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$1.5m debt: Court freezes billionaire, Muhammadu Indimi’s Oriental Energy bank accounts

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A Federal High Court in Lagos has restrained Oriental Energy Resources Limited owned by billionaire, Alhaji Muhammadu Indimi, from withdrawing, transferring, removing any funds, properties, or assets, outside the jurisdiction of Nigeria or encumbering any funds belonging to or held to the account of the company with the 12 commercial banks except for payments of salaries.

Justice Chukwujekwu Aneke made the order in an exparte application filed and argued by Mr. Uchechukwu Obi (SAN), on behalf of a limited liability company, Uniterm Nigeria Limited, who alleged that Oriental Energy Resources Nigeria Limited owes it the sum of $1,453,356,76.

The court also restrained Oriental Energy Resource Limited, an oil exploration and production company, either acting alone or in concert with the Central Bank of Nigeria, and the Nigeria Petroleum Development Company, from exporting, transferring or removing from the jurisdiction of the court any asset, crude oil or gas due to the company from Ebok Marginal Field or any other oil block, pending hearing and determination of the motion on notice.

Investors lose N312bn as stocks’ bearish position persists

The court also granted an interim order attaching and taking legal possession of all funds, deposits, credit, and receivables belonging to or due to the company with or in the custody of the 12 banks listed before the court.

The banks are, First City Monumental Bank Plc, Access Bank Plc., Ecobank Plc, Fidelity Bank, First Bank Plc, Guarantee Trust Bank, United Bank for Africa, Zenith bank Plc, Standard Chartered Bank, Stanbic IBTC Bank, Polaris Bank Plc, Union Bank Plc.

Besides, the court directed all the banks listed, to within seven days from the day of service of the orders file an affidavit disclosing the respective balances, funds, deposits, credit, and receivables, held in or the accounts of the company at the date of the order supported by a certified print out of the statements of accounts covering three months, pending the hearing and determination of the motion on notice.

In a 63-paragraph affidavit in support of the application, sworn to by the General Manager, Finance of Uniterm Nigeria Limited Company, Adekunle Okunnowo, it was alleged that Oriental Energy Resources Limited, was desirous of engaging a consortium comprising a local and foreign contractor to provide it with a Rig, specialized drilling unit, local and foreign personnel, and catering services required in the Well Drilling project for Ebok Field located within OML 67.

He averred that Oriental Energy Resources Limited contacted Borr International Operations Incorporated, a company engaged in the business of providing drilling services, and one existing under the laws of Marshall Island and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.

He further averred that the petitioner was to provide local personnel and catering and incidental services on the rig location; while Borr was to provide the Rig, drilling unit, and expatriate personnel for the project comprised in the contract.

The petitioner, Borr, and the respondent as separate juristic entities fully aware of their roles, rights, and obligations, entered into a business relationship in May 2021.

According to the deponent, the drilling operations and other contractual services commenced in May 2021 and ended in October 2021.

He stated that the Petitioner had submitted a total number of 61 invoices totalling $2,232,638.67 and N104,120,896.20.

The deponent added that all of these duly issued invoices were sent directly by the Petitioner to the Respondent in accordance with the Ordering and Invoicing process and most of them were allegedly received and honoured by the Respondent.

He stated that the Respondent, however, failed to pay six outstanding invoices all of which amount to the $1,453, 356.76 VAT inclusive.

He stated that sometime in October 2021 the Respondent alleged that Borr supplied Rig that malfunctioned thereby leading to temporary stoppage of work within the period resulting in non-productive time (NPT) and consequential spread cost losses.

In the light of this, the Respondent had sent a letter to Borr on 14th October 2021, informing Borr that they were disputing the service rates on Borr’s specific invoices dated 6th September 15th September 2021 in view of the non-productive time (NPT) and spread cost losses.

The letter was addressed to Borr, which was simply copied to the petitioner.

