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

Oando Boss Wale Tinubu Showers Encomium on Dangote @67

Published

1 week ago

April 11, 2024

Adebayo

Aliko Dangote with Wale Tinubu

‘Celebrate true friends. They are a part of you that always sparkle’ – Amy Leigh Mercree

The English-born actress may have had the boss of Oando Group, Jubril Adewale Tinubu in mind when she made this quote.

Truly, the trained lawyer never forgets to celebrate and appreciate his good friends whenever it is necessary. In fact, he is one gentleman who values and understands the definition of true friendship.

This played out yesterday, Wednesday, April 10, 2024, when he showered praises on his friend of many years, Africa’s richest man and Chairman of Aliko Group, Alhaji Aliko Dangote, when he clocked 67.

In celebration of Dangote, the oil and gas top player wrote:

“Happy Birthday to a visionary and accomplished entrepreneur whose impact continues to reverberate across Africa and beyond.

I hope your day has been filled with joy, laughter, and limitless blessings. May the world continue to recognise and applaud your remarkable achievements.

As you enter a new year, my prayer is that your commitment to building Africa never waivers but now and again you stop to appreciate the phenomenal difference you have made to the capacity of indigenous entrepreneurship on the global stage.

Wish you many more years in good health.

Dangote, a name that means so many things to many people. But what no one can deny is the fact that the name is essentially synonymous with success.

Since he made his mark in the nation’s business sector, many years ago, he has risen to become a glittering star in the business firmament.

5
/ 100

Business

Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed

Published

3 weeks ago

March 29, 2024

Adebayo

A flagship brand under Dufil Prima Foods Limited, Indomie Instant Noodles, has announced a significant reduction in prices to ensure affordability for consumers amidst Nigeria’s escalating inflationary pressures.

The decision came as a response to mounting economic challenges faced by Nigerians, with the aim of maintaining accessibility to this popular staple food item.

And this has been confirmed by a recent survey conducted across various stores in Lagos, which revealed a notable decrease in the prices of Indomie products. The cost of the 70g pack of Indomie Regular Chicken noodles plummeted from N300 to N250 compared to the previous month.

Additionally, the price of a 40-pack carton of Indomie dropped from N12,000 to N10,000 within the same timeframe. Prior to this adjustment, Indomie’s prices had surpassed those of competing brands such as Mimee (N200) and Honeywell noodles (N250).

Temitope Ashiwaju, the group corporate communications & event manager at Dufil Prima Foods Limited, attributed the price reduction to favourable changes in operational costs.

He emphasised the company’s commitment to passing on benefits to consumers, stressing their dedication to fairness and affordability.

“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”

Contrary to speculations suggesting low patronage as the driving factor behind the price adjustment, Ashiwaju reaffirmed that the decision was rooted in the company’s ethos of customer-centricity and fairness.

Industry experts have hailed Dufil Prima’s move as influential, predicting a ripple effect that could prompt other brands to follow suit because Indomie’s dominant position in the market has positioned it as a price setter, prompting expectations for broader shifts in pricing strategies across the industry.

The price reduction by Indomie comes amidst a backdrop of economic challenges in Nigeria, characterised by soaring inflation rates.

Over the past nine months, Nigeria has witnessed a steady rise in headline inflation, driven primarily by government reforms such as the removal of petrol subsidy and naira devaluation.

As a result, food inflation has surged, exacerbating the financial strain on households and leading to an increase in poverty levels.

Despite these economic headwinds, a recent report by Euromonitor International indicates robust growth in the sales value of noodles within Nigeria’s formal market.

42
/ 100

Business

Sosa Fruit Drink and Rite Sausages Thrill 60 Consumers with Movie Hangout and Freebies

Published

3 weeks ago

March 26, 2024

Adebayo

From Left: Zaheer Abioye, a Rite Sausage Consumer; with Adebola Adeyinka, Assistant Marketing Manager, Rite Foods Limited; Chukwu Ifeyinwa Esther, a Sosa Fruit Drink Consumer; and Olawale Odenusi, Digital Lead, Rite Foods Limited; at the Sosa Fruit Drink and Rite Sausage movie hangout for 60 consumers at the Ikeja City Mall, Lagos

Sixty lucky fans of premium Sosa Fruit Drink and delicious Rite Sausages, owned by Rite Foods Limited, were treated to an exhilarating movie experience on Saturday, February 24th, 2024. These consumers, selected from an online Valentine’s Day engagement, enjoyed the romantic comedy “All’s Fair in Love” at the Silverbird Cinema in Ikeja City Mall.

The winners, along with their companions, received valuable gift items and expressed their gratitude to the award-winning brands for creating a memorable and refreshing afternoon. They savoured the variety of Sosa Fruit Drink flavours (Orange, Apple, Orange Passion Mango, Mixed Berries, and Cranberry) in both 35cl and 1-liter packs, alongside the popular Rite Spicy Beef and Bigi Beef Sausage Roll that have become consumers’ favourite.

“This event was an innovative way to show our appreciation for our loyal customers and celebrate the spirit of Valentine’s Day,” said Ms. Adebola Adeyinka, Assistant Marketing Manager, Rite Foods Limited. “We are committed to providing value and opportunities for our customers, and this event was a fun way to do just that.”

The free movie outing reinforces Rite Foods’ commitment to its core mission of putting consumers at the heart of everything they do. The company’s dedication to quality and value is evident in the numerous awards their products have received, including the “Outstanding New Product of the Year – Juice” award for Sosa Fruit Drink in 2023 and the “Best Value for Money – Sausage Brand” award for Rite Foods’ Sausage Roll in 2023.

52
/ 100