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Court orders attachment of  MD, 2  directors of P.C Outlet Company’s account over N168million debt

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 A federal high court sitting at iIkoyi Lagos State, southwest Nigeria has granted an order freezing and attaching the bank accounts to which the Managing Director of P C Outlet Limited Company, Mr. Onyema Okonjo and two directors of the company Mr. Kenneth Njoku and Mr. Ernest Awuionu are signatories and maintain in 15 commercial banks in Nigeria to the tune of N168,431,375.61, being the adjudged indebtedness and accrued interest up till 28th of February 2021.

The court also directed Corporate Affairs Commission to place a lien on the shares of the defendants held in a limited liability company GIANT BEVERAGES LIMITED pending the determination of the substantive suit.
The presiding Judge, Daniel Osiagor, also granted an order to AMCON to enter into and take possession of the property lying at Plot 18, Block 130, Lekki Peninsula Residential Scheme, Eti-Osa Local Government Area of Lagos State which was pledged as security by a third party deed of legal mortgage for the facility granted to P C Outlet Limited company.
Justice Osiagor made the orders, after listening to the argument canvassed by a Lagos lawyer, Barrister Laolu Owolabi from the law firm of Bonajo Badejo and S.E.Omoragbon for the defendants not opposing.
According to an affidavit in support of a debt recovery suit sworn to by a legal practitioner, Mr. Francis Oloruntoba, filed and argued before the court by Barrister Owolabi on behalf of Asset Management Corporation of Nigeria AMCON, Oloruntoba averred that a private Limited liability company P C Outlet Limited, registered in Nigeria to carry on the business of trading, marketing, sales and distribution of general goods was advanced various facilities by Eligible Financial Institution between 7th September 2007 to 15th October 2008.
The various facilities were secured by, full and unconditional personal guarantee of the Managing Director/Chief Executive officer of the company  Mr. Onyema Okonjo, while his wife Mrs. Udokanma Mary Ane Okonjo executed a Third-party legal Mortgage as security for the facility obtained by P C Outlet Limited.
Mr. Onyeama Okonjo, Mr. Kenneth Njoku, and Mr. Ernest Awuionu, as Directors of P C Outlet Limited were instrumental to how the facility was sourced, applied for and granted as well as the way and manner the facilities granted to the company from the Eligible Financial Institution were utilized at the material times.
         However, the Directors of the company were alleged to have failed to fulfill all the conditions in the offer letters and defaulted severally.
Upon acquisition of the Eligible Asset, AMCON instituted a legal action against P C Outlet Limited and the court presided over by Justice Ibrahim Buba of the Federal high court entered judgment in the sum of N132,103,039.70 against the company. The court also awarded 10% post-judgment interest from 28th May 2018 which had accumulated to the total sum of N36,328,335.91 as of 28th February 2021.
On 11th February 2021 AMCON appointed the law firm of Bonajo Badejo & company to enforce and recover the outstanding facilities and in furtherance of the mandate by AMCON, the law firm took steps to investigate the defendants and discovered that Mr. Onyema Okonjo who is the Managing Director/Chief Executive Officer of the company and sole signatory to the account of P C Outlet company maintained with the Eligible Financial Institution had diverted the funds of P C Outlet to establish another company called GIANT BEVERAGES limited and owns the controlling shares.
Consequently, AMCON has no other option to recoup the defendants’ indebtedness if this application is not granted and the property is dissipated by the defendants.
       Justice Osiagor while acceding to the request of AMCON, adjourned till 27th of July,2021 for hearing of the substantive suit.

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“IFA Spotlights Wealth and Prosperity as Theme of this Year’s Festival” – Oluwo Osunniyi Olajide

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Popular Social media enthusiast, IFA priest and cultural ambassador Oluwo Osunniyi Olajide with the sobriquet as Oluwo Jogbodo Orunmila is currently gearing up for the annual 2021 Ifa Festival. Oluwo Osunniyi also revealed Ifa’s central message for this year’s feast that will be hosting all sundry and also celebrate the rich religious aesthetics of IFA divination.

During a conversation with the highly cerebral priest, he revealed that; the essence of consulting Ifa ahead of the festival, is to seek guidance concerning principal activities. “Ogbe Alara is the divination this year. Ifa spotlights wealth as major theme of this year’s festival”. Anyone struggling with one engagement or the other in life, Ifa is inviting them, to encounter their breakthrough”.

