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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

 

 

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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

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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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Primate Ayodele’s Prophecy Fulfilled As Deadly Flood Hits UAE, Kenya, Burundi (VIDEO)

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Niger: One Week After Primate Ayodele’s Warnings, Bandits Attack Nigerian Soldiers (VIDEO)

Primate Ayodele’s Prophecy Fulfilled As Deadly Flood Hits UAE, Kenya, Burundi (VIDEO)

 

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If only leaders of nations are committed to listening to God-given instructions and warnings, the world would be a better place free of unnecessary chaos and panic but the incessant ignoramus attitude towards divine instructions by leaders make people become endangered in their own world.

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God has blessed us with vessels that he speaks through, he has provided us with prophets like Primate Ayodele who on a daily basis shares the mind of God with mankind. Through vessels like Primate Ayodele, God warns presidents of countries ahead of time against unpleasant happenings but at all times, these warnings are ignored and sometimes, citizens sacrifice their lives because of the obstinacy of their leaders.

There is currently an issue of flooding globally which has led to the death of several people, displacement of thousands, destruction of properties worth billions of dollars and panic across continents but these could have all been avoided if leaders of the countries had listened to Primate Ayodele when he warned them in 2023 and early 2024.

The United Arab Emirates, a nation that had never recorded any heavy rain fall until a few weeks ago, is still counting losses and struggling to get back on its feet due to a deadly flooding that swept through the country.

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The rainfall, which flooded streets, uprooted palm trees and shattered building facades, has never been seen in the Middle Eastern nation since records began in 1949. In the popular tourist destination Dubai, flights were canceled; traffic came to a halt and schools closed.

One-hundred millimeters (nearly 4 inches) of rain fell over the course of just 12 hours on Tuesday, according to weather observations at the airport – around what Dubai usually records in an entire year, according to United Nations data.

The rain fell so heavily and so quickly that some motorists were forced to abandon their vehicles as the floodwater rose and roads turned into rivers.

Meanwhile, Primate Ayodele had warned first in 2022 that he foresees climatic problems in the world which would cost a lot of money, lives and properties. He revealed then that the issue of flooding will come up in places that it has never happened before. He called on world leaders not to take climatic problems with levity because it will turn out to be very serious.

These were his words:

‘’I am seeing water and ecology problems, floods in Africa and many places that it hasn’t happened before … .natural catastrophe is imminent in 2023/2024. The issue of climatic problems must be taken very seriously, they must not joke with it….what we are saying will cost the world a lot of money, lives and properties..’’

@primateayodele

#primateayodele #iescworldwide #world #cnn #EU #europe #european #politics #peace #safe #SAFETY #food #water #climatechange

♬ original sound – Primate Ayodele

In his 2024 prophecy to the United Arab Emirates, Primate Ayodele called for prayers against disasters that will cause problems in the country.

These were his words:

‘’UNITED ARAB EMIRATE: The Emirate should pray against any disaster that will cause problems in the country. I foresee an unexpected incident in the Emirate that will require the people to be more careful than ever before.’’

Unfortunately, the prophecy has been fulfilled with the unexpected disastrous flooding that has shut down activities in the highly revered United Arab Emirates.

In the same vein, Kenya is currently battling with the effects of flooding that swept through almost half of the country.

At least 32 people have been killed and two are missing after flash floods swept as a result of the flood. Some 103,500 people in all have been affected.

Kenya has registered heavy rain since mid-March but downpours have intensified over the past week, leading to mass flooding. The Kenyan Red Cross says it has carried out over 188 rescues since the onset in March.

Some roads in the Kenyan capital of Nairobi were closed Wednesday and several neighborhoods remained submerged after another day of heavy rainfall.

In Primate Ayodele’s 2024 prophecies to the nation, he called on Kenyans to pray against flooding and cases of collapsed buildings.

