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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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NEXIM Bank top Shot, Hon. Stella Okotete Plans Big for 40th

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 If Stella Erhuvwuoghene Okotete’s success story is well scribbled’ it will make a best-selling play if well adapted and also cast with an A-list actor to bring the characterization to life. Because it teaches determination, tenacity and hard work. Thriving in a male-dominated world is more reason for her to remain solid and firm thereby staying ahead of her game to become a force to reckon with thereby grounding the clichéd woven around women who limit their ability to soar higher. With her numerous degrees and current status as an Executive Director (Business Development) at Nigeria Export-Import Bank NEXIM, she kick-started her political sojourn with the All Progressives Congress, the first elected Councilor in Ughelli-North Local Government Area of Delta State from 2008 – 2011. When her name was penned down as a minister-designate but was not cleared by the Department of State Security Service for onward screening by the senate; Okotete quickly moved on by remaining focused and refused to hold grudges against anyone or blame anyone.

 Rather, she has continued to learn and contribute her quota to the country’s development in her capacity as a top echelon at NEXIM bank. Despite naysayers trying hard to discredit her and also cast aspersions on her she has remained unperturbed by using her weight to enhance technological empowerment for women through training for businesses to engage in the Exportation of goods and services to earn forex.

On the 20th of April she will be celebrating her 40th birthday. We also gathered that due to the current situation of the country and the dwindling economy also as a public servant with human feelings instead of  the usual fanfare attached to birthdays celebrations like many of her peers would have done; She will kickstart the celebration with a modest way with a Night of Worship on Friday the 19th of April 2024 at the GT event Centre in Warri, Delta State.

On Saturday which is the day she would clock 40; she has opted to share her joy with the downtrodden and extending her hands of love to the needy where she will be reaching out through an empowerment scheme  at the Okotete Street in Ugheli; Delta State where she will be handing out palliatives and other items that will cushion the biting economy to the needy as a philanthropic gesture.

She will wrap the celebration up with a Church Thanksgiving service on Sunday the 21st of April at the Christ Missionary Crusaders in Ekpan Warri in celebration mode just to celebrate and appreciate her creator for availing her the gift of life on Mother Earth despite the turbulent time she witness while moving to the top.

Sources say; No fanfare celebration as she has only invited her close friends and relatives to church where she would thank God and dance like David danced in celebration mood.

Top government officials and political stakeholders will be in attendance to share in her pot full of joy. Okotete is quite excited as it marks the beginning of a new journey in her life and she is making it a grand celebration with thanks to her creator for putting her on a high pedestal early in life.

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Billionaire Businessman, Alhaji Nasiru Danu Gets Another Traditional Title

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Alhaji Nasiru Halandu Danu is a man of high repute and unblemished integrity. He is a man whose words are his bond more reason he has been a delight of the ruling class and also thrived excellently well in business. Today he has not only made headway politically he is also respected for his ability to maintain and sustain friendship which has kept him going for years. Danu is a man who believes in his conviction and anyone he believes in he stands with regardless of how turbulent the situation might be. More reason he was one of Former President Buhari’s trusted allies and son with whom they both share a filial relationship.

 

As a politician born in Jigawa State, he also worked assiduously well for the present administration as he played an active role in the presidential campaign as a member of the campaign council. For this reason among others especially his philanthropic gestures were part of the reason former President Muhammadu Buhari honoured him with a national Honour as an Order of the Federal Republic O.F.R.

The chairman of Lubrik Construction during the Ramadan fasting partook in Zakat which is part of the core pillars of Islam. He donated heavily to the needy by feeding many during the fasting period. He donated palliatives and also fed multitudes in his bid to cushion the effect of the biting economy. In reward for bringing succour to his people over the years and as the Dan Amana Dutse Emirate, His Highness Muhammad Hamim Nuhu Sanusi CFR Sarkin Dutse has found him worthy by approving his upgrade from Dan Amana Dutse Emirate to Sardauan Dutse. The turbaning ceremony will take place at the palace on Thursday the 18th of April 2024 at the Dutse Jigawa State Capital.

 

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Obi Cubana’s 49th in Style 

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For Nightlife and lifestyle connoisseur Chief Obinna Iyiegbu popularly known as Obi Cubana; birthdays avail him a time to be thankful to his creator not only for preserving his life but for allowing him to experience the kind of lifestyle he had envisaged for himself during his formative years. While growing up the road seemed bleak and uncertain, but he didn’t relent rather; he intensified his hard work rate and also leveraged his ability to market which today has been his selling point.

 

Today, he has been able to build a formidable brand and also become a businessman of high repute with investment and hands in several pies of business. Just like when one thinks he would relent and manage what he has; he has not stopped working as he has continued to invest in other business stakes with his most recent in the transport business which he recently launched in Port Harcourt and Abuja.

For Obi celebrating his birthday has now become an annual ritual but while he is busy having the best of dinners with his friend; he is not also forgetting to reach out to the needy by proxy as he completely puts his philanthropic gestures off the media. In celebration of his 49th birthday on the 13th of April; Obi did not only thank his creator for giving him a good life and health with an abundance of wealth; he was also celebrated by those who matter most in the country with Newspaper advertorials, Bill Board advert placement across the city. Phone calls, social media mentions and all his joy hold no bounds as he was celebrated to the high heaven by brands he represents where his friends converged to honour the Okpataozuora 1 of Oba, Anambra. As he glides towards celebrating his golden age next year, sources say it’s going to be like a movie with different scenes and spectacles as the celebration will be hosted by his friends in Nigeria, the United Kingdom, America and Europe. “His friends have started galvanizing themselves and formed a committee of friends to host him because he has also in one time stood firmly for many of his friends. They are ready to go on a spending spree to ensure his 50th is the talk of the town just like his mother’s burial Years Ago.”

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