I never received any Loan from FCMB, Algrain Foods Managing Director Tells Court

By Ifeoma Ikem

The Chairman/Chief Executive Officer of Algrain Foods Limited,
Chief Anthony Obidulu, on Wednesday the 16th of May maintained his stand before a Lagos High Court sitting in Osborne that First City Monument Bank (FCMB) never advanced any loan to him.

Rather, the money in question was the one hundred million naira (N100million) Small and Medium Enterprises Credit Guarantee Scheme facility granted his company by the Federal Government in which FCMB acted as agent as required by the guidelines issued by CBN.

He also told the court presided over by Honourable Justice (Dr.)R.O Olukolu while being led in evidence by his counsel, Chief Aloy C. Ezenduka ,that the money in contention was not just dropped into his accounts, but was paid upon request.

Algrain Foods Limited and its Chief Executive Officer, Anthony Obidulu, had sued the Bank and the Receiver Mr . Emmanuel Adeyeye, Oyebanji, SAN before the Court, claiming among others that the Receiver committed acts of trespass to Chief Obidulu’s property which is not part of the All Assets Debenture (Plant & Machinery) pledged to the bank to secure the facility as provided in the CBN guidelines and that the Court should appoint independent auditors, and grant the sum of N20 billion against the Bank.

The defendants are First City Monument Bank Plc and Mr. Emmanuel Adeyeye Oyebanji as 1st and 2nd defendants respectively.

He further told the court that he has been denied access to his personal premises since the dispute occurred.

According to Obidulu “there is a difference between his personal property and the property of the company, saying that it is only the plant and machinery that belongs to the company.

He contended that “the structures and the premises belong to me and I have the Certificate of Occupation (C of O) which is in my name but it is in the custody of the bank.”

He maintained that if they need the document, they can always ask from the bank.
He also said that the money he collected was guaranteed by CBN 80%. with 7 years tenure from draw down.

He was however cross-examined by the defence counsel, Mr Taiwo Osipitan , SAN.

The Claimant is also seeking the following claims: “The annual rent of N29million (Twenty Nine Million Naira) for the 1200 square meters on the premises leased to Mathan Nigeria Limited and six years rent totalling N174 million.

“The annual rent of two warehouses measuring 60 x 20 in length and width respectively at a joint current going rate for N60 million per annum for six
years which gives a total N360million.

“The annual rent of three warehouses measuring 40 x 15 in length and width respectively at an annual leasehold rent for N15million for each of them is N45,000,000.00 for six years totalling N270million.

“The annual rent of six Nos. 3 bedroom flats for living quarters at
N1.5million per annum for each flat for six years totalling N54million.
The annual rent for two Nos. 4 bedroom flats for living quarters at
N2million per flat for six years totalling N24million, among other claims.

In a press conference in March 2024, the Algrain boss had appealed to President Ahmed Tinubu and other authorities to intervene in the matter so as to return assets of the company illegally sold by the FCMB and its receiver manager.

Further hearing on the matter was adjourned to 26th November, 2024.

FIRSTBANK, ROTARY EMPOWER 102 BENEFICIARIES WITH N20M START-UP KITS

By Grace Alegba

The First Bank of Nigeria Limited, with Rotary Club International, District 9110, has distributed N20 million worth start-up kits to 102 beneficiaries in Lagos to empower them across various trades.

The News Agency of Nigeria (NAN) reports that start-up kits distributed included: grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners and cylinders, barbers and hairdressers kits, among others.

NAN further reports that the community intervention project had beneficiaries from the three major ethnic groups in Nigeria drawn from Lagos, Ogun and Oyo states.

Mrs Helen Ihonre, Unit Head, Other SME Products e-Business and Retail, FirstBank, during the presentation, offered insights on financial management and economic discipline. She emphasised the importance of maintaining records and accessing low-interest loans to support business growth and expansion.

She urged beneficiaries to prioritise saving from the inception of their businesses, while discouraging them from keeping funds at home, which might lead to misuse. “Start saving from the beginning of your business. Don’t wait till you sell then keep the money in your house”, she said.

Rotary District 9110 Governor, Ifeyinwa Ejezie, spoke on the significance of economic empowerment in Rotary’s initiatives and called for government collaboration to reach grassroots communities effectively. She emphasised the role of Rotary in complementing government efforts and stressed the need for recognition and partnership to enhance community development. She added that the N20 million items distributed were the largest the district had done in one empowerment initiative in recent times.

Bukola Bakare, Rotary International District Governor Nominee Designate, explained the process and challenges of raising funds for the project and how they incorporated Rotary from Singapore to absorb shocks from inflation. She said, “everything that has been given here today is free for the beneficiaries”.

She mentioned that FirstBank was a major sponsor for the project, adding that the 102 beneficiaries were chosen based on a needs analysis from Igbos, Hausa and Yorubas resident in Lagos, Ogun and Oyo states.

“FirstBank is our major supporter for this programme” she said.

Mr Babatunde Adewale, Permanent Board Member, Lagos State Universal Basic Education, lauded the empowerment programme, while reeling out contributions and projects of Rotary International to schools in the state. “We really appreciate Rotary and SUBEB will always continue to collaborate with them,” he said.

Mrs Kemi Kalesanwo, Director, Lagos State Agency for Mass Education, said that 22 out of the 102 beneficiaries were from the agency’s vocational training centres. Kalesanwo said that the state government believed in public, private partnership and was happy with the collaboration with Rotary and FirstBank.

She listed projects donated by Rotary to include construction of one of the eight vocational training centres, owned by the agency in Igbogbo area of Lagos. Kalesanwo, therefore, urged other Nigerians to support government programmes.

Otumba Wemmy Osunde, Chairman, Illisan Development Association, Ogun State, pledged personal commitment to ensuring beneficiaries utilise the items for economic gain. Adekunmi Adeniyi, an industrial gas burner and cylinder beneficiary alongside other beneficiaries expressed gratitude to Rotary International and FirstBank for the initiative. He acknowledged the impact on their respective trades and crafts.

Culled from NAN

Ogun calls on traders to benefit from FG Nano Grants

Small business owners have been enjoined to go out en-masse to participate in the on-going verification and enumeration exercise in the 20 Local Government areas of Ogun State as a criterion to access the Federal Government Nano Grant.

This was disclosed by the Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela who said the exercise which started on Monday, May 13, 2024 would end on Friday, May 17, 2024.

Sofela noted that the Bank of Industry (BoI) had sent text messages to people who earlier registered, pointing out that most stakeholders think that the process is a scam.

He said both Federal Government and Ogun State Government remain unwavering in their decision to upgrade the status of small scale business owners, imploring the prospective beneficiaries to report to the nearest Local Government Secretariat with their Bank Verification Number (BVN) and National Identification Number ( NIN) for data capturing.

In his remarks, the Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr. Olu. Ola. Aikulola, said the Prince Dapo Abiodun-led government is in no small measure taking advantage of every opportunity to boost the living standard of its people.

Aikulola added that the focus of the State Government on both the industrial sector and small scale businesses is second to none, assuring that it would continue to create an enabling environment for business to thrive.