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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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FESTIVE SEASON : LASTMA BOSS ASSURES MOTORISTS OF ADEQUATE TRAFFIC MANAGEMENT AND CONTROL ACROSS LAGOS

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Following the regular upbeat in social activities during festive season with corresponding increased in vehicular traffic and in addition to the on-going construction works at various parts of the State, the Lagos State Traffic Management Authority (LASTMA) has assured motoring public of adequate deployment of more personnel including traffic management materials for seamless traffic operations before, during and after the coming festive periods.

The General Manager of LASTMA, Mr Olalekan Bakare-Oki, who made this known today at the Agency’s Headquarters felicitates with all Lagosians as they celebrate Easter, disclosed that all Operational heads including the newly restructured Agency’s District Comptrollers, Commanders and Zonal Heads would be fully on ground for seamless traffic management during the festive period.

Mr Bakare-Oki reiterated that the Provost, Monitoring and Surveillance Units of the Agency would be out to closely monitor performance and ensure that all LASTMA officers on the road effectively and efficiently display civility and high level professionalism in the discharge of their duties.

According to the General Manager “I specially congratulate all Lagosians on this occasion of Easter Celebration and I assure all road users particularly motoring public that Lastma personnel would be deployed to every strategic locations to adequately monitor vehiclular movements across the State”.

Stressing further, Mr Bakare-Oki maintained that the structural arrangements and deployments put on ground for seamless traffic flow during the celebrations would be sustained and improved upon for the forth coming Eid-Fitri festivity.

For any traffic Complaints, Comment and Commendations (CCC) about the conduct of LASTMA personnel, members of the public particularly motorists are enjoined to call the following hotlines 08100565860, 08129928515, 08129928503 & (08129928597 WhatsApp Only) or via our Social Media Handles (Twitter ‘X’ – @followlastma), (Instagram – @ekolastma_), (Facebook – @ekolastma), (YouTube – LastmaTV) and (email – followlawtma@gmail.com).

“Every morotists must obey traffic regulations, drive within speed limit, must avoid reckless driving and also to carry out regular maintenance works on their vehicles before putting them on the road in order to avoid road accident”.

He equally assured motorists that Lastma Officers presence would be felt at all the major roads intersections along with regular/consistence patrol especially along notorious trafgic flash points.

While enjoining both commercial and private car owners including other road users to strictly comply with traffic rules and regulations, Mr. Bakare-Oki however warned that any traffic infractions or disobedience of traffic managers directives would attract serious sanctions as contained in the Lagos State Transport Sector Reform Law 2018 as amended.

 

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Safety on Roads: Gov. Mbah calls for closer synergy among security agencies

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Gov. Peter Mbah of Enugu State, on Tuesday, called for closer synergy and cooperation among security agencies to ensure safety on roads within the country. Mbah, represented by the state’s Commissioner for Information, Chief Eze Aka, made the call in an address at the Graduation Ceremony of Senior Course 2 of the Federal Road Safety Corps (FRSC) Command and Staff College, Udi near Enugu.

 

The governor noted that closer security and intelligence sharing on incidents on roads within the country by various security formations and agencies both military and para-military would lead to greater security and safety of lives and property on roads.

 

He said that the state government had keyed into the FRSC vision of reduction in road crashes and fatalities, adding that it had equipped the state traffic officers with the same set targets.

 

“As an administration, we are making all efforts to fix and improve on all roads and road infrastructure within the state; while we are calling on the Federal Government to do the same.

“Our partnership with the FRSC for training and retraining of our road traffic officers will continue and be strengthened so that as a state it will also build its own capacity to deal with road traffic issues and challenges,” he said.

 

Mbah congratulated the graduating participants of the course, while commending the FRSC management for being in the forefront of raising the standard and quality of its staff.

 

According to him, my administration will continue to partner with the FRSC and strengthen existing engagements of mutual benefits.

 

Earlier, the FRSC Corps Marshal, Dauda Biu, said that the event was significant to the Corps as it marked its commitment to continuously improve its educational and operational standard and capacity.

 

Biu, represented by the Deputy Corps Marshal (DCM) Bisi Kazeem, who is in-charge of FRSC Training, said that the Corps was building resiliency and increasing its service delivery capacity by equipping its officers with quality and international standard training.

 

“The course is meant to prepare the participants for command and leadership roles in road safety operations and management within and outside the country.

 

“I congratulate the graduates and urge them to pass down all they have learnt in the course to their colleagues in various commands and units within the country.

