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Late Azeez Alao- Arisekola’s Familly’s Redemptive Moves

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Alhaji Azeez Alao- Arisekola, before his death, was arguably  one of the wealthiest men in Nigeria.

He had his hand in many pies, including food production, real estate management, insurance, transport, and publishing.  

His name spread beyond the shores of Africa, and he was one of the few Nigerian businessman who rubbed shoulders with other top business mogul around the world.

He established a fleet of business outfits under the Lister conglomerate, while he was still in his early 20s.

Since the death of the Aare Musulumi of Yorubaland in 2014, the family had not found it easy, as it had been enmeshed in a legal issue over some debts he had incurred.

However, www.crystal.com.ng gathered that peace might soon return to the the family, as a Federal High Court recently adjourned till February 17, 2020 ,for First bank of Nigeria Limited and Lister Flour Mills (the company owned  by  the late Ibadan business mogul) to file another term of settlement in a N10.7billion debt recovery suit pending before the court-the initial  terms of settlement filed before the court was alleged to have been aborted.

A source revealed that “When the matter was mentioned, the counsel representing First Bank told the court that the terms of settlement filed before the court could not be adopted because the defendants, Lister Oil Limited  Mills and Mrs Khadijah Alao -Straub, have scuttled the  terms of the settlement.

“Consequently, they are fine-tuning another terms of settlement that will soon be filed before the court, once the process is completed.

“Therefore, the court was urged to grant them an adjournment,which the court acceded to.”

 The bank allegedly granted credit facilities to Lister, which were renewed and restructured.

It eventually culminated into a debit balance of N10, 787,556,430.02 , while the interest continued to accrue.

The securities for the facilities availed the   Lister Flour Mills by the  bank amongst others include the company’s undertaking, goodwill and assets,including the entire piece and parcel of land lying being at Idiroko Olomoyoyo, Ibadan – Ijebu Ode Road, Ibadan, Oyo State, Nigeria together with the building or building erected thereon.

 It also includes the Lister Oil Company’s Deed of Corporate Guarantee dated May 22, 2013 wherein the Company  guaranteed the repayment of the various facilities availed the Lister Flour Mills by the  bank; personal guarantee of Ismail Alao dated May 22, 2013,wherein he guaranteed the repayment of the various facilities availed Lister Flour Mills.

But it was gathered that Lister  Flour Mills had failed to fully repay the loans to First Bank and the loans remain unpaid till date.

 The  bank, in exercise of its rights as Mortgagee under the Deed of legal Mortgage over the lagos Property, appointed a Receiver of the property and assets of the Lister Flour Mills.

The Deed of Appointment of the Receiver together with the Notice of Appointment were duly filed with the Corporate Affairs Commission.

  The bank and its receiver /manager filed this legal  action  seeking orders of the court to restrain the defendants or any person acting under their authority or any person whether shareholder, officers, agents, privies and/ or employees from challenging, interfering with or otherwise obstructing the performance of the statutory duties of the Receiver/manager in any manner whatsoever.

On  February 11, 2015, the court granted the orders as prayed by the receiver/manager.

  The defendants, it was gathered, denied all the claims made in the debt recovery suit filed against them and are challenging the appointment of the  receiver/ manager over Lister Flour Mills Nigeria Limited as well as steps, which the receiver/manager had taken.

However, the parties have now agreed to settle and resolve this legal action together with other related suits arising from receivership upon the time and conditions stated in the terms of settlement.

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Abuja Investments Company Limited Launches Automated System

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

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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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Ooni of Ife Extends Business Frontier with Audacious Takeover of Tingo

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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”


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