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Ecobank Drags Vigeo boss, Victor Osibodu to court over alleged N8.7billion debt

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       In a bid to recover an alleged debt of N8,701,770,328.83 Ecobank Nigeria limited has dragged a Lagos businessman, Mr. Victor Osibodu and his company Vigeo limited before a Federal high court, in  Lagos southwest Nigeria. In last week’s proceedings, Ecobank’s counsel, Mr. Dapo Akinosun SAN, leading Barrister Akintayo Iwilade and four other counsels informed the presiding judge, Justice Yellin Bogoro that the matter is slated for hearing, adding that the bank has 111 exhibits attached to the process and two witnesses to call.
He further told the court that he had discussed with the defense counsel, Mr. Oyetola Oshobi SAN, on the need to align all the exhibits in order to agree on which of them that will be tendered together without objection and those that would be objected to in order to safe the time of the court, Mr. Oshobi SAN aligned himself with Akinosun’s submission.
 Consequently, both counsels asked for an adjournment to enable them to reconcile the documents, thereafter Justice Bogoro adjourned till March 17th and 30th of March,22 for trial to commence.
     In its statement of claim, Ecobank alleged that by a duly executed offer of Multiple Credit Facility dates April 10, 2007 the bank approved the grant of $15 million and $1,750,000.00  respectively in favor of Vigeo Nigeria limited,for the acquisition of a motor tug boat known as Lady Margret now Vigeo Olufunke from a company in Norway.
The bank stated that by another duly executed offer of Multiple Credit Facility dated April 10, 2007, the bank in three tranches granted to Vigeo the sum of N200 million, N750 million and N350 million respectively for the purpose of working capital and import duty payments with a tenor of 12 months (renewable annually) at the interest rate of 16 % per annum.
According to the bank, the first Vigeo Company secured the facilities, with a lien on shares of blue chips companies estimated at N500 million to be whare-housed with the bank, receipt of irrevocable domiciliation of contract proceeds from majors Oil companies in favor of the bank and stocks of goods valued at N150 million.
The bank added that in accordance with the security required under the credit facility, dated April 10 2007 (Dollar Facility), the  Chairman of Vigeo Company,   Mr. Victor Osibodu executed a personal guarantee and a duly notarized statement of Net worth dated August 16, 2007, the statement of Net worth provides particulars of his personal assets worth N2,002,400,000.00 for the security of the loan sums in the event that he defaults in the repayment of the loan.
According to the bank, in fulfillment of the personal guarantee by Osibodu, the Central Securities Clearing System (CSCS) by a letter of October 30, 2007, confirmed the placement of a lien on 25,083,612 units of GTB shares belonging to Osibodu.
On July 9, 2008, Mr. Osibodu resolved at its Board Meeting to request for an additional facility of US$ 2, 000,000.00 to finance the dry dock maintenance of the vessel.
  Upon consideration of the Defendant’s request, Plaintiff made an offer in principle indicating the terms and conditions of the said offer of $2,000,000.00.
The Security of the $ 2,000, 000 loan includes amongst others an irrevocable domiciliation of Charter contract proceeds from Knock Allan Pte or their Nominee, the new chatterers of the vessel as well as domiciliation of Charter contract proceeds from SNEPCO.
According to the plaintiff, despite the defendant’s loan obligations, the board of his company at a meeting on May 3, 2009, requested the additional facility of $1million for the purpose of completing the life extension program of the vessel MV Vigeo Olufunke.
Due to the inability of the defendants to meet their repayment obligations, the bank on several occasions restructured the facilities yet they could not meet up with the repayment terms.
Consequently, by a letter dated June 27, 2014, the bank informed the defendants that it’s account had remained non-performing as Osibodu had failed to meet the agreed term.
However, after several meetings between the bank and the defendants over the indebtedness, Ecobank by a letter dated September 2, 2014 informed Vigeo that its current indebtedness stood at N798,202,164.28; $13,547,854.4 as at June 25, 2013 and additional $4,263.24.
Consequently, Ecobank is urging the court to declare that the defendants are indebted to  it in the sum of $16,886,665.04 and N862, 061, 492.63 being the sum outstanding as at 1st of December 2016 with interest accruing at the agreed interest rate.
An order awarding post-judgment on the sum, at the rate of 20% per annum until the final liquidation of the debt.
The bank is also seeking the order of the court for the forfeiture of Vigeo house, 6 Osborne Road, Ikoyi Lagos valued at N800 million as at August 2007.
An order of forfeiture of 16A Milverton Road, Ikoyi worth N700 million.
“An order granting the Plaintiff ownership, control, disposition and/or lien rights (until and to the extent and purpose of full realization of the sums) in the event that the properties identified are still insufficient to liquidate the Defendants’ debt.
1.”All shares held in any companies by the Defendants within the Federal Republic of Nigeria
2. “Cash at hand or cash held in any Bank and/or financial institutions in Nigeria standing to the credit of the first and second defendants among others and general and exceptional damages in the sum of N100 million.
However, Vigeo in its statement of defense stated that Ecobank Transnational Incorporated did not acquire defunct Oceanic Bank International PLC at all, contesting that any purported acquisition is void, illegal and unenforceable in law.
It stated that there was no merger of defunct Oceanic bank with the plaintiff and no valid or legal merger adding that the purported merger is illegal and void in law and did not comply with all requisite statutory requirements and due process of law.
The defendants also stated that Ecobank is not the successor-in-title or successor-in-interest of defunct Oceanic Bank and the rights, assets and liabilities of Oceanic Bank are not vested in Ecobank.
The Defendants shall at the trial of this suit rely on the Report of the Forensic Review of Vigeo Limited Accounts with Ecobank Nigeria Limited.
    Consequently, the Defendants state that they are not indebted to Plaintiff in the sum of N8,701,770,328.83 (eight billion, seven hundred and one million, seven hundred and seventy thousand three hundred and twenty-eight Naira eighty-three Kobo) or any sum at all and that the bank is not entitled to any of the reliefs claimed in this suit as same are frivolous, baseless, unmeritorious and should be dismissed with substantial costs.

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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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