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N198 million debt: Court orders attachment of  Derilar company and it’s Directors accounts

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    A federal high court sitting in Lagos south-west Nigeria has ordered the immediate attachment of funds belonging to an Ibadan based company Derilar Enterprise Nigeria Limited to the tune of N198,061,091.61. Also affected by the order of the court are, the managing Director and alter Ego of the company Chief Dele Ajayi and two directors of the company Mrs Adenike Ajayi and Mrs OMOLARA Ajayi are also shareholders of the company. The presiding Judge Lewis Allagoa, also ordered AMCON to take interim possession of the two properties  stated below used as collateral for the loan
1. Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
2. Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 at page 8 in volume 2576 of the Land Registry office at Ibadan.
      The order of the court was as a result of an application accompanied by an affidavit sworn to and filed before the court on behalf of Asset management corporation of Nigeria AMCON by a Lagos lawyer Barrister John Duru.
   Barrister Duru avers that Derilar Enterprise company, is a company duly registered under the laws of Nigeria with its address at N5/871H Opposite Express Over-Head Bridge, Iwo Road Ibadan, Oyo State, the Company was a customer of  Trans International Bank Plc (now Heritage Bank), On the 24th of October, 2000, upon application of the company a loan facility of  N 40,000,000 (forty million Naira), was granted to the company by Trans International Bank Plc (now Heritage Bank).
    The purpose of the loan was to finance the execution of the contract awarded by the Osun State Government to the company “for the construction of ‘Type B’ New Secretariat Complex in Osogbo”
    The tenor of the facility was for a ten (10) month – period and the following properties were used as collateral for the credit facility:
Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 on page 8 in volume 2576 of the Land Registry office at Ibadan.
   The Defendants having utilized the above-stated loan facility they obtained from the Bank,  defaulted in repaying the same.
      As a result of the defaults by the Defendants, the Bank wrote and sent out several letters demanding the Defendants liquidate their debt, however, they failed and/or neglected to do so.
      As a result of the default, the loan facility became toxic and was subsequently acquired as Eligible Bank Asset (EBA) by Asset management corporation of Nigeria (AMCON)
by virtue of its statutory powers and functions.
By virtue of the purchase, AMCON is statutorily empowered to administer and recover the loan from the Defendants.
AMCON sent demand notices to the Defendants to repay their debts arising from the loan facility granted them
 The Defendants’ letters dated 4th July 2014 and 30th September 2014, addressed to the Plaintiff, the Defendants actually acknowledged being indebted to the Plaintiff and sought time to offset same.
      However, after a series of meetings and negotiations with Plaintiff, Plaintiff restructured the loan with the Defendants to the tune of N60,000,000.00 (Sixty Million Naira) as a full and final settlement of the debts.
By the terms of the agreement, the Plaintiff made it clear to the Defendants that if they defaulted in paying the agreed N60,000,000.00 (Sixty
Million Naira) within the stipulated period being 30th September 2014, Plaintiff reserved the right to revoke the restructured payment proposal and demand for the entire outstanding sum of N198,061,019.61 (One Hundred and ninety-eight million, Sixty One Thousand nineteen naira and Sixty-one kobo).
That the Defendants, however, failed and/or neglected to repay the debts despite the concessions from the Plaintiff.
The default of the Defendants has caused serious financial and economic consequences on the activities of the Bank and its customers, who were the actual owners of the money.
That the current debts of the Defendants amount to the sum of N198,061,019.61 (One Hundred and Ninety Eighty  Million, Sixty One Thousand, Nineteen Naira, sixty-one Kobo).
Plaintiff is desirous of recovering the above-stated sum and also desirous of taking possession of all assets of the Defendants with the assistance of the Police, Sheriffs and Bailiffs of this Court pending the determination of the substantive suit.
The Plaintiff avers that noting the protracted default of the Defendants to liquidate their indebtedness, it has become manifest that except this Honourable Court intervenes in this case; the Defendants will tarry in their default therefore, it is needful for the court to restrain the Defendants as well as  listed banks from removing, deducting, transferring or howsoever tampering with any funds, shares or instruments standing to the credit of the Derilar company
 Unless this court grants this application, there is real and imminent danger of the Defendants removing from the jurisdiction or dissipating the assets thereby making the recovery process of the Plaintiff frustrated.
WHEREOF the Plaintiff claims against the Defendants are as follows: a
 An order of this Honourable directing the defendants to pay the sum of N198,061,019.61 (One Hundred and ninety-eight Billion, Sixty One Million, Nineteen Thousand naira and Sixty-one kobo) being their outstanding indebtedness to the Plaintiff.
An order of this Honourable Court directing the Defendants to pay post judgement interest at the rate of 15% per annum from the date of judgement, till the final liquidation of the entire sum.
Cost of this action is the sum of N5,000,000.00(Five Million Naira).
      The presiding Judge, Justice Lewis
Allagoa, after hearing the submission of David Idang counsel for the plaintiff’s move in terms of the motion paper, the court careful consideration of the application and submission of the counsel, It is  hereby ordered as follows:
      That the order of this court granting leave to the plaintiff to take interim possession of the properties of the defendants at :
Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 on page 8 in volume 2576 of the Land Registry office at Ibadan which was transferred via a deed of a legal mortgage by the defendants to Enterprise bank and Intercontinental bank which AMCON purchase from the bank.
     Any other landed, movable, immovable, tangible, intangible, traceable assets within Nigeria, whenever found or situated within Nigeria pending the hearing and determination of the substantive suit.
     An interim order is granted mandating all the  27 banks and other financial institutions to disclose detailed banking, financial, and commercial information of the defendants within 7 days of service of the order on them.
       An order is granted freezing and attaching the various bank accounts of the defendants to the tune of N198,061,019.61 domicile in 27 banks listed before the court. pending the determination of the substantive suit.

