society

N10 Billion, $5 Million Suit: Petrocam Company To Know Fate May 23

Published

6 years ago

May 8, 2019

Interestingly, a Federal High Court in Lagos has adjourned till 23rd of May, 2019 to determine either debt recovery suit of N10,062,643,928.72 and $5,247,693,.83 filed before the court by Union bank Plc against an Oil Company, Petrocam Trading Nigeria and two others, Mr. Patrick Ilo and Petrocam Trading LTD South Africa can be termed as abuse of court process or not.

In a statement of claim filled before the court by Union bank Plc’s lawyer, Chief Ajibola Aribisala SAN.,the bank averred that the business structure is such that while Petrocam Trading Nigeria had direct allocation for AGO importation, the company enters into joint venture agreement with interested companies that have PPPRA allocation for importation of Petrol.

This is to assist companies that have allocations but lacks the needed funding to do their business thereby sharing both risk and reward with the company.

Consequently, in pursuance of the banker customer relationship between September 29,2014 and 21st of April 2015, Union bank granted the company Import Trade Facilities to finance the importation of Petroleum products which as at 10th January, 2018, Petrocam Trading Nigeria Limited and its Managing Director/alter Ego of the company, Mr Patrick Ilo are indebted to Union bank as follows: the sum of N10,062,643,928.82 and US$5,247,963.82 with interests still running at prevailing rate.

The bank further averred that although the sum of N200million was remitted into the opening account with the bank, no explanation was made by the company on the failure to remit the whole sovereign debt notes FX and interest differentials or subsidy payments in the sum of N2,162,248,931.01 received from the Federal Government on the said letter of credit finance by the bank before the account was abandoned by the company.

Consequently, the bank’s claims against the defendants are as follows: N10,062,643,928.72, and $5,247,693.82 with accrued interest and N20million as the cost of instituting this action.

However, the defendants in their application filed and argued before the court by their counsel, Mr Gboyega Oyewole SAN urged the court to dismiss or strike out the suit on the ground that they have subsisting legal action against the bank on the same subject matter before the Lagos State High court,therefore the present suit amounts to abuse of court process.

In a counter argument and submission canvassed by Chief Ajibola Aribisala,the bank contended that the suit does not constitute an abuse of court process to the one at the Lagos high court filed by the defendants as parties, reliefs and issues are not the same. The cause of action is equally not the same.

“While the suit filed at the Lagos State High Court is predicated on acts of gross negligence allegedly committed by the bank, the suit filed by the bank before the Federal high court is a debt recovery of suit,therefore the institution of the suit at the Lagos state high court by the defendants does not preclude the bank from bringing this action before this court,therefore in the interest of justice urge the court to dismiss the defendants’ application with heavy cost”.

society

Appeal Court Removes MC Oluomo, Reinstate Baruwa

Published

3 minutes ago

November 16, 2024

Sahara Weekly

Appeal Court Removes MC Olumo, Reinstate Baruwa

Appeal Court Removes MC Oluomo, Reinstate Baruwa

The Appeal Court in Abuja has announced Alhaji Tajudeen Ibikunle Baruwa as the lawful President of the National Union of Road Transport Workers (NURTW).

It can be recalled that Musiliu Ayinde Akinsanya, popularly known as MC Oluomo, was days ago inaugurated as NURTW president.

The recent decision came after the court reviewed and upheld an earlier ruling by the National Industrial Court.

The initial judgment, delivered on March 11, 2024, recognized Baruwa as the rightful president of the union. However, an appeal was filed by Alhaji Najeem Usman Yasin, Alhaji Tajudeen Agbede, and their supporters. They argued against the Industrial Court’s decision but were unsuccessful in convincing the appellate court.

A three-member panel of justices, Hamma Akawu Barka, Nnamdi Dimgba, and Asmau Ojuolape Akanbi, ruled that the appeal lacked merit. The court declared Baruwa as the elected leader of NURTW and dismissed the challenge brought forward by MC Oluomo’s faction.

