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Court restrains Swift Networks Company from operating accounts in 24 bank’s over N7billion debt

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Base on an application for debt recovery of N7,037,410,548,23 filed on behalf of Union bank Nigeria Plc against a limited liability company Swift Networks Limited by a Lagos Attorney, Barrister Temilolu Adamolekun,a Federal high court judge sitting in Lagos, Justice Daniel Osiagor has granted injunction restraining the company, its agents, privies and/or assigns or otherwise howsoever from dealing with any of the monies standing to its credit in all of its accounts, records or howsoever held with the 24 banks  listed before the court, and also its monies standing to its credit in custody of the Union bank up to the tune of N7,037,410,548.23 (Seven Billion Thirty Seven Million Four Hundred and Ten Thousand Five Hundred and Forty-Eight Naira Twenty-Three Kobo) or its equivalence in any foreign currency pending the hearing and determination of the substantive suit
     An Interim order was also
granted restraining the 24 banks listed before the court, their agents, privies, assigns or anyone whatsoever from releasing to the Defendant or any of its Affiliate, any monies, funds or any other instrument belonging to the company to the tune of N7,037,410,548.23 (Seven Billion Thirty-Seven Million Four Hundred and Ten Thousand Five Hundred and Forty Eight Naira Twenty-Three Kobo) or its equivalence in any foreign currency that may be or found in the custody of the banks.
    The order of the court was sequel to an affidavit sworn to by the litigation manager from the law firm of Temilolu Adamolekun & Co,Mr Segun Omoshola and filed and argued before the court, by Barrister Temilolu Adamolekun
  •      Swift Networks Limited is a Private Limited Liability Company incorporated under the provisions of the Companies and Allied Matters Act and carries on the business of providing facilities-based telecommunications services, with its office address at No.31, Saka Tinubu Street, Victoria Island, Lagos.
    In the course of the bank/customer relationship, Union bank agreed to grant various credit facilities to the company for several purposes
     However the company failed to meet its repayment obligation(s) to Union bank ; however, by its letter of 9th November, 2017, the company requested that its debt be restructured by the bank.
 The company granted the Defendant’s application for a restructure and further availed it with other credit facilities.
 In the same manner as previous times, the company failed to meet its repayment obligations arising from the offer letter of 29th December, 2017.
     In a bid to manage the situation, the company requested that the outstanding indebtedness be restructured to enable it meet its repayment obligation which the Plaintiff acceded to.
   The bank further restructured the company’s indebtedness to it by its offer letter of 28th September, 2020.
     Under the offer letter of 28th September, 2020, the bank availed the company with a term loan facility to the tune of N7, 674,292,000.00 (Seven Billion Six Hundred and Seventy Four Million Two Hundred and Ninety-Two Thousand).
     Apart from executing the offer letters above, the company passed different Board Resolutions accepting the facility.
     The facilities  were drawn down and availed to the company, and as security for the facilities granted to the company,
 it charged its Assets by way of a Trust arrangement in favour of UTL Trust Management Services Limited (UTL); an arrangement where the Plaintiff, although a beneficiary, but, shares the interest in the security with another lender i.e. First City Monument Bank Plc.
     In line with the offer letter of 28th September, 2020, parties agreed that the source of repayment for the facilities shall be through cash flows from the operations of the Company and other sources of cash flow available to the company and acceptable by the bank.
  Consequently, after the disbursement of funds to the company and after the facilities matured, the Defendant failed to perform its repayment obligation to the bank.
     The Plaintiff approached the Defendant to resolve the failure of the latter in performing its repayment obligations. It was then the Defendant undertook that it was going to repay the facilities availed to it.
    Despite the undertakings and assurances given by the company to the bank, it failed to perform its obligations therefore allowing further deterioration on the facilities.
