Business
1.8 billion Naira Debt, Kola Abiola settles With AMCON
Definitely this is not the best of time for Kola Abiola as he is currently running from pillar to post to pay a debt hanging on his neck.
www.crystal.com.ng gathered that Federal High Court, Ikoyi, Lagos has endorsed terms of settlement filed before the court by Asset Management Corporation of Nigeria AMCON, and the son of M. K. O. Abiola the acclaimed winner of June 12,1993.presidential election ,his company 35 Oil and Gas Nigeria Limited, and Dr. Zulikat Wuraola Abiola.
As disclosed by a source, what actually led to the consent judgement was as a result of debt recovery suit of N1,891,532,469.21 filed against, the defendants, 35 Oil & Gas Nigeria Limited, and the billionaire businessman, his sister, Dr Zulikat Wuraola Abiola and one Mr Tajudeen Olawale Jinadu. The court in its ruling dated 17th day of June, 2019,predicated on an application filed and argued before the court granted an order directing 19 commercial banks in Nigeria named in the application filed before the court to freeze the accounts of the defendants to the sum of N1,891,532,469.21 pending the final determination of the suit.
The court also granted the following orders : Directing all the financial institutions within the jurisdiction of the court particularly those named in the application file before the court to produce and furnish the statement accounts of the defendants stating the total sum standing to their credit within seven days of the service of the ruling of the court on them
The interim forfeiture of the interest of the defendants in:I. 35 Oil&Gas Nigeria Limited. ii Crittal -Hope Nigeria Ltd. iii. Banusho Fishery Ltd. iv. Beta Glass Plc.v. Management Transformation Ltd. An order of Interim possession to the claimant of the following property of Mr Tajudeen Olawale Jinadu situate at :
- Plot 211E, Block 13, Amuwo Odofin Area of Lagos State.
- Plot 28, Block29, Ipaja New Town Residential Scheme, Alimosho Local Government Area of Lagos State.
- Property situate along Ijaye Street,Street, off Idimu Road, Oduwole, Alimosho Local Government Area of Lagos State
- Property Situate at Babs Adepegba Close, Fagba, Iju Road, Ifako Ijaye Area of Lagos State.
- Property Situate at 5, Akintan Street Street, Dideolu Estate Ogba Lagos State.
All pending the final determination of the suit.
In a related development, the court in its ruling dated the 5th of July, 2019 predicated on application filed before the court by AMCON. also granted an order of substituted service to serve the defendants the court process through the front desk staff or administrative staff of 35 Oil & Gas Nigeria Limited in its office at 7and 8 Udi Street, Foreshore, Osborne, Ikoyi, Lagos.
Subsequently the case was adjourned to 10th of July, 2019,for argument of Mr Tajudeen Olawale Jinadu for an order setting aside the interim order made by the court on17th of June, 2019. The court in its ruling dated 10th of July, 2019,predicated the said application filed by Mr Tajudeen Olawale Jinadu granted an order setting aside the order granted against Mr Tajudeen Olawale Jinadu and struck out his name from the suit.
Thereafter Terms of settlement was filed before the court, urging the court to endorse it as their consent judgement.
In the terms of Judgement, The parties, that are AMCON, 35 Oil & Gas Nigeria Limited Mr Abdulateef Kolawole Abiola, and Dr. Zulikat Wuraola Abiola respectively agree to the complete full and final settlement of the AMCON claim against the aforementioned Defendants on the following terms.
The defendants shall pay a concessionary sum of N373,620,518.42k in full and final settlement of AMCON against the defendants. Upon the execution of this terms of settlement between the parties and upon entering same as the consent judgement in this matter, the defendants shall made immediate good faith payment of a sum of N73,620,518.42k which said sum already paid by the defendants.
The restructured balance of N300million of the settlement amount of N373,620,518.42k shall be paid in six calendar months in the monthly instalment of N50million,effective date for repayment of the restructured amount shall be from 18th July,2019. through 17th December, 2019. Upon acceptance of the terms of this settlement, the defendants waives their right to contest the debt and charges thereon with either Unity Bank Plc, Keystone bank Ltd or AMCON in this matter.
All the concession granted under the terms of settlement shall be revoked by AMCON if the defendants default. The presiding Judge, Professor Chuka Obiozor has endorsed the terms of settlement as consent judgement.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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