Business

1.8 billion Naira Debt, Kola Abiola settles With AMCON

Published

5 years ago

September 6, 2019

Adebayo

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.

Business

Abuja Investments Company Limited Launches Automated System

Published

2 days ago

April 30, 2024

Adebayo

In a significant stride toward modernization and efficiency, Ambassador Maureen P. Tamuno, Group Managing Director and CEO of Abuja Investments Company Limited (AICL) has unveiled an Automated Tollgate System for streamlining access control, security enhancement, and facilitation of smoother operations in Garki Ultra -Modern Market in the Federal Capital Territory.

According to Fatima Nadada, Head of Communications, AICL, the automated system will among other things provide: Smart Access Control; also, the new system employs cutting-edge technology to regulate entry and exit at the market gates by ensuring that only authorized individuals can access the premises.

“In addition, there is room for real-time monitoring of activities as market administrators can monitor activities at the gates in real time, allowing for prompt responses to any anomalies or security breaches.

“Also, the system collects data on foot traffic, peak hours, and patterns. Thus, enabling informed decision-making by the management of the market, as well as efficient revenue collection, since it will improve automated payment processing, simplifies fee collection, reduce paperwork and enhance transparency.”

In her remarks at the event, Ambassador Tamuno expressed enthusiasm on the milestone and was optimistic that the automated system would not only empower market stakeholders but contribute to the growth of FCT’s economy.

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Business

Bigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout

Published

6 days ago

April 26, 2024

Adebayo

Reinforcing her commitment to a delightful consumer experience, Bigi Carbonated Soft Drinks, a leading brand from Rite Foods Limited, hosted 40 lucky fans to an impressive Easter celebration. This exciting Easter movie hangout took place at Silverbird Cinemas, Ikeja City Mall, Lagos, and featured a screening of the movie, “Beast of Two Worlds (Ajakaju)”.

The movie’s portrayal of traditional Nigerian society alongside its thrilling plot left the Bigi consumers thoroughly entertained. After the movie, the fans received exciting freebies and expressed their gratitude to the Bigi brand for this special Easter treat.

Biola Aransiola, Assistant Brand Manager, Bigi, commented on the event, highlighting Bigi’s dedication to showing appreciation to their consumers. “This movie hangout served as a way to celebrate Easter with our loyal fans and provide them with a truly extraordinary experience, all while enjoying the refreshing and diverse range of 13 Bigi flavours,” Aransiola stated.

Bigi Carbonated Soft Drinks has consistently demonstrated a strong commitment to consumer well-being. The brand actively connects with its audience by creating opportunities to fulfill their dreams and offering refreshment throughout their journeys. Bigi’s dedication to its consumers is further solidified through sponsorships of various initiatives, earning them prestigious awards such as the “Most Innovative Carbonated Soft Drink Brand of the Year” (2023), “Friendly Brand of the Year” (2023), and “Best Value for Money-Carbonated Soft Drink Brand” (2023), among others

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Business

Ooni of Ife Extends Business Frontier with Audacious Takeover of Tingo

Published

2 weeks ago

April 19, 2024

Adebayo

Ooni of Ife His Imperial Majesty, Enitan Adeyeye Ogunwusi

Coca Cola, Pepsi, American Cola & all other popular brands in the soft drink sector & energy drink sector should get set for an immense battle royale, which would be to the great advantage of the consumers, as the newest brand to come into that sector arrived with a massive bang yesterday! And to the admiration of all.

Tingo set of drinks launched on Tuesday, April 16, 2024, at their expansive HQ, to the admiration of all to loads of unprecedented razzmatazz/fanfare with consumers greatly giving kudos for a good job well done.

Only 2 out of 9 variants were launched yesterday. The Tingo Cola & Tingo Electric Energy drink. And already people are anticipating the other variants with bated breaths! As they were quite impressed with what they have experienced already!

To state a fact without mincing words, the taste was amazing, as was the international style packaging, too, in reusable cans, with health considerations playing a major part in the production. Sugar content was exact without affecting the taste!

Even the name of the brand Tingo is also titillating, to say the least.

All of the 9 varieties of impressive drinks are set to be unleashed powerfully into the market pretty soon like a takeover by the company now captained by none other than his imperial majesty, Alaiyeluwa Oba Adeyeye Babatunde Enitan Ogunwusi, the Ojaja II, Ooni-Orisa Olofin Adimula of Ile-Ife.

The astute businessman cum royal father is said to have bought off the company from the former owner and has deliberately kept the fascinating name of the brand.

The amiable monarch, who is a youth advocate/encourager in all ramifications, who believes fervently that the sky is the beginning, and not a limit as it concerns any endeavour one finds in his/her hand to do, spoke at the launch, thus:

‘Nigeria can lead the entire continent of Africa to compete favourably in the global market with standard goods and services, particularly when it comes to carbonated drinks, beverages, and the likes’.

Ooni went further to say that Tingo Cola and Tingo Electric; a Flavoured Carbonated and Energy drinks, respectively, produced by Tingo B.V PLC is a spin-off company from Ojaja Pan Africa Limited, explaining that Nigeria has a lot to offer the world.

“It has been my dream from childhood to have a homegrown brand that will satisfactorily produce international quality drinks that will serve Nigerians, and present the country as a leader in the African market and on the global stage.

“Currently, we have the license under which we are producing Tingo Cola, Tingo Electra, Tingo Twist (Cucumber and Cranberry) and Tingo Booze Fruit mix. All of which are produced and packaged in Nigeria with recourse to our values and standards. All to be properly integrated with Ojaja bitters, Orange, Lemon/Ginger/Orange drinks. Also, most importantly, we should all work towards elevating our homegrown brands instead of demarketing them.”

Speaking further on his involvement in the commercial activities through these products, Ooni Ogunwusi said, “I have taken it upon myself to step into the market not as businessman but as a pathfinder who will show our people how to add value for international standard in production to distribution and consumption. It is a new model that will be a win- win for everyone.

“With this, I am targeting a total of five million direct and indirect jobs for the youths, particularly through retailing, recycling, and other forms of distributorship fully driven by technology. The youths are drivers of this initiative, and we are determined to achieve this purpose through a unique, proven technology and innovation. Under our Unified ecosystem of “the more we are together, the happier we shall be”