Connect with us

General

Dokpesi, Tony Momoh, Osigwe Foods, Others in Trouble Over N5.4b Debt

Published

on

Asset Management Corporation of Nigeria, AMCON, has filed an application before a Federal High Court in Lagos, urging the court to enter final Judgement on admission in the sum of N1,467,166,809.78 in its favour against a limited liability company, Osigwe Foods and Agro Industrial Company Limited and ten directors of the company.

The directors are: Prince Tony Momoh, Retired Vice Admiral Akin Aduwo, Chief Felix Dopkesi, Dr Idris Shehu, Abdulrahman Raji Usman, Osigwe Abdulazeez Mohammed, Modupe Yewande Mohammed, Anslem Kayode Mohammed, Bai -Yan Chen and Ibrahim Abdul -lateef.

The debt recovery agency is also demanding 18% interest on the said sum per annum from the 28th day of February, 2011 to date of judgement and post judgement interest at the rate of 10% per annum until the final liquidation of the adjudged sum.

In an affidavit in support of the application sworn to by a legal practitioner, Micheal Nwigbo and filed before the court by a Lagos lawyer, Chief Aloy Ezenduka, the deponent averred that by facility letter dated 17 July, 2007 and the board resolutions dated 24 July, 2007 and 10th December, 2007, eligible financial institution, Union bank of Nigeria Plc on the application of Osigwe Foods and Agro Industrial Company limited and under the directing minds of the aforementioned directors granted various overdraft facilities totaling N3,887,229.257.43.

By another facility letter dated 27 July, 2010, Unity Bank Plc granted loan facility of N1 billion to Osigwe Foods and Agro Industrial Company at the interest rate of 18% per annum.

Anslem Mohammed represented himself as the Managing Director of the company and executed Board resolutions permitting the acceptance of the facilities with him signing off as Managing Director of the company, he also personally guaranteed the loan facility granted the company.

The following were pledged to secure the term loans, overdraft and confirmation line facilities: Deed of Debenture dated 16 June, 2008 in favour of Ecobank Nigeria Plc by the company; notarized statement of networth of the Anslem Kayode Mohammed dated 17 April, 2017 in favour of Ecobank Plc; Deed of Tripartite Legal Mortgage between Osigwe Food and Agro Industries, Anslem Kayode Mohammed and Unity bank Plc over the property covered by deed of Assignment and letter of personal guarantee executed by Anslem Mohammed of Unity bank Plc. dated 30 August, 2010.

The affidavit said efforts made by the claimant to recover the debt from the defendants despite repeated demands proved abortive and that the defendants had willingly and without compulsion admitted owing a substantial sum of N1,467,166,809.78 and that the total indebtedness of the defendants to the claimant as at the 19 October, 2017 stood at N5,420,493,609.19 comprising the principal sum on the overdraft facility, interest and other bank charges and will continue to increase each day and that it will be the interest of justice to enter judgement for the admitted sum and the residue set down for trial on the merit.

Mr Nwigbo averred further that the Osigwe Foods and Agro Industrial company limited and its directors despite admitting their indebtedness have not paid the admitted sum at all,and they have no defence to the legal action and any defence crafted will only be a sham defence.

Source: PM News

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

General

Dangote Unveils Phone Number to Report MRS Stations Selling PMS Above N739

Published

on

Dangote monopoly Political Economy of Failure

By Modupe Gbadeyanka

A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.

The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.

This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.

“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.

“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.

The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.

Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.

By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

Continue Reading

General

ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

Published

on

ANLCA Airport Chapter

By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

Continue Reading

General

FG Declares Holidays for Christmas, New Year Celebrations

Published

on

as public holidays

By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

Continue Reading

Trending