain calm and peaceful in their conduct. Exercising restraint and engaging in constructive dialogue is essential to achieving the desired outcomes without causing further harm to our economy and social fabric. AANI reaffirms its commitment to the unity, peace, and progress of Nigeria. We stand ready to support any initiatives that promote dialogue, understanding, and constructive engagement in addressing the pressing issues facing our nation. Let us all work together to build a better Nigeria for ourselves and future generations.

 

AMBASSADOR EMMANUEL OBI OKAFOR, mni

AANI National President

Abuja

Thursday July 25, 2024

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Politics

Remo Progressives Leaders Celebrate Senator YAYI At 55

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Remo Progressives Leaders Celebrate Senator YAYI At 55

Remo Progressives Leaders Celebrate Senator YAYI At 55

 

 

 

 

 

Sahara Weekly Reports That Remo Progressives Leaders have joined friends, family, and political associates to celebrate the Senator representing Ogun West Senatorial District, Senator Solomon Olamilekan Adeola FCA (YAYI), as he celebrates his birthday anniversary.

 

 

 

Remo Progressives Leaders Celebrate Senator YAYI At 55

 

 

 

 

A statement made available for publication by the Group Acting Secretary, Otunba Adekunle Zaccheaus Owosina. on Thursday, July, 25 2024, read: “Happy 55th birthday anniversary to distinguished Senator Solomon Olamilekan Adeola, YAYI.

 

 

 

“A very distinguished Senator of the Federal Republic of Nigeria, Ogun West Liberator, Senate House Chairman Committee on Appropriation, the Unifier, and Leader of High Repute that is worthy of emulation, we are celebrating you based on your impact in Lagos West before ascension to Ogun West which we believe you will make Ogun state great as our Governor come 2027.”

 

 

 

“High ranking legislator, you’re indeed an exemplary to many upcoming actors in public spaces. You made politics look practical, and you simplified it as it’s not rocket science.

 

 

 

“We join leaders and families, political associates and admirers to wish you a happy birthday, long life and more prosperous years.

 

 

 

“We are indeed proud of you for a better representation of where you ascended because you have demonstrated it while with us.

 

 

 

“Once again, congratulations, sir.”

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How Adron Homes Transform Shimawa into Ogun State Premier Real Estate Hub

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How Adron Homes Transform Shimawa into Ogun State Premier Real Estate Hub

 

 

 

 

 

 

 

Sahara Weekly Reports That Shimawa, a once tranquil and little-known town in Ogun State, has emerged as the premier real estate location in the region, thanks to the transformative efforts of Adron Homes. This metamorphosis has redefined the town’s identity, making it a beacon of modern living and investment opportunities.

 

 

 

 

 

How Adron Homes Transform Shimawa into Ogun State Premier Real Estate Hub

 

 

 

 

Adron Homes’ strategic initiatives have played a central role in Shimawa’s transformation. By developing numerous estates with state-of-the-art amenities, Adron has set new standards for residential living. These estates are equipped with modern infrastructure, including well-paved roads, reliable water supply, and efficient drainage systems, enhancing the quality of life for residents. The real estate has sold out four estates in shimawa over 10 years and is currently selling five different estates in shimawa.

 

 

 

 

 

 

 

 

List of Adron Homes Estates In Shimawa

 

Treasure Park and Gardens Estate Phase 2 (City of David)

 

Treasure Park and Gardens Estate Phase 3 (Capetown)

 

Treasure Park and Gardens Estate Phase 3 Extention (Jerusalem City)

 

Treasure Park and Gardens Estate Phase 4 (Jerusalem Extention)

 

Treasure Park and Gardens Estate Phase 5 (City of God)

 

 

 

 

 

Adron Homes has introduced a range of affordable housing solutions that cater to different income levels. This inclusivity has attracted a diverse population, fostering a vibrant community. The availability of affordable, yet high-quality housing options has made Shimawa an attractive destination for both first-time homebuyers and seasoned investors.

 

 

 

 

 

 

 

The influx of new residents and businesses has spurred economic growth in Shimawa. Adron Homes’ developments have created numerous job opportunities in construction, real estate management, and ancillary services. This economic activity has not only improved the standard of living for many but has also positioned Shimawa as a hub for business and commerce in Ogun State.

 

 

 

 

 

 

 

 

 

Adron Homes’ commitment to sustainability is evident in its eco-friendly initiatives. Green spaces, parks, and recreational areas have been incorporated into the estates, promoting a healthy and sustainable lifestyle. These efforts have not only beautified the town but have also contributed to the well-being of its residents.

 

 

Shimawa’s transformation has caught the attention of investors, both local and international. The town’s strategic location, coupled with Adron Homes’ high-quality developments, has made it a prime investment destination. This influx of investment is set to further accelerate Shimawa’s growth and development.

 

 

Adron Homes places a strong emphasis on community building. Regular events, social gatherings, and initiatives to foster a sense of community have been integral to the company’s approach. This focus on community has created a welcoming and cohesive environment, making Shimawa not just a place to live, but a place to thrive.

 

 

The transformation of Shimawa into Ogun State’s best real estate location is a testament to Adron Homes’ vision and dedication. By providing affordable housing, fostering economic growth, promoting sustainability, and building a strong community, Adron Homes has set Shimawa on a path to continued success and prosperity. As a model of modern urban development, Shimawa stands as a shining example of what strategic planning and investment can achieve.

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