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Kindness Defeats Witchcraft: Apostle Suleman’s Cross-Over Lecture at ‘Mercy Night’

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Evil is very much alive and well in this world. We are reminded of this fact as we see it play out almost often. Although evil occurs and serves as a stark reminder of the cruelty that exists within humankind, showing kindness can easily defeat evil acts, which is witchcraft, lectures popular servant of God and General Overseer of the Omega Fire Ministries (OFM) worldwide, Apostle Johnson Suleman.

 

At the ministry’s Cross-Over service on Tuesday 31st of December, 2024 tagged ‘Mercy Night’, the Restoration Apostle, ably present with his wife, Reverend Lizzy Suleman, warned us to “never avenge ourselves”. To the contrary, Apostle Suleman cautions; “do not be overcome by evil, but overcome evil with good”.

 

Usually, the natural response of man when he is hurt is to hurt back. But, Suleman says “God tells us something different”, quoting Romans 12:19–21: “Vengeance is mine, I will repay. If your enemy is hungry, feed him; if he is thirsty, give him something to drink; for by so doing you will heap burning coals on his head. Do not be overcome by evil, but overcome evil with good.”

 

According to the servant of God, not only should you refuse to take revenge, but you should intentionally do good to those who you would consider your enemies. Showing them love and kindness would so confuse and frustrate your enemy that the result would be them turning to God.

“If you want to see witchcraft being rubbished in your life, engage In kindness. To recover means to regaining possession. To recover means a comeback, the return of control. To recover means to improve and to become better. To recover is renewal,” Suleman teaches, suggesting that hate must not define us.

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Agbado Youths Celebrate Historic Succession, Rally Support for Prince Akintoye as King

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Agbado Community in Ogun State erupted in jubilation on December 27, 2024, as the youths led the town in a grand end-of-year celebration to honor the historic succession of the late patriarch, High Chief Anthony Kayode Akinrinade, by his son, Prince Akintoye Olusola Akinrinade.

The event marked a significant milestone in Agbado’s journey toward justice and stability following a prolonged Obaship crisis that stifled the community’s development for over three decades. The crisis, marked by legal battles and defiance of court orders with suit number CA/IB/75/2020, was recently resolved by the steadfast judgment of the Court of Appeal, Ibadan Division. The court ruled in favor of Prince Akintoye Olusola as the rightful successor, allowing him to continue the legal fight to restore order and dignity to Agbado.

 

For 35 years, Agbado thrived as a hub of agricultural trade and economic prosperity, with 147 villages under its jurisdiction. However, internal strife caused by selfish ambitions led to stagnation and disunity. The High Court delivered a landmark judgment five years ago, but resistance by a self-proclaimed monarch delayed the community’s progress.