 

Oluwo Osunniyi Olajide

He further disclosed that; The festival which is slated to last for three days, will flag off on October 29 with Ìkúnlẹ̀ Ọdún and Ìbọ́fà Ọdún the following day.

“On the grand finale, 31st of October, 2021, popular artiste, Àṣàbí Ọ̀jẹ̀ Afẹ́nápa will perform to the audience at the grand reception which will take place at Ile Olúwo, Agric Olomi, Olojuoro, Ibadan. Oluwo Jogbodo Orunmila is a well revered priest and culture custodian, who is constantly upholding cultural values and practices in positive light, home and abroad.”

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IBEDC APPEALS TO OKEHO, SAYS BETTER DAYS AHEAD

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In response to an online publication over the poor power supply experienced by the communities at Okeho (LGA) in Oyo State, and complaints of inadequate metering and high billing of customers, the Management of Ibadan Electricity Distribution Company (IBEDC) Plc, has appealed for calm from the affected communities assuring them that the power supply situation would soon improve.

 

A statement by the Chief Operating Officer of the Company, Engr. John Ayodele said that a 132 KV line supplies the 11 LGs from Oyo town to Iseyin, Okeho, Otu, Paapo, Ago-Are up to Saki, and this puts a lot of pressure on the infrastructure, which is the reason for its poor performance. In response to this challenge, the Federal Government has commenced construction of a new 132 KV line to augment and improve the present supply. “In addition, we are about to energize the control room at Ogan to enable effective supply arrangement by stepping down the 33KV line to 11KV, this will serve the communities better”. Engr. Ayodele explained.

Engr. Ayodele further said that Okeho is on service band E, which means that they should get an average supply of four hours daily, but currently they get an average of five hours. Also in line with NERC stipulated tariff, the communities are billed monthly on a cumulative average of computerized daily supply in compliance with the capping policy. “IBEDC is a customer-centric organization, and we are working on metering our customers to put an end to the billing issues.

 

As soon as we begin more deployment of meters under the National Mass Metering Programme (NMMP) or any other scheme approved by NERC, we shall continue to meter our customers based on the service band categorization for ease of distribution”
Engr. Ayodele also pleaded with the esteemed customers at Okeho to remain patient and embrace constructive dialogue to ensure better outcomes.

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 NIGERIA AT 61: ADRON HOMES CELEBRATES WITH UNITY MATCH-PAST

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…Roll out empowerment promotions for the people

Management and staff of the Nigerian foremost real estate company Adron homes and Property trooped out in mass today to celebrate Nigeria at 61 with a match-past across the nation. The real estate company tagged this year’s celebration “Unity” which it deemed to promote peace and harmony among our people with the aim to achieve National coherence was celebrated nationwide by its staff from different regions of the country.

Canvassing for unity in Nigeria, Adron Homes apart from its usual match past, produced a song to commemorate the 61st anniversary showcasing strength in our Nation’s diversity.

The song title “Unity Song” Is targeted at uniting the people for a common National goal and encouraging them to steadfast their hope on our dear country as this will foster ethnic tolerance, economic growth among the citizenry.

It became pertinent in this trying time to bring our people together and find a common ground again as people bond in Love and Unity as our hero’s past.

The real estate company is using the song as a wake-up call for our people to Unite again against our common enemies and strengthen our fatherland once again as a sovereign Nation of people bond together in love, culture and Unity.

Adron Homes MAtch PAst

In his review of the celebration, the Group Managing Director, Adron Homes, Mr. Adetola Emmanuelking said the independence anniversary should symbolize our national values and reawaken the spirit of patriotism in the minds of Nigerians. However, he also emphasizes the need for National coexistence among the people which he describes as the bedrock of nation-building and economic growth.

To celebrate this year’s 61st Independence anniversary, the real estate company also rolled out a 30% discount on all its estates tagged “ADRON HOMES EMPOWERING EVERYONE” which is scheduled to end same October and also made available star prices for customers to win.

Mr Adetola further stressed the need for such unifying masterpiece as a tool to drive National unity among the people and celebrate our fatherland as a citizenry and organization with the responsibility of not just conducting business but also ensuring continue coexistence among all and sundering in our beloved NIGERIA.

We at ADRON use this opportunity to wish every Nigerian both home and abroad a happy 61st independence anniversary and encourage those in the diaspora to come back home and join hands in developing our homeland.

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