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.