On the 30th of October, 2024, the Court of Appeal officially recognized Prince Akintoye Olusola Akinrinade as the ‘Stand-In’ Plaintiff, a move that has rekindled hope for the community. This recognition also symbolizes a continuation of the legacy of the late High Chief Anthony Akinrinade, whose leadership was revered by all.

The festive event, organized by the Agbado Youth Forum, drew dignitaries, elders, chiefs, and community leaders. Baale Patoko, a key figure in the community, expressed optimism about the succession, stating, “The whole of Agbado strongly believes that by 2025, Prince Akintoye will be crowned king, bringing renewed peace and progress to our land.”

Pa Theophilus Amodu, a respected elder, praised Prince Akintoye’s exemplary character, noting, “He has taken after his father in good deeds and enjoys the trust and respect of the people.”

Mr. Amodu, President of the Agbado Youth Forum, echoed this sentiment, affirming the unwavering support of the youth for Prince Akintoye’s emergence as king. “His leadership will undoubtedly usher in peace, harmony, and development in Agbado,” he said.

The event concluded with renewed hope and determination among the people of Agbado, who are confident that Prince Akintoye’s ascension to the throne will mark the beginning of a new era for the community.

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Ex banker, Femi Olushakin, others arraigned for alleged armed robbery

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A former banker turned businessman, Olufemi Olalekan Olushakin alongside two others on Thursday were arraigned before the Chief Magistrate’s Court in Ibadan, Oyo State for alleged robbery.

Olushakin —now at large— and the two suspects — Ayomide Akanbi and David Adewale— were alleged to have conspired to commit felony to-wit armed robbery and thereby committed an offence contrary to and punishable under Section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap RII Vol. 14 Laws of the Federal Republic of Nigeria 2004.

In the case with Charge number: MI/1672C (Commissioner of Police, Oyo State Vs. Ayomide Akanbi, M, 32 and David Adewole, M, 47): “Count 1: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on 13th December, 2024 at about 5:00pm at Global Signature Hotel, New Gbagi Road, Ibadan in the Ibadan Magisterial District did conspire together to commit felony to-wit Armed Robbery and thereby committed an offence contrary to and punishable under section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 Laws of the Federal Republic of Nigeria 2004.

“Count 11: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on the same date, time and place in the above Magisterial District while armed yourselves with guns and some other dangerous weapons did attack one Akinola Dare ‘M’ and also dispossessed him of cash sum of Two Million, One Hundred and Forty Thousand Naira (N2,140,000.00) only, property of Global Signature Hotel Limited and thereby committed an offence contrary to and punishable under Section 1 (2) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 laws of the Federal Republic of Nigeria 2004.”

The Police Prosecutor, Inspector Kefas Usman told court that Olushakin —a former branch manager with a second generation bank and now Chairman of LAC Autos & Spare Ltd.— alongside Akanbi, Adewale and others on the night of Friday, December 13, allegedly forcefully gained entrance into Global Signature Hotel in Ibadan by disarming the security men at the gate.

Usman stated that the suspects made forceful and unlawful entry into the hotel, went straight to the control room, destroyed the CCTV memory and cut off the CCTV machine.

“After vandalizing it, they went to the POS machine, took the machines of the company, went to the manager of the hotel, one Dare Akinola, at gunpoint took him to the cash registry to collect all the sales of the week including room sales, lodgment, bar & hall payment totalling over N2,140,000 (Two million, One hundred and forty thousand Naira).

“They went to all the rooms, rounded up all the customers, and forcefully asked them to transfer money into Olushakin’s personal account during the robbery.

“At gunpoint, they gathered everybody to the reception, laid them down at gunpoint and in fear of their lives, the customers made cash transfers to Olushakin’s accounts, they vandalized some other things, took the lodgment book, computers, and other equipment.”

The Chief Magistrate, Mrs. Giwa Babalola, ordered that the suspects should be remanded at the Agodi Correctional Center in Ibadan.

She adjourned the case till January 29, 2025 for further mention.

However, with Olushakin’s absence during the arraignment, the Oyo State Police Command has launched a manhunt for him with a bounty of N5 million placed on him to the public for anybody with useful information leading to arrest.

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