Connect with us

Uncategorized

$1.8million oil debt : Access Bank moves to recover N3.9billion debt from Billionaire Jide Omokore

Published

on





………As Aluko and Jide Omokore set to settle out of court with FG……….

In a bid to recover a debt of N3,878,218,911.18  from Kogi born Olajide Omokore, and his company Energy Property Development Limited EPD ,a Nigerian commercial bank Access bank Plc has filed an application to join as an interested  party in the suit filed by the Federal Republic of Nigerian and two of its agencies against two oil companies Atlantic Energy Drilling Concepts Nigeria Limited (AEDC) and Atlantic Energy Brass Development Limited (AEBD),and their two Directors for the recovery of the sum of $1,762,338,184.40.on account of crude oil lifting between Federal Government and the two companies which debts they have refused to pay.
Joined as co-defendants are two Nigerian businessmen Olajide Omokore and Kolawole Aluko who are both Chairman and Director of the two companies respectively who were alleged to be the cronies of the former Petroleum minister Dieziani Allison Madueke.
However, when the matter was mentioned, the counsels to the two parties informed the court that moves are ongoing between the two parties for amicable out of court settlement,but the counsel representing Access bank Plc, Kenechukwu Chukwujekwu told the court about pending application for order of the court to join the bank as an interested party to defend the suit in order to recover a debt of N3.9billion from the third defendant Olajide Omokore . 

In an affidavit sworn to by a legal practitioner, kenechukwu Chukwujekwu and filed before the court by Barrister Paul Usoro SAN,the deponent averred that,between April 2006 and June 2015 Energy Development Property Limited in which Olajide Omokore is the Managing Director and Chief Executive officer applied to Access bank and was granted a  total  sum of N4,990,000,000 and $4,500,000 term loans facilities for the purpose of financing the purchase of property know as 33A Cooper Road, off Alexandra Avenue, Ikoyi Lagos and for the purchase of 20 Units of flats at 8,Gerrard Road IKOYI Lagos state Nigeria, while part of the money was used for the purpose of financing renovation and upgrade of various properties owned by the company.  

The credit facility was secured by, legal mortgage over the Cooper Road Property, legal Charge over the Gerrard Road property, Personal Guarantee /indemnity of Olajide Omokore and irrevocable domiciliation of rental proceeds payable from existing and prospective tenants.
 Consequently, the  Access bank contended that EPD is presently indebted to it in the sum of N3,878,218,911.18
therefore it will be in the interest of Justice that Access bank be joined as party to the suit as the bank will be prejudiced if it is prevented from defending its interest in the suit as it affects the order over the Cooper road and Gerrard road properties.

The bank also prayed the court to vary or discharge the order made on 25th of May, 2016 as it affects the interest of the bank in respect of the two properties. After listening to the submission of all the counsels the presiding Judge, Justice Oluremi Oguntoyinbo, adjourned till 5th of March, 2018 for either report of settlement or hearing of the suit. 
 
Sometimes in 2016, Federal Republic of Nigerian, alongside, Nigerian Petroleum Development Company (NPDC) and Nigeria Petroleum Corporation (NNPC) dragged Atlantic Energy Drilling Concepts Nigeria Limited, Atlantic Energy Brass Development limited and two of their Directors Olajide Omokore and Kolawole Aluko before the court, urging the court to restrain the defendants and their agents.
However called within and outside Nigeria from giving instructions, demanding, accepting or receiving payment from 19 commercial banks in Nigeria, eight offshore banks and eight other companies listed before the court.

In an affidavit sworn to by a legal practitioner Oginni Isaac Kehinde from Federal Ministry of Justice, Abuja, and filed before Justice Oluremi Oguntoyinbo by a Lagos lawyer Oladipo Okpeseyi SAN, the deponent averred that Olajide Omokore, Kola Aluko and their two companies are indebted to the Federal Republic of Nigeria in the sum of $1,762,338,284.40 on account of crude oil lifting under strategic Alliance Agreements between them and Federal Government.

Mr Ogini averred further that the defendants by virtue of the agreement was granted license to lift crude oil and other associated products in Nigeria for sale and for parties to share the profits in agreed terms.
The defendants indeed lifted and sold the crude oil and have been paid but bluntly and deliberately refused to pay the Federal Government, rather they unlawfully diverted and converted the profits share due to the Federal Government in the sum of $1,762,338,184.40 to their private use.

In a particular of diversion, it was alleged as follows that: Several vehicles with a combined value of over N800 million were purchased by the defendants and donated to Peoples Democratic Party (PDP) through its then national chairman Prince Secondus.