These were his words

‘’KENYA : The spirit of God says Kenyans must pray against assassinations and the killing of any governor. I foresee there will be bomb scares and killings. They must pray against floods and cases of collapsed buildings. The spirit of God says the efforts of the Kenyan President William Ruto will be troubled and not appreciated. He should pray not to encounter a crisis in his government Cabinet. He must be careful against protests even as health workers will go on street protests in Kenya.’’

Similarly, People in Burundi are struggling to cope with flooding after months of heavy rains, with hundreds of thousands being displaced and many homes and schools damaged.

The relentless rain has resulted in the level of water in Lake Tanganyika rising considerably, causing chaos for communities living along its shores.

Lake Tanganyika’s rising waters have invaded the port of Bujumbura, Burundi’s economic capital, disrupting business there and elsewhere in the country.

This has also fulfilled the prophecy of Primate Ayodele warning African countries that there will be flooding and other natural disasters.

Primate Ayodele has always said that he doesn’t celebrate the fulfillment of his prophecies and doesn’t pray that they come to pass but world leaders have to start following divine instructions for the sake of their citizens and in order to avoid calamities like this.

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Justice For Chinemerem Anosikwa: Cut Down in His Prime

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Justice For Chinemerem Anosikwa: Cut Down in His Prime

 

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In yet another tale of the unending brutality of the Nigerian Police Force, a member of visiting 12 PMF squadron identified as Inspector Aliyu Taofeek has sent one Mr. Patrick Chinemerem to his early grave over an undisclosed dispute.

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Justice For Chinemerem Anosikwa: Cut Down in His Prime

 

According to reports, the killer policeman, Inspector Taofeek who was one of the policemen attached to Skymall Supermarket located in Sangotedo, Ajah area of Lagos State, stabbed Chinemerem to death and took to his heels after committing what’s clearly a premeditated murder.

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According to reports, the fleeing policeman has been arrested and in custody according to the statement released by the Lagos Police Command. The sad incident which occurred a few days ago has sparked an outrage among members of the public who are demanding justice for Chinemerem. It would be recalled that police brutality led to the massive ENDSARS protest across the country a few years ago. Apparently, nothing much has changed since then, the latest murder of an innocent man by Inspector Taofeek is a reminder of the brutality embedded in the Nigerian Police Force.

 

 

In order to forestall another avoidable death, Nigerians are calling for swift investigation and prompt prosecution of Inspector Taofeek.

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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

 

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Governor Babajide Sanwo-Olu of Lagos State has garnered praise from The Mandate Movement for his decisive actions in the face of economic challenges with the launch of the ‘Eko Cares’ initiative. The initiative, aimed at alleviating the hardships faced by residents, particularly the economically vulnerable, has been lauded as a significant step towards improving livelihoods in the state.

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The Chairman of The Mandate Movement, Abdullahi Ayinde Enilolobo, conveyed his gratitude to Governor Sanwo-Olu through a member of the group’s Central Working Committee (CWC), Prince Adewale Arogundade, for spearheading various interventions aimed at mitigating the adverse effects of inflationary trends. A total of 300,000 households are expected to benefit from the inaugural program.

According to Enilolobo, “This holistic approach shows Governor Sanwo-Olu’s commitment to addressing the multifaceted challenges facing Lagosians and ensuring that no one is left behind in the pursuit of progress. Additionally, measures such as free ante-natal care, reduced transportation fares, and support for small businesses underscore the government’s dedication to improving the quality of life for all residents.

“We at The Mandate Movement commend Governor Sanwo-Olu for this initiative put together for the residents of Lagos, which also collorates with the wonders of the Asiwaju Bola Ahmed Tinubu-led administration. This clearly shows that the All Progressive Congress (APC) remains a beacon of hope for Lagosians, and Nigerians at large.”

Residents across Lagos have begun to laud the ‘Eko Cares’ initiative, stating that the government has shown determination to prioritize the well-being of its citizens, embodying the principles of empathy, inclusivity, and resilience in the face of adversity.

 

Eko Cares: Group Commends Sanwo-Olu's Compassionate Leadership On Social Interventions

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