Business
UNION BANK TAKES OVER SANI DANGOTE’S DANSA FOODS OVER N4 BILLION DEBT
This is not the best of times for Dana Foods boss, Sani Dangote who is the junior brother of one of
the Nigeria foremost Industrialist, Alhaji Aliko Dangote.
He is reported to have run into trouble waters as a commercial bank in Nigeria Union bank plc has appointed a Lagos Lawyer, Barrister Chukwudi Enebeli of Pinheiro and company as Receiver/Manager over his company Dansa foods limited.
The takeover of Dansa foods limited was as a result of inability of Alhaji Sani Dangote to pay back a loan of N4 billion he obtained from the bank.
Mr Chukwudi Enebeli was appointed under the deed of Denture to take over all assets of Dansa Foods limited a company incorporated in Nigeria and having its registered office at 1, Dansa Drive off
Badagry Expressway, Abule Oshun Lagos as a charge was created in favour of Union bank
over all fixed and floating assets of the company to secure the monies expressly borrowed.
By virtue of the said of the ALL ASSETS DEBENTURE, the balance of an outstanding sums thereby secured have become payable and the company has failed or neglected to pay the sums due in spite of repeated demands by the bank.
Consequently, further to the power set out in ALL ASSETS DEBENTURE the bank then exercise its power to appoint a receiver as set down in the said ALL ASSETS DEBENTUURE The Deed of Debenture appointing Mr Chukwudi Enebeli of Pinheiro and company 8A Taiwo Koya street. Ilupeju Bye- Pass Lagos has been filed and registered with Corporate Affair Commission at Abuja.
Meanwhile, due to the obstinacy and resistance of the Directors of Dansa foods company to allow the Receiver/Manager to perform his duty of running the company smoothly, the Receiver/Manager Barrister Chukuwudi Enebeli alongside Union bank of Nigeria Plc and Dansa Foods limited in Receivership have dragged Alhaji Sani Dangote and three other Directors of the company Alhaji Abdulkaarim Lawal Kaita, Alhaji Ahmed Shehu Yakasai and Alhaji Mohammed Sani Dangote before a Federal high court in Lagos,seeking the following orders of the court:
(1) A Declaration that upon the
appointment of Mr chukwudi Enebeli as
Receiver/Manager over Dansa foods Limited
the respondents who are Directors and
shareholders of the company have no power
or control over the company or any of its
assets.
(2) A Declaration that by virtue of
clauses 8 and 9 of the Deed of Debenture
dated 29th of May,2009 in favour of Mr
chukwudi Enebeli the Receiver/Manager
appointed by Union bank of Nigeria Plc is
entitled to perform all functions
specified in the deed of all assets
Debenture.
(3) An order directing all creditors of
Dansa foods Limited to pay and domicile
all monies due, incomes,or receivables
accruing to or due to the company into the
receivership account opened by the
Receive/Manager in Union bank Plc.
(4)A order of the court directing the
Receiver/Manager in exercise and discharge
of his function to take such steps as may
necessary and exercise such powers
including the powers to take over and
apply in realization of the company’s debt
to Union bank Plc all monies due to the
company
(5) An order restraining all the
respondents and their agents from
disturbing the Receiver/Manager from
exercising. Powers vested in him whether
by himself or his agents
(6) An order directing all Police Officers
of the Federal Republic of Nigeria or
other officers concerned with security and
enforcement of order to with “The
Inspector General of Police, Assistant.
Inspector General of Police and other
Police officers so instructed by the
Receiver/Manager to assist him in
performance of his duutes
In an affidavit sworn to by Mrs Olorunfunmilola Ayoola,head Food team of Union bank ,filed and argued before the court by Mr Kemi Pinheiro SAN,the Deponent averred that sometimes in 2008 Dansa Foods Limited was at its request granted loan of N5,200,000,000 by Union bank plc
The loan comprises of the following:
(1)Overdraft-N500million
(2)Short term loan for advertisement-
N500million
(3)Equipment lease-US$2,500,000,
(N300million)
(4)Equipment lease(sale and lease back)-US
$2,500,000(N300milion)
(5)Import Finance-US
$30,000,000(3,600,000,000)
The loan was disbursed to Dansa Foods company and fully utilized by the company.
The company duly executed a deed of all assets debenture in favour of Union bank
However, the company has failed to liquidate its indebtedness to the bank despite the services of several demand letters by the bank and its solicitors on the company.
Consequent upon the default of the company, the bank in exercise of its power under the clauses 8 and 9 of the all assets debenture appointed Mr Chukuwudi Enebeli as Receiver/Manager over the company,subsequently the said deed of appointment was filed at the Corporate Affairs Commission and a certificate of such filling accordingly issued.
Mrs Ayoola averred further that the loans granted the company are depositors funds and if same is not recover through the Receiver/Manager,the survival of the bank will jeopardized in view of the amount of the indebtedness consequently urged the court to grant the prayers sought by the bank so as to prevent the respondents who are directors and shareholder of the company from dissipating the assets of the company and for the effective discharge of the powers of the Receiver/Manager.