In addition to confirming Baruwa’s position, the Appeal Court ordered the appellants, who are supporters of MC Oluomo, to pay N100,000 as damages to the respondents.

society

Where To Be On Xmas Day : “King Saheed Osupa Headlines Exclusive White Agbada Party This Christmas

Published

4 hours ago

November 16, 2024

Sahara Weekly

Where To Be On Xmas Day : “King Saheed Osupa Headlines Exclusive White Agbada Party This Christmas“

Lagos is gearing up for an unforgettable evening of elegance and celebration as the Friends of Osupa announce the Exclusive White Agbada Party – Xmas Edition, a premium event that promises to be the highlight of this festive season.

The event, scheduled for Wednesday, December 25, 2024, will take place at the prestigious Oriental Hotel Banquet Hall, starting at 6 PM. Known for its luxurious ambiance and world-class service, the venue sets the tone for what will undoubtedly be a night of sophistication and cultural pride.

This year’s edition, aptly themed around the timeless white agbada, invites attendees to celebrate Nigeria’s rich cultural heritage while embracing the spirit of Christmas. Guests are encouraged to adorn their finest white agbada, a traditional yet regal attire that embodies style, dignity, and tradition.

A Premium Experience Awaits
The event offers two exclusive table packages, catering to discerning attendees seeking a first-class experience:

1. Platinum Table: ₦2,000,000
2. Gold Table: ₦1,000,000

Both packages ensure reserved seating, premium service, and an enhanced festive experience, making it an ideal occasion for corporate gatherings, family celebrations, or simply a night out with friends.

The Exclusive White Agbada Party is more than just an event; it’s a celebration of culture, community, and connection. Attendees can expect a night of top-tier entertainment, surprise performances, and an opportunity to network with prominent figures and fans of iconic Fuji artist King Saheed Osupa, whose influence continues to inspire generations.

The event will also serve as a platform for fostering camaraderie among attendees, highlighting the importance of unity and cultural pride during the festive season.

Event Details :
Date: Wednesday, 25th December 2024
Time: 6 PM
Venue: Oriental Hotel Banquet Hall, Lagos
Dress Code: All-white agbada

For reservations and inquiries, contact 09088315246. Early bookings are encouraged as spaces are limited.

The event is powered by Lahmad Concepts Ltd, a name synonymous with excellence and professionalism in event management. With a proven track record of curating top-notch events, Lahmad Concepts is committed to delivering a seamless and memorable experience for all attendees.

This Christmas, elevate your celebrations by attending the Exclusive White Agbada Party. It’s not just an event—it’s an experience that will leave a lasting impression.

#WhiteAgbadaParty
#FriendsOfOsupa
#XmasEdition
#LagosEvents

society

Man Arrested For Allegedly Defiling, Impregnating 14-Year-Old Girl

Published

10 hours ago

November 16, 2024

Sahara Weekly

Man Arrested For Allegedly Defiling, Impregnating 14-Year-Old Girl

A 28-Year-Old Man Identified As Samuel Ani has been arrested by men of the Ogun State Police Command for allegedly defiling and impregnating a 14-year-old girl (name withheld) in Sagamu area of the state.

Ani was caught having canal knowledge with the victim at about 2 pm on Wednesday.

Confirming his arrest on Friday, the police spokesperson in the state, Omolola Odutola, said the incident was reported to the command by the father of the child.

She stated that the suspect, who was also suspected to have impregnated the minor, on interrogation, confessed to the crime.

Odutola said, “The father, known only as Paul, had approached the division to report the crime suspect committed against his daughter.

“The suspect allegedly defiled the minor and is also accused of impregnating her. The 28-year-old suspect had been arrested and detained by the command.

“The matter will be transferred to the State Criminal Investigation Department once the preliminary investigation is completed.

Odutola disclosed that the child had been immediately taken to the hospital for medical examination.

“In the meantime, the survivor has been taken to a hospital for medical examination,” she added.