society

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

Published

7 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

US-Based Society Lady, Fehintola-Brat Extends Eid-El-Kabir Greetings To Muslims

Published

1 day ago

May 27, 2026

Sahara Weekly

US-Based Society Lady, Fehintola-Brat Extends Eid-El-Kabir Greetings To Muslims

United States based fahionista of class, Chief (Mrs) Ayoola Fehintola-Brat has extended a warm greetings to Muslim faithful all over the world on the occasion of the 2026 Eid-El-Kabir celebration.

Fehintola-Brat who is the Balogun Egbe Obaneye Obinrin Akile Ijebu, and the Yeye Asofin of Idenaland in her message to Journalists urged Muslim to continually uphold the enduring values of sacrifice, obedience, faith, and compassion, which are central to the significance of Eid-El-Kabir festival.

A quiet philantropist whose humanitarian services has won her several laurels urged Muslims to use the spiritual occasion to pray for the peace co-existence of Nigerians regardless of religious, social and political leanings stressing that the oneness of the country should not be underplay.

In a related development, she expressed her felicitations to all sons and daughters of Ijebuland on the forthcoming Ojude Oba 2026 celebration, tasking age-groups otherwise known as Regbregbe to be more proactive in giving back to their immediate communities.

According to her, the beauty of the age-groups in Ijebuland is the need to contribute immensely to the development of the land in no small means. “This we will continue to achieve with God on our side”, she concluded.

society

Sallah: Obasa Felicitates Muslim Ummah, Commends Nigerians for APC Primaries Turnout

Published

1 day ago

May 27, 2026

Sahara Weekly

Sallah: Obasa Felicitates Muslim Ummah, Commends Nigerians for APC Primaries Turnout

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa has extended warm felicitations to Muslims in Lagos State and across Nigeria on the occasion of Eid al-Adha.

In a statement released by his Chief Press Secretary, Mr. Dave Agboola, Obasa described the festival as a season of sacrifice, reflection, and gratitude, urging the faithful to continue to uphold the values of peace, unity, and love that strengthen the nation.

He noted that the celebration of Eid al-Adha is not only a spiritual milestone but also a reminder of the importance of togetherness and collective responsibility in building a stronger society.

He, likewise, emphasized that the festival provides an opportunity for Nigerians to renew their commitment to national progress and to support leadership that prioritizes development and prosperity.

Obasa, however, commended Nigerians, particularly members of the All Progressives Congress (APC), for their massive turnout during the recently concluded party primaries. He described the participation as a clear demonstration of the people’s confidence in the government of President Bola Ahmed Tinubu and their belief in the administration’s vision for a greater Nigeria.

“The APC primaries have shown the resilience of our democracy and the confidence Nigerians have in the leadership of President Bola Ahmed Tinubu and the Renewed Hope Agenda. This is a strong message that our people are ready to continue supporting policies that will drive growth and prosperity,” Obasa stated.

The Speaker further encouraged Muslims to celebrate responsibly, stressing that the joy of Eid should be accompanied by prayers for the continued peace and progress of Lagos State and Nigeria.

“As you celebrate with family and loved ones, may this season bring joy, peace, and prosperity to your homes. Let us remain united in our resolve to build a stronger nation,” he added.

On behalf of the Lagos State House of Assembly, Obasa wished all Muslims a happy and fulfilling Eid al-Adha celebration.

society

ABEOKUTA FILM FESTIVAL AT ILEYA

Published

2 days ago

May 26, 2026

Sahara Weekly

ABEOKUTA FILM FESTIVAL AT ILEYA

Kayshow Multimedia a filmmaking and Media organization this year 2026 holds its annual Abeokuta film festival at the Ake Palace in Abeokuta.

Alake of Egba land, Ọba Michael Adedotun Arẹmu Gbadebo has graciously endorsed the Free Training of Egba Youths on Film and Arts and the Entertainment of the the People with a FREE FILM SHOW at the AKE PAVILION. as part of the ABEOKUTA FILM FESTIVAL 2.0.

The Convener of the Film Festival Honorable Kehinde Soaga says this year’s event promises to be more exciting as distinguished personalities are sure to attend.

This includes the honorable Minister for Art Culture and Creative Economy in Nigeria, Barr. Hannatu Musa Musawa, Ààrẹ Lai Labode, Sen. Ibikunle Amosun and other special guests.

The event will feature Film, Cultural Dance Cultural foods and Award Ceremony.

The general public is hereby invited to the Free film show at the Abeokuta film festival at the Alake Palace Pavilion on Thursday 28th of May 2026 by 4:00 p.m.

Only well dressed is the Entry. The Abeokuta Film Festival is an annual event taking place in the capital city of Ogun State state.