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
By Dipo Olowookere
Nigeria’s Vice President, Mr Kashim Shettima, will run as the vice-presidential candidate of the All Progressives Congress (APC) in the 2027 presidential election.
President Bola Tinubu retained Mr Shettima as his running mate for re-election next year, according to the National Chairman of the APC, Mr Nentawe Yilwatda.
In a post on Friday on X, the ruling party chairman described this as “another significant milestone in the journey of our great party.”
He also said it reaffirms the party’s collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
It was gathered that Mr Tinubu submitted his presidential nomination forms today through his Special Adviser on Political and Other Matters, Mr Ibrahim Masari.
The submission was done ceremony at the Continental Hotel, Abuja, attended by several party chieftains, including The event brought together an impressive array of leaders of our great party, including the Chairman of the Progressive Governors’ Forum and Governor of Imo State, Mr Hope Uzodimma; Governor Mai Mala Buni of Yobe State, Governor Nasir Idris of Kebbi State, Governor Abba Kabir Yusuf of Kano State, Governor Uba Sani of Kaduna State, Governor Babagana Umara Zulum of Borno State, Governor Ahmadu Umaru Fintiri of Adamawa State, as well as other governors, party executives and critical stakeholders from across the federation.
“The All Progressives Congress remains focused on strengthening its grassroots support, consolidating the achievements of the Renewed Hope Agenda and working together to build a more prosperous, secure and inclusive Nigeria for all,” the party leader stated.
By Adedapo Adesanya
The pupils and teachers abducted in Oriire Local Government Area of Oyo State have regained their freedom after 56 days in captivity.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on X. He revealed that eight of the kidnappers have been arrested and are now in the custody of the Department of State Services (DSS), while some others were neutralised during the operation.
“Finally, all the kidnapped pupils and teachers in Oriire, Oyo have been rescued by our security agencies,” he wrote.
He said no concession was made to the terrorists to secure the freedom of the abducted pupils and teachers.
Mr Onanuga explained that the kingpin whose release the kidnappers had demanded was neither freed nor spared, as he remains under prosecution for offences linked to his terrorist activities.
The abductions occurred on May 15, 2026, when armed men attacked three schools: Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks. During the attack, a teacher, Mr Joel Adesiyan, was killed while attempting to escape.
Another teacher, Mr Michael Oyedokun, was reportedly beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The Nigeria Union of Teachers (NUT) embarked on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
The President’s spokesperson said that security agencies would soon provide a comprehensive account of the operation.
By Adedapo Adesanya
The board of the ECOWAS Bank for Investment and Development (EBID) has approved a $260 million financing package for the construction of a 123-kilometre section of the Trans-Saharan Highway in Nigeria as part of more than $417 million earmarked for strategic projects across West Africa.
The approval was granted during the bank’s 99th Ordinary Session, chaired by its President, Mr George Donkor, according to a statement issued after the meeting. It was noted that the total financing will support five public and private sector projects spanning infrastructure, healthcare, housing, mining, financial resilience and regional connectivity.
EBID said the approved investments underscore its commitment to funding high-impact projects that drive economic growth, create jobs and improve living standards across the sub-region.
“The projects approved during this 99th Board Session demonstrate EBID’s unwavering commitment to financing development solutions that directly improve the lives of West African citizens.
“From clean energy and transport infrastructure to healthcare, housing and financial sector resilience, these investments will strengthen regional competitiveness and support sustainable and inclusive growth across our community,” said Mr Donkor.
That of Nigeria is to improve connectivity, facilitate trade, reduce logistics costs and support economic integration; West African CFA franc (XOF) 10 billion in a line of credit to Banque de l’Habitat de Côte d’Ivoire (BHCI) to expand housing finance and support SMEs operating across the housing and construction value chain; €80 million for the design, construction, equipment and maintenance of the 150-bed Regional Hospital of Ferkessédougou in Côte d’Ivoire under a public-private partnership;
XOF 12.82 billion (West African CFA Franc) for the renovation, operation and maintenance of the Symphonie Building in Abidjan under a public-private partnership and $47.4 million for Azumah Resources Ghana Limited to finance the procurement of long-lead process plant equipment and critical early-stage development activities for the Black Volta Gold Project.
“These approvals advance EBID’s Growth, Resilience and Optimisation (GRO) Strategy, which prioritises transformative infrastructure, human capital development, private sector growth and regional integration. Through these investments, the Bank continues to promote sustainable development and shared prosperity across West Africa,” the statement said.