However, in a preliminary objection filed before the court by Mr Rickey Tarfa SAN on behalf of the respondents,he urged the court to strick out the suit on the ground that Mr ckuwudi Enebeli being a party in the suit,lacks the capacity to act as counsel for parties in the suit of the
instant application,in addition Mr Segun Odubela from the law firm of Ricky Tarfa contended that the court processes were signed by Chukwudi Enebeli as counsel acting for Union bank plc and Dansa Foods
Limited in receivership.
The presiding Judge Mohammed Yunusa has adjourned till 19th October, when
judgement will be delivered.
Why Pay Rent Endlessly When You Can Own Your Dream Home Now?
FirstBank’s MREIF mortgage loan product is an opportunity waiting for Nigerians to grab, as FirstBank, Ministry of Finance Incorporated (MOFI) partner to bridge housing deficit and empower citizens with credit to own their own homes of choice in any 36 states of the federation including Federal Capital Territory (FCT).
This laudable initiative considers the importance of shelter to Nigerian citizens especially low and middle income earners that have to save for years before they can build for themselves. It aims at delivering homes to those who would apply without stress, putting smiles on the faces of Nigerians now, and during retirement.
Through MREIF, FirstBank will provide eligible customers with access to loans of up to N100 million with a repayment period of up to 20 years, at an attractive interest rate of 9.75% per annum. This is less than the usual interest rate on regular loans which sit at about 27% or more today. The repayment duration of 20 years makes the loan attractive for customers without stress.
The mortgage facility is available to salary account holders, business owners, and diaspora customers.
Interested customers are required to visit the Bank’s website: https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ where they can find detailed information and begin their journey toward homeownership
Riceocracy: When Tinubu and the APC Government Substitutes Governance with Handouts
By George Omagbemi Sylvester
“Tinubu’s administration faces mounting criticism as rice palliatives replace real solutions to Nigeria’s deepening crisis.”
ABUJA, Nigeria — March 17, 2026
A growing wave of public frustration is sweeping across Nigeria as citizens decry what has now been dubbed “Riceocracy” a governance pattern where the government of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) respond to systemic failures with the distribution of rice rather than meaningful reforms.
Across the country, from major cities like Lagos and Abuja to underserved rural communities, Nigerians are voicing anger over persistent issues: no stable electricity, deteriorating road networks, unaffordable fuel and cooking gas, and a struggling education system. Yet, in response to these structural problems, the government’s most visible intervention has been the distribution of food palliatives; particularly rice.
The central figures in this unfolding crisis are President Tinubu and the APC-led federal and state governments, who have overseen the rollout of these relief measures. On the other side are millions of Nigerians battling rising inflation, joblessness, and declining living standards.
The trend gained momentum following the removal of fuel subsidies in May 2023, a policy decision by the Tinubu administration that triggered a surge in transportation and commodity prices. By 2024 and into 2025, the government intensified the distribution of rice and other palliatives as a stopgap measure to quell public discontent. Now, in 2026, the approach has become a defining feature of the administration’s response to economic hardship.
The “Riceocracy” phenomenon is nationwide. Reports from states such as Kano, Rivers, and Borno show large crowds gathering for rice distribution exercises, even as basic infrastructure continues to decay. Urban centers are not exempt; in cities like Lagos, residents still grapple with erratic power supply and high living costs despite periodic palliative programs.
Analysts point to political convenience and immediate optics. Distributing rice is quick, visible, and politically advantageous, especially in a climate of widespread hardship. However, critics argue that it reflects a deeper governance failure; an inability or unwillingness to implement long-term solutions.
Nobel laureate Wole Soyinka has long warned against superficial governance, describing such approaches as “a betrayal of democratic responsibility.” In the same vein, global economist Ngozi Okonjo-Iweala has stressed that “palliatives may provide temporary relief, but they cannot replace sound economic management and structural reform.”
Political economist Pat Utomi offers a sharper critique: “A state that reduces its responsibility to food sharing risks institutionalizing poverty rather than eliminating it.” His statement captures the growing concern that Nigeria’s leadership is addressing symptoms rather than causes.
The implications are severe. Nigeria’s power sector remains unreliable, forcing businesses to depend on costly alternatives. Road infrastructure continues to hinder economic activity, while the education sector suffers from underfunding and frequent disruptions. Despite these challenges, rice distribution has become the most consistent government response.
Critics further argue that this strategy fosters dependency and weakens civic engagement. Instead of demanding accountability, citizens may feel compelled to accept handouts as substitutes for rights and services. Allegations of mismanagement and politicization of palliative distribution also persist, raising questions about transparency and fairness.
The term “Riceocracy” may sound satirical, but it reflects a sobering reality. It highlights a governance model where survival replaces development, and where public policy is reduced to emergency relief rather than strategic planning.
As Nigeria marks this moment on March 17, 2026, the message from scholars, civil society, and frustrated citizens is unmistakable: rice cannot fix a broken system. Only deliberate investments in infrastructure, education, energy, and economic productivity can restore confidence and chart a sustainable path forward.
Until then, the image of Nigerians queuing for bags of rice will remain a stark symbol of a nation still searching for leadership that goes beyond palliatives to deliver real progress.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
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