However, the Respondent never disputed the invoices submitted by the Petitioner for the local personnel supply and catering services rendered by it or queried any aspect of the services rendered by the Petitioner in accordance with the OERL Ordering and Invoicing Process,

He stated that the Respondent struggled throughout the contract tenure to comply with the contractual payment terms of 30 days from final invoices submission dates as agreed, instead payments were mostly delayed and irregular and some remained outstanding till date.

He stated that due to the persistent refusal of the Respondent to make payments to the Petitioner, on the six outstanding invoices, the Petitioner wrote a letter to the Respondent dated 14th March 2022 and 5th April 2022, demanding payment of the outstanding debt of $1,453,356.76 VAT inclusive.

By the terms of the contract, the Petitioner is also entitled to interests on the invoices as provided for in the contract. This is because the 30-day period stipulated in the contract has elapsed since the invoices were raised and submitted.

In his ruling, Justice Aneke granted the restraining order.

The suit has been adjourned till September 26, 2022, for a hearing, and it is expected that the defendants would have filed their defence.

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INNOSON VEHICLES SUES IMO STATE GOVERNMENT OVER N2.5B DEBT

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Nigeria’s indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed an over N2.5B lawsuit against the Imo State Government under the headship of Senator Hope Uzodinma over its failure to pay or service the debt of N2,547,666,435.00 (Two Billion, Five Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, Four Hundred and Thirty-Five Naira) being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals.

The lawsuit which was filed by Prof. Joseph N. Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

For the avoidance of doubt, sometimes in April 2021, His Excellency, the Executive Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government which includes, inter alia;

1. 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD

2. 10 units of Innoson 5- Seater double cabin military pick up (IVM G12)

3. 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)

4. 100 units of a complete siren with public addressing system, revolving light, and street police light;

5. 2 Units of IVM Ambulance Vehicles

6. 20 Units of IVM G12 MS11

7. 20 sets of B. Canopy

The above vehicles which were valued at over N2.5B ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favor of paying for the vehicles after deliveries to them and which request was granted and honored.

The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.

The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry. These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.

It is also interesting to note that as of July 27th, 2022, the over N2.5B worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3M is now worth $3.8M. Even if the money is paid today, the value of the money has depreciated by over 40%.

It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5B with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.

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Ooni of Ife, Oba Enitan Adeyeye Ogunwusi Finds Love Again, to marry Nestoil Executive, Mariam Anako.

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Youthful monarch and the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi is giving love a chance again.
This is coming from the details of his alleged dalliance with the Administrative Manager of NestOil, Mariam Anako who is said to have been an item with the monarch for some time.

Mariam Anako

Those in the know claimed the Ooni has done everything possible to keep the relationship secret, judging by his past experiences with Queen Zainab and Queen Silekunola.
A source hinted that the relationship had undergone its first course, with the monarch meeting with the family of his lover in February of this year.
The indication that the Ooni was trying to settle for Mariam as his new wife was strengthened with the renovation of the quarters vacated by the last queen, Naomi, with news spreading round the Palace that a new wife is coming.
The new ‘Olori’ is most likely to move into the palace by August, the source revealed. Further checks also revealed that Mariam Anako is an indigene of Kogi State but grew up in Kwara.
The Ooni after being made king married Queen Zainab Otiti, the marriage didn’t last as she left the Ife Palace.
The Ooni later married an Akure based preacher, Queen Silekunola who bore him a son.
Their marriage for unknown reasons did not also stand the test of time as the queen was ejected from the Palace.
This proposed wedding is the third and the more reason the Youthful monarch who is regarded a ladies man wants to protect at all cost.
Papermacheonline

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Ekweremadu Organ Harvesting Scandal: Ekweremadu’s Wife Granted Bail After One Month in Custody

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Beatrice Ekweremadu, wife of former Deputy Senate President Ike Ekweremadu, has been granted bail after one month in custody.

Ekweremadu and his wife, who are now on trial for claims of organ harvesting, appeared in London’s Central Criminal Court on