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AMCON Seizes Abebe’s Inducon Nigeria Assets over N1.3bn Debt

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Dr John Abebe Inducon Nigeria

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has confiscated an asset belonging to Dr John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over a debt worth N1.3 billion.

The debt recovery body took over the asset of the company following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos.

According to a statement issued by Mr Jude Nwauzor, the Head of Corporate Communications Department at AMCON, the property was seized over the weekend.

He said this was in compliance with the enforcement order on the asset located at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos, through its Debt Recovery Agent – Ogunsola Shonibare L.P.

The court also ordered that the bank accounts of the company and its Directors; Dr John Warimeme Abebe, Mr Olawole Fatimilehin and Mr Ademola Buraimoh, be frozen pending the final determination of the suit.

The case of Inducon Nigeria Limited and its promoters has been interminable short after the loan was purchased by AMCON during the 1st phase of Eligible Bank Asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011.

Since the purchase, AMCON has offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON, the statement said.

It was also explained that they have consistently reneged on several promises they made in the past during negotiations. As a result, this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.

The corporation confirmed the success of the enforcement exercise over the weekend but added that all avenues of a peaceful resolution were explored to no avail before the hard decision was taken.

The agency emphasised that the enforcement option is usually the last resort whenever a recalcitrant obligor decides to be unreasonable.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Court Rejects Abba Kyari’s Plea to Thrash Charges

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Suspension of Abba Kyari

By Modupe Gbadeyanka

The application filed by the suspended Deputy Commissioner of Police (DCP), Mr Abba Kyari, to throw out the charges against him has been rejected by the Federal High Court in Abuja.

The embattled cop had challenged the court’s jurisdiction to entertain the drug-related charges levelled against him by the National Drug Law Enforcement Agency (NDLEA).

But Justice Emeka Nwite, in his ruling on Wednesday, dismissed Mr Kyari’s plea, stating that the court has the exclusive right and jurisdiction to hear the case.

Recall that the NDLEA dragged the former head of the Intelligence Response Team of the Nigeria Police Force and others before the court.

The other four members of the IRT accused of being involved in drug-related offences arraigned before the court are ACP Sunday J. Ubua, ASP Bawa James, Inspector Simon Agirgba and Inspector John Nuhu.

They were accused of conspiring to deal in 17.55kg of cocaine without lawful authority. They were also alleged to have conspired to tamper with cocaine and unlawfully tamper with the 21.35kg of cocaine seized from two convicted drug dealers.

But Mr Kyari asked the court to dismiss the suit against him, arguing that the charges were premature as the NDLEA ought to have allowed the police to exhaust its internal machinery before taking an action.

According to him, authorities of the police had already ordered a probe into allegations against him, with an interim report released.

He argued that the Police Service Commission (PSC) has similar powers to investigate and discipline erring police officers in line with the Police Act & Regulations, the same way the National Judicial Council (NJC) disciplines judicial officers.

However, Justice Nwite was not moved by the arguments of the suspect, informing him that the powers of the PSC do not supersede the powers of the Federal High Court

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Ramadan: Rite Foods Preaches Peaceful Coexistence

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Rite Foods Hunger in Nigeria

By Modupe Gbadeyanka

As Muslims across the globe and Nigeria prepare for the annual one-month Ramadan, a period for fasting and getting closer to Allah, Nigeria’s market leader in the food and beverage industry, Rite Foods, has called on all to adhere to the doctrines of Islam, which preach peaceful coexistence.

The annual Islamic ritual, which is in fulfilment of the fourth pillar of Islam, is expected to commence this week.

In a statement, the world-class and proudly-Nigerian company said it has made available its unrivalled brands for consumption and refreshing moments during the fasting period for Islamic believers and on extraordinary occasions.

The Managing Director of Rite Foods, Mr Seleem Adegunwa, stated that as a consumer-centric company poised towards the delivery of quality products for consumers’ satisfaction with award-winning brands comprising the 13 variants of Bigi carbonated soft drink (CSD) and premium water, Rite sausages, Fearless energy drink, and the premium Sosa fruit drink for Muslim faithful’s during the holy month of penitence and self-denial as enshrined in Islam.

He urged the believers to uphold virtues that foster unity, decency, tolerance, and love for one another, by what they propagate and are known for.

In the same vein, the company’s Assistant Brand Manager, Ms Boluwatife Adedugbe, avowed that Rite Foods would continue to cater to the needs of consumers with its leading brands that are produced with state-of-the-art infrastructure and in a first-rate factory in line with global best practices.

She affirmed that Rite Foods would continually identify with its consumers with initiatives that add value to lives and felicitate them during religious undertakings.

Against the backdrop of continually connecting with its consumers, the company’s Bigi brand unveiled its new slogan, Bigi For Every Moment, as the most delicious brand that suits all occasions.

The mantra highlights the idea that there is a perfect refreshing flavour to suit every moment for all demographics, whether for a celebration or a relaxing mood. It is suitable for all events.

Similarly, with its new mantra, Embrace The Thrill, the Fearless energy drink has demonstrated that it would continue to rejuvenate consumers to become braver and more adventurous, to activate their dreams to attain success with the positive energy it provides.

It motivates them to go beyond their limits and not be laid back by the many rejections they have received. The brand also encourages them to be daring and energetic, exhibit the willpower to excel, be enthusiastic in their endeavours, and be vigorous.

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US Threatens Sanctions Over Voter Intimidation at Lagos Guber, Others

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voter intimidation Lagos

By Adedapo Adesanya

The United States government has condemned the disturbing acts of violent voter intimidation and suppression that took place during the governorship polls in Lagos and 27 states in Nigeria on Saturday, March 18.

The world power also said it would consider all available actions, including additional visa restrictions, on individuals believed to be responsible for, or complicit in, undermining the democratic process in Nigeria.

In a statement on Tuesday, the US diplomatic mission in Nigeria said it observed the elections in Lagos and elsewhere and witnessed some of these incidents first-hand.

It condemned “The use of ethnically charged rhetoric before, during, and after the gubernatorial election in Lagos,” which it said “was particularly concerning.”

“We commend all Nigerian political actors, religious and community leaders, youth, and citizens who have chosen to reject and speak out against such violence and inflammatory language, affirming Nigerians’ commitment to and respect for the democratic process.

“We call on Nigerian authorities to hold accountable and bring to justice any individuals found to have ordered or carried out efforts to intimidate voters and suppress voting during the election process.

“The United States likewise will consider all available actions, including additional visa restrictions, on individuals believed to be responsible for, or complicit in, undermining the democratic process in Nigeria.

“Following the February 25 national elections, the United States joined other international observers in urging the Independent National Electoral Commission (INEC) to improve voting processes and technical elements that experienced flaws in that voting round.

“The March 18 elections appear to have had significant operational improvements, as polling stations generally opened on time and most results were visible on an electronic viewing platform in a timely manner,” the statement read.

The United States used the opportunity to call on those dissatisfied with the outcome of the exercise to go through established legal processes to reclaim their mandate.

“We further call for Nigeria’s people to work together as they participate in and continue to strengthen the country’s vibrant democracy,” the statement added.

Business Post reports that the candidate of the Labour Party (LP) in the governorship election in Lagos, Mr Gbadebo Rhodes-Vivior, has promised to approach the court to challenge the exercise.

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