 

“They should also promote the ideals of FRSC and be good ambassadors of the College in word and deeds,” he said.

 

Biu commended the Commander-in-Chief of the Armed Force, President Bola Tinubu, and the Secretary to the Government of the Federation for all the support and encouragement they had given the Corps to succeed.

 

In a welcome address, the Commandant of the College, Assistant Corps Marshal (ACM) Chidiebere Nkwonta, appreciated the Corps Marshal and FRSC management for the fatherly support to the college especially to the Senior Course 2 during their six-month course period.

 

Nkwonta noted that the participants displayed resilience, hard work and dedication while passing through the rigours of the course, adding that the course curriculum included: leadership and management; ICT; FRSC operations, FRSC legal framework; demonstration/simulation among others.

 

In a goodwill message, the Auxiliary Bishop of Catholic Diocese of Enugu, Bishop Ernest Obodo, advised the graduating participants to put all they had learnt to practical use in the society to further reduce road accidents.

“I must tell you that our people needed more enlightenment and education on road safety issues so that there would be a level of discipline and positive culture on our roads and user roads being considerate to one another,” Obodo said.

The first best graduating officer, Funmi Rufui, who spoke on behalf of other graduating officers, thanked the FRSC Corps Marshal and management for the privilege and opportunity to learn in the prestigious College.

Rufui appreciated the Commandant, directing staff and lecturers of the College for imparting their knowledge and inestimable experience on them.

The high points of the event were the conferment college award on participants, decoration of participants with college pins, issuance of certificate to participants and award to six best graduating participants.

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Senator Ifeanyi Ubah Shuts Down Nnewi with Uzodimma, Ganduje and others for Mega Empowerment

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Senator Patrick Ifeanyi Ubah CON has paid his dues politically. Even his detractors have realized that he is indeed a political figure who cannot be shoved aside with the wave of a hand. He is indeed a political force to be reckoned with in Anambra State politics. For him, taking a moribund Young Progressive Party YPP to relegate the top political party by going on to win the Anambra South Senatorial district in 2019 is indeed a political statement that will forever be referenced in the political space.

The seasoned businessman and Oil mogul has indeed wanted to serve his people in various capacities but he got the avenue and he is not taking any chances as one of his core mandates is to see Anambra rise to its true potential as the Lion of the South East region. In the last election, while campaigning and giving his score card; all his campaign promises within a short while he has fulfilled which makes him a voice that cannot be silenced. Despite several attempts to cut him short; he has continued to grow like wildfire. Despite several attacks which led to the ambush and death of his aides and police escorts, Ubah has refused to back down and has reiterated his commitment to making sure he achieves his goals even if it requires him dying for the cause of his people.

Senator Patrick Ifeanyi Ubah

This we gather further secured the confidence of many people and backed his quest for a more secure Nnewi. He has invested a lot in security as he has, barked on a massive instalment of CCTV cameras within the Nnewi metropolis and has also empowered youths with vans, cars, motorcycles and other gadgets to ensure rapid response to emergencies. He is also working assiduously to stop the every Monday Sit-at-home order currently disrupting economic activities within the region.

Empowerment Materials for Anambra South by Senator Ifeanyi Ubah

Last year, when the news of his defection came it didn’t come as a shock to many as those in the know are aware that Ubah and President Bola Tinubu have had a long-standing relationship outside politics. Ubah shares in the political ideology of President Tinubu and his renewed hope agenda and instead of admiring from afar he decided to join the ruling party to further solidify his political base in Anambra to wrestle power from the incumbent Governor at the next election. Despite stiff opposition from some top political forces in Anambra to fursturate Ubah’, he has remained resilient and dogged in chasing his dreams with much gusto.

Bags of Rice to Cushion the effect of the biting economy by Senator Ifeanyi Ubah

Last weekend at his Ifeanyi Ubah International Stadium in Ozubulu, Nnewi; Ubah convinced many constituents to benefit from his mega empowerment programme where he rewarded loyal and faithful constituents to cushion the event of the biting economy.

Outside Politics Ubah has been reaching out to his people but his current position allows him to reach out to a wider range of people with the donation of tri-cycles, minivans, motorbikes, sewing machines, grinding machines, bags of rice and a host of other goodies.

APC chairman; Dr Umar Ganduje and Imo State Governor; Hope Uzodimma

The chairman of the Al Progressives Congress, Dr Umar Ganduje, Imo State Governor, Governor Hope Uzodinmma, Ebonyi State Deputy Governor Patricia Obila, and Iyom Uche Ekwunife among others attended to witness the occasion.

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