General
Dokpesi, Tony Momoh, Osigwe Foods, Others in Trouble Over N5.4b Debt
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
General
TCN Nabs Suspected Vandals of Nkalagu–Abakiliki Line
By Adedapo Adesanya
The Transmission Company of Nigeria (TCN) said it has arrested suspects vandalising its facilities along the Nkalagu–Abakaliki 132kV single circuit transmission line in Ebonyi State.
Its General Manager for Public Affairs, Mrs Ndidi Mbah, in a statement in Abuja, stated that preliminary investigations at the scene established that structural tower members valued at ‘billions of naira’ were removed and sold to illicit scrap metal dealers.
The TCN said that the suspects were indigenes of the Ezza Umuhuali Community in Ishielu Local Government Area of Ebonyi State, stressing that they were apprehended by local youths and members of a vigilante group acting on a tip-off.
“The Transmission Company of Nigeria (TCN) wishes to inform the general public that two suspects were arrested in connection with the vandalism of Towers T15, T16, and T17 along the Nkalagu–Abakaliki 132kV Single Circuit Transmission Line. The arrests were made on May 9, 2026.
“The suspects are both indigenes of the Ezza Umuhuali Community in Ishielu Local Government Area of Ebonyi State. They were apprehended by local youths and members of a vigilante group acting on a tip-off.
“Preliminary investigations at the scene established that structural tower members valued at billions of naira were systematically removed from the affected towers and allegedly sold to illicit scrap metal dealers. Further investigations revealed that the criminal activity had been ongoing from January 2026 until the suspects’ apprehension,” the TCN stated.
The suspects, it explained, were subsequently handed over to the Nigerian Police Force (NPF) at Ishielu Police Station, Ntezi, and have since been formally charged before the Ebonyi State High Court.
It added that while the two principal suspects are currently in custody, investigations are ongoing to identify and apprehend remaining accomplices believed to still be at large.
“TCN strongly condemns this act of economic sabotage, which not only constitutes a grievous assault on national infrastructure but also undermines the stability of electricity supply to Ebonyi State and surrounding communities.
“We commend the vigilance and swift action of the Ezza Umuhuali youths and vigilante group in bringing these suspects to justice. TCN further urges host communities across the country to remain alert and to promptly report any suspicious activity around high-voltage transmission installations to the nearest security agency or TCN office,” the company noted.
General
Dangote Activates Olokola Deep Seaport Plan
By Aduragbemi Omiyale
Dangote Industries Limited has commenced the initial process towards the execution of the multi‑billion-dollar maritime and industrial infrastructure project in Ogun State.
The company wants to make the Olokola Deep Seaport plan a reality. It will be on over 10,000 hectares in the Olokola Free Trade Zone, spanning the Ogun Waterside Local Government Area of Ogun State, extending eastward to the borders of the Ilaje Local Government in Ondo State along the Atlantic coastline (Gulf of Guinea).
It was gathered that the organisation has received the buy-in of host communities,
who are eager to see the project come to fruition in record time.
The project is a calculated business plan to expand into logistics, maritime infrastructure, and export-led industrialization as the Group inches toward becoming a $100 billion annual revenue business; rank among the top 100 companies globally and evolve from a regional giant into a globally recognized manufacturing and business leader transforming Africa’s industrial landscape within the next five years.
Leading a team of the management of the company to the area, the Managing Director for Infrastructure and Logistics at Dangote Industries Limited, Mr Jamil Abubakar, told the excited community leaders that the project, when completed, would transform the area and place the communities on a global pedestal.
According to him, the deep-sea port is a logistics gateway for an integrated industrial ecosystem that will strengthen Africa’s maritime trade capacity and enhance Africa’s regional commerce and logistics across the continent, with a corresponding positive impact on the whole of Africa’s development process.
It would be used to facilitate export of fertilisers, petrochemicals, and refined petroleum products; support future Liquefied Natural Gas exports and enable import of heavy equipment and industrial inputs.
“The Olokola Port project is a major step in opening up Nigeria’s economic potential, strengthening trade, reducing pressure on existing ports and supporting industrial growth.
“It will create real opportunities for host communities through jobs, business activities and long-term developments across both Ogun and Ondo states. With its strategic location, Olokola would serve as a key gateway for exports and imports, boosting Nigeria’s competitiveness in regional and global trade.
“This project reflects our commitment to building infrastructure that benefits both the people and the economy at large,” he stated.
General
Nasarawa Orders Immediate Shutdown of Mining Activities in Endo Community
By Adedapo Adesanya
The Nasarawa State government has ordered the immediate suspension of mining activities at Endo community in Udege, directing Lideal Mining Company to stop operations and vacate the site without delay.
The government also ordered an immediate halt to the movement of raw minerals from the location, tightening restrictions around the disputed mining area.
The latest intervention by the state government signals a tougher stance on mining operations considered capable of threatening public order or operating outside established procedures.
Announcing the decision in Lafia, the state capital, the Commissioner for Environment and Natural Resources, Mrs Margaret Elayo, said the action followed a series of consultations, stakeholder engagements and security assessments linked to activities within the affected mining cadastral unit.
She said the directive was issued in the public interest as part of efforts to maintain order, protect host communities and strengthen regulatory compliance in the state’s mining sector.
According to the commissioner, the company has been instructed to begin the immediate withdrawal of its mining equipment, heavy machinery, trucks, operational facilities and personnel from the site.
Mrs Elayo said the move aligns with the administration of Governor Abdullahi Sule, which has repeatedly pledged to enforce lawful mining practices, preserve peace in mining communities and build investor confidence through transparent regulatory processes.
She stressed that the government’s decision forms part of a broader plan to reposition the mining sector and ensure that mineral development does not undermine security, environmental standards or community stability.
To enforce compliance, the state government has directed the deployment of security personnel to the affected mining site to prevent unauthorised activities and ensure full adherence to the suspension order.
Nasarawa remains one of Nigeria’s key solid minerals states, attracting growing interest from mining investors because it contains lithium, tin, columbite and other strategic minerals.
However, increased mining activity has also heightened concerns around regulation, community disputes, environmental protection and security management.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