      The Swift Networks Company has failed/neglected to perform its obligations to Union bank and has failed to liquidate the various facilities and as 30th day of June, 2023, its indebtedness to the Union bank stood at N7,037,410,548.23 (Seven Billion Thirty-Seven Million Four Hundred and Ten Thousand Five Hundred And Forty-Eight Naira Twenty-Three Kobo) while interest continues to accrue in line with the terms and conditions as contained in the Offer letters.
      Owing to the company’s insipid acts, the bank caused its Solicitors to issue a demand notice to the Company Despite the service of the demand letter of 4th July, 2023 on the company, it continued to ignore its obligations to the Plaintiff.
The company did not even deem it fit to respond to the letter and continues to ignore and abandon its obligations to the bank. Meanwhile, the funds given to the company are funds belonging to third party stakeholders.
    The bank is now under serious scrutiny because of its exposure to the company which continues to get worse as interest continues to accrue at the bank’s lending rate.
 Meanwhile, the funds given to the  company as facilities are Depositors and shareholders’ funds.
 Regrettably, rather than performing its obligation under the various offer letters and agreement, upon the receipt of the bank’s Demand Letter; the Defendant began disposing its Assets to several persons. Assets which are already charged in favour of UTL Trust Management Services Limited; an arrangement where the bank, although a beneficiary, but, shares the interest in the security with another lender.
 The company was also availed several facilities by First City Monument Bank Plc. (FCMB) which culminated into the trust arrangement with UTL. The arrangement did not ensure the company’s compliance with the credit facilities transaction with the Plaintiff.
 The refusal of the company to comply with the Terms of the Offer letters and Agreement has adversely affected the bank’s business who is a custodian of third parties/stakeholders funds.
It is important that depositors and Shareholders’ funds are returned to the Plaintiff.
The company continues to divert to other financial institutions, all the funds that ordinarily were supposed to be repaid to the bank and from those institutions dissipating the funds and taking them outside Nigeria
 That the res of this action is in real and complete danger by being completely dissipated any moment by the company, and unless restrained by this Court, the  bank will definitely be left in the lurch.
The company’s failure to meet its obligation to the Plaintiff and further steps taken by it to sell off and dissipate its assets is a clear indication that the company only took the facilities from the bank without the intention of any repayment.
 The company has no defence whatsoever to this action, as it has deliberately chosen not to comply with the Terms of the Offer letters and agreement.
 The company is heavily indebted to several entities and it appears that the only unencumbered assets in its name are the funds standing in their credit in the custody of the listed banks
Unless the Defendant is restrained, it would place the funds in its custody beyond the reach of this  Court as its acts are already threatening to deal with the said funds and assets.
The bank hereby undertakes to indemnify the company in the unlikely event that this application ought not to have been granted in the first instance
The balance of convenience as it relates to this application is in favour of the bank who would suffer unduly if the orders being sought herein are not granted.
    The presiding Judge,Justice Daniel Osiagor,after hearing Temilolu-Adamolekun for the Plaintiff/Applicant with
Mary Jane Eluemunor move in terms of the motion paper,ordered as follows,That an interim order of Mareva Injunction is granted restraining the Defendant, its agents, privies and/or assigns or otherwise howsoever from dealing with any of the monies standing to its credit in all of its accounts, records or howsoever held with the 2nd to 25th Respondents the listed banks and also its monies standing to its credit in custody of Union bank up to the tune of N7,037,410,548.23 (Seven Billion Thirty Seven Million Four Hundred and Ten
Thousand Five Hundred and Forty-Eight Naira Twenty-Three Kobo) or its equivalence in any foreign currency  pending the hearing and determination of the motion on notice.
    Thereafter,the case was adjourned to the 27th of September, 2023 for hearing of the Motion on Notice.

