Business
Late Azeez Alao- Arisekola’s Familly’s Redemptive Moves
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.
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
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics3 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)