Additional vehicles valued at over N130million were purchased by the defendants and distributed to former minister of Petroleum Mrs Dieziani Alison-Maduekwe and some other managerial staff of Nigerian Petroleum Development Company (NPDC).

Sums of $18,548,619.99 and N1,070,000,000 were paid to FBN Mortgages Limited by Kola Aluko as part payment for block of flats consisting of 26 flats at 46 Gerrard Road Ikoyi Lagos purchased at a total cost of N5,210,520,315.
Payment of a total sum of $25,839,606.77and N95,000,000 was made to Real Bank for the purpose of part-financing the acquisition of the Atlantic Energy Drilling Concepts Nigeria Limited (AEDC) and Atlantic Energy Brass Development limited (AEBD) companies property as well as renovation of the properties listed below :

(1) Mason apartments situated at 6 Gerrard Road Ikoyi Lagos comprising 60 units of 3 bedrooms apartment valued at $78,000,000.
(2) Marion apartments Block 8 located at 4&5, Onikoyi Estate, Banana Island, Ikoyi, Lagos consisting of 43 units of apartments valued at $76,160,000
(3)Renovation of apartments block at 33A Cooper Road Ikoyi, Lagos at a total cost of $4,937,750.
(4)Renovation of the Admiralty Towers at 8 Gerrard road Ikoyi, Lagos.

Additional funds transfers among others to the tune of $69,912,981.15 were made to several companies namely; Mia Hotels Limited, First Motors Limited, V.I.Petrochemicals, Evergreen Reality & Management, Wlz Trade Limited, DE First Union Integrated Services and Amity Plus Limited.
Mr Ogini also averred that Kola Aluko literally took residence outside the shores of Nigeria in order to facilitate the diversion of the proceeds of the crude Oil lifted.

The venture which includes physical assets, cash in the bank and shares as at 2014 are as follows:
(1) Grove End Road, London, UK
(2) 755 Sarbone Road, Los Angeles, US
(3) 952 North Alpine Drive Los Angeles, US
(4) 815 Cima Del Mundo, Los Angeles, US
(5) 807 Coma Del Mundo (Land), Los Angeles, US
(6) 1049 Fifth Avenue, New York, US
(7) 1948&1952 Tolls Avenue, Santa Baraba
(8) 157 West 57th St, New York
(9) 4100 Let Revenge, Dubai
(10) Residences in Nigeria
(11) Avenue Towers, Lagos Nigeria
(12) Land in Mont Tremblat, Canada
(13) Colina D’oro Montagnola, Switzerland


CASH IN BANK ACCOUNTS
(1) LDT Switzerland -$25milion
(2) Corner Bank, Lugano, Switzerland – $1million.
(3) Deutsche Bank, Geneva -$40million
(4) HSBC London $175,000.


INVESTMENT IN SHARES
(1) 75% shareholding in Atlantic Energy Drilling Concepts Nigeria and Atlantic Energy Brass Development
(2) 10% Shareholding in Seven Energy.

OTHER HOLDINGS
(1) Galactica Star
(2) 20 Year Berth Lease -Barcelona
(3) Watch Collection
(4) Car Collections (58 Vehicles)
(5) Aeroplane-Global Express S5-GMG
(6) Aeroplane-Bombardier Global 6000 9H-OPE
(7) Aeroplane Bombardier

Consequently, the court was urged as a matter of utmost urgency, public interest and in aid of administration of justice to issue a worldwide Mareva order restraining the defendants from dissipating all known assets directly or indirectly by the defendants including but not limited to assets listed on the face of the motion paper filed before the court.
After hearing the submission of Oladipo Okpeseyi SAN the counsel to the Federal Government, the presiding judge Oluremi Oguntoyinbo issued an order restraining the defendants and their agents from demanding, receiving, transacting, mortgaging or whatsoever dealing in any manners with the assets of the defendants in banks, houses, land and shares in Nigeria and others located outside Nigeria, while the Nigerian banks listed in the motion papers were ordered to within seven days to sequestrate all money and negotiable instruments standing to the credit of the defendants in the sum of $1,762,338,184.40 and keep same in an interest yielding account in the name of the Chief Registrar of the court as trustee of same pending the determination of the motion on notice.
The court also ordered that the order of the court should be served on the affected parties by way of advertisement in Newspapers circulating within and outside the Federal Republic of Nigeria.

Uncategorized

Elated Polaris Bank Customer commends Bank for excellent customer service

Published

on

By

Polaris BAnk

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

 

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

Continue Reading

Sports

Cristiano Ronaldo wants to leave Manchester United

Published

on

By

 

Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

Continue Reading

Trending News

CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

Published

on

By

 

-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.

 

Continue Reading

Trending News