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5th Bodex Social Media Hangout: Exploring the power influence and impact of digital platforms

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The 5th edition of the Bodex Social Media Hangout (BSMH) unfolded in grand style, spotlighting the transformative power of social media in shaping narratives, fostering collaboration, and addressing societal challenges. With the theme “Social Media: The Influence, Power, and Impact,” the event attracted dignitaries, influencers, and stakeholders from across various sectors.

 

Panellist discussing at the 5th Edition of the Bodex Social media hangout

The event was moderated by the visionary Bodex Florence Hungbo, who guided the discussions with her signature poise and depth. Representing Governor Babajide Sanwo-Olu, Dr. OreOluwa Finnih, S.A. on SDG who delivered a keynote address on behalf of the governor, who was on an official trip.

The presence of Dr. OreOluwa Finnih highlighted the Lagos State Government’s commitment to leveraging social media as a tool for growth and societal well-being.

The Bodex Social Media Hangout is a distinguished media talk-shop fostering collaboration among social media users, professionals, and stakeholders. Focused on promoting responsible digital citizenship, BSMH aligns with the United Nations Sustainable Development Goals (SDG 3) to enhance the well-being of users and encourage cultural and societal advancements through social media.

The event emphasized the urgent need for Nigeria to address challenges such as fake news, cyberbullying, and online harassment.

A recent survey by The Guardian Nigeria revealed that 86% of Nigerians have encountered fake news, reflecting the pervasive influence of misinformation on social stability. Additionally, issues like mental health threats, cybercrime, and privacy concerns were discussed as critical challenges requiring immediate attention.

Through its sessions, the event showcased how social media has become a powerful tool for fostering awareness, driving economic growth, and promoting cultural exchange. Speakers and panelists also examined the darker side of digital platforms, including the rise of cyberbullying, mental health issues, and the spread of divisive content.

The event featured an impressive lineup of speakers and panelists who provided unique perspectives on the influence, power, and impact of social media:
Dotun Babatunde – The Impact of AI on Social Media

Dotun Babatunde explored the transformative role of Artificial Intelligence in the social media landscape, emphasizing its impact on the “attention economy.” He remarked, “We live in an attention economy, where human attention is a scarce commodity.” Babatunde explained how AI-driven algorithms prioritize engagement, often amplifying sensational content, but also creating opportunities for personalized and meaningful interactions. He encouraged users and creators to approach AI with a balanced perspective, recognizing both its potential and pitfalls.

A/Prof Tayo Popoola Ph.D. – Social Media: The Influence, Power, and Impact

Associate Professor Tayo Popoola from the Department of Mass Communication, University of Lagos, provided a thought-provoking analysis of social media’s role in society. He stated, “Social media is a double-edged sword: it empowers the voiceless but also creates spaces for misinformation and toxicity. The challenge lies in managing its influence responsibly.” Prof. Popoola underscored the importance of digital literacy in enabling users to harness the benefits of social media while mitigating its negative impacts.

Akin Olaniyan – Navigating the Social Media Age: Clout, Influence, and the Ethics of the Attention Economy

Akin Olaniyan delivered a compelling critique of clout-chasing in the social media era. He commented, “Give any moron a smartphone, and anything and everything becomes content. To such a fellow, clout-chasing is an end in itself, and the smartphone just makes it super-easy.” Reflecting on the quality of content creation, he added, “I am tempted to believe that their choice of subjects reflects their intellect, with the more empty-headed being the most daring.” Olaniyan called for ethical standards in digital content creation and urged society to value substance over virality.

ACP Olumuyiwa Adejobi – The Digital Detective: Solving Crimes in the Social Media Age

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, showcased how social media has revolutionized law enforcement. He stated, “Social media is not just a platform for entertainment; it’s a valuable tool for law enforcement. By leveraging the power in the mass number of social media active users, we can solve more crimes and make our communities safer.” Adejobi shared examples of cases solved through digital platforms and emphasized the need for digital-savvy officers to maximize this potential.

In addition to the keynote speakers, the panelists brought fresh insights and diverse expertise to the event. Notable contributors included:
Olufemi Oguntamu, CEO of Penzaarville Africa.
Tomiwa Talabi, Founder/CEO of Lagos Life Influencer.
Dayo Oketola, Author, PR Consultant, and Former Editor at The Punch.
Iyabo Ojo, Actress, Filmmaker, and Influencer.

Hosted by celebrated media personality Frank Edoho, the event featured workshops, live sessions, and networking opportunities, creating an interactive atmosphere for attendees. Discussions covered a range of topics, from personal branding and content creation to the role of digital platforms in fostering community and enhancing security.

The panelists emphasized the power of social media in amplifying voices, holding leaders accountable, and fostering a sense of global connection. However, they also called attention to the darker aspects of the digital world, advocating for measures to combat negativity and promote a safer online environment.

Dr. OreOluwa Finnih reaffirmed the Lagos State Government’s vision of creating a digital ecosystem that promotes economic growth, cultural exchange, and societal well-being. The event’s mission remains clear: to foster collaboration, combat negativity, and shape Nigeria’s digital landscape for the better.

The Bodex Social Media Hangout remains a leading force in shaping Nigeria’s digital landscape.

In the words of Bodex Florence Hungbo: “Social media is the new oil well, Let us go fetch it.”

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Opinion

Rejoinder: “I Don’t Know Justice Osiagor from Adam”: Adegboruwa and the Distortion of Truth

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By Valentine Idedia

It is regrettable and deeply troubling to read Ebun Adegboruwa SAN’s feeble response titled “I don’t know Justice Osiagor from Adam,” in an attempt to deflect attention and create a diversion through disinformation, all while a court case is ongoing. This has been a hallmark of this simple civil dispute since it began in 2022.

Frankly, no one is concerned about whether Adegboruwa knows Justice Osiagor. He is free to associate with the judge, but that should not interfere with a case of this significance. The real issue is Adegboruwa’s disregard for the judicial process, which has led to unnecessary controversy.

The case centers on Maurice Etim, a minority shareholder and director of several companies within the Edmark Group, and his co-director, Sam Low Ban Chai, a Malaysian businessman under investigation by Interpol for serious criminal offenses, including forgery, fraudulent corporate practices, and money laundering.

Etim claims that his signature was used without his consent for corporate resolutions, financial statements, tax filings, and more. These allegations prompted an official investigation, and the Nigerian Attorney General, in collaboration with Interpol, has uncovered substantial evidence, including over 500 bank accounts opened in Edmark’s name without Etim’s approval.

The focus now should be on Adegboruwa’s behaviour throughout this case. Settlement talks initially occurred but broke down when Etim refused to agree to a condition barring him from pursuing legal action. Since then, Adegboruwa’s legal tactics have taken a concerning turn.

While Adegboruwa can claim not to know Justice Osiagor, his insistence (following his letter to the Chief Judge of the Federal High Court) that it must only be Justice Osiagor that will handle his cases on the Edmark matters is intriguing.

This is despite Justice Osiagor’s earlier decision in a sister case, which favours Adegboruwa, raising serious questions, where Osiagor held that the police should be stopped from investigating Maurice’s complaint of forgery of his signature on a board resolution—a document that is part of Adegboruwa’s defence to the Maurice petition for unfairly prejudicial conduct.

Adegboruwa described Justice Aneke as unfair. He is not satisfied that the matter is before Justice Dipeolu. The distinguished SAN wants the matter returned only to Justice Osiagor.

It appears that it is only Osiagor who can do justice in the legal world of Adegboruwa. Is he saying that all the other justices of the Federal High Court, including the senior Justices in the Lagos Division, are not fit and proper to be judges?

Issues of Judicial Bias
What is even more baffling is the series of petitions, motions, and allegations of bias put up by Justice Osiagor. Osiagor had previously handled a case involving Adegboruwa, creating a potential conflict of interest.

Etim’s counsel requested Osiagor’s recusal from two pending suits, and while Osiagor agreed to recuse himself from one, he refused to do so for the primary petition, where Adegboruwa represented the Respondents.

When Etim’s counsel appealed, Osiagor dismissed the motion for a stay of proceedings and vacated earlier interlocutory orders without formal application. He then appointed a junior auditor, Samuel Ibrahim, against Etim’s request for a more qualified firm.

Later, Osiagor replaced Ibrahim with Ariyibi, who was found to have a close connection to Osiagor’s church—a relationship not disclosed at the time.

Questionable Orders and Interventions
Etim’s counsel opposed the auditor’s actions and filed for intervention, but Justice Osiagor ruled against them. Additionally, Osiagor granted orders restricting Etim’s access to the Edmark Group’s premises in a separate petition, despite objections from Etim’s counsel.

Meanwhile, Adegboruwa filed a new action in the Lagos State High Court for more restraining orders, which were challenged by Etim’s counsel as an abuse of the court process.

To complicate matters further, the police were involved in enforcing these orders, despite questions about their legitimacy. The intervention of the Inspector General of Police was required to halt the unlawful execution.

Etim’s counsel also sought Justice Osiagor’s recusal from the subsidiary petition, which was granted in November 2024.

Public Concern
The public is left wondering: What is the nature of the special relationship between Adegboruwa SAN and Justice Osiagor? Why has Adegboruwa insisted that only Justice Osiagor should preside over this matter?

Justice Osiagor’s emotional outburst in court and his subsequent recusal do little to mask the apparent bias and possible collusion between him and Adegboruwa.

This situation is a clear example of the Tragedy of the Commons, where individuals act solely in their own self-interest, ultimately causing harm to all parties involved. This behaviour reflects a broader problem in Nigeria’s legal system.

Conclusion
Ebun Adegboruwa SAN’s actions in this case are tarnishing his reputation and casting a shadow over the legal profession. His tactics, including judicial intimidation, obstruction of justice, and the abuse of state power, suggest that his earlier image as a human rights advocate may have been a façade for self-serving ambitions.

By manipulating legal processes for personal gain, Adegboruwa risks losing the respect he once commanded and may be remembered not as a defender of justice, but as a legal villain who uses his position to manipulate the law.

Valentine Idedia, Sales and Marketing Specialist and has followed the court proceedings closely. He is also an an avid interest in fighting injustice

 

 

Reference: https://www.facebook.com/share/p/1FSpUJ9gQU/

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Exclusive: Why Funke Akindele Left Femi Adebayo’s Seven Door Movie Premiere in Anger

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Funke Akindele, a prominent actor and producer celebrated for her recent film release, “Everybody Loves Jenifa,” was once again the center of attention during the premiere of her former lover, collaborator, and fellow actor Femi Adebayo’s much-anticipated movie, “Seven Doors.” This event took place at the Imax Cinema in Lekki Phase 1 on December 11, 2024. Many guests, including cast and crew members, gathered to get a glimpse of the new film, which is slated for release on Netflix tomorrow.
Eyewitness accounts reveal to CITYSPY that; Funke Akindele arrived at the venue accompanied by a group of about five individuals, consisting mainly of her assistants. However, Funke was the only member of her entourage to possess an access tag, as mandated by the event organizers, who had instructed security personnel to prioritize those with tags for crowd control purposes. While Funke and one other individual were allowed entry, the remaining three members of her party were denied access due to the security team not recognizing their association with her.
Instead of engaging with the security staff to clarify the situation—similar to how veteran actor Prince Jide Kosoko managed to gain entry for himself and his daughters, who also lacked tags—Funke reportedly became agitated. She expressed her frustration and abruptly left the event before the premiere started, making her way toward her car. Witnesses noted that many attendees expected her to handle the situation with more composure; after all, the security personnel were simply performing their duties.
As the incident unfolded, several senior actors present at the premiere attempted to intervene, calling Funke in hopes of calming her down and facilitating a resolution. However, she dismissed their concerns, got into her vehicle, and instructed her driver to leave the premises. This display of impatience and disregard for the assistance offered by her peers left a sour taste in the mouths of many attendees, who questioned why Funke Akindele, known to have a cordial relationship with Femi Adebayo, would react in such a manner—especially considering that Femi had supported her at her own movie premiere just days prior.
However, several eyewitnesses countered his perspective, explaining that it was Funke who had escalated a minor issue into something significant, when all that was required was a bit of patience and understanding to resolve the misunderstanding.
The reactions from veteran colleagues within the industry were overwhelmingly negative, as many felt that Funke’s behavior was not only insulting but also unbecoming of someone of her stature. They expressed their disappointment, noting how they had tried to reason with her as she departed the event without acknowledgment. Such responses have sparked discussions among industry peers about the importance of humility and professionalism, especially in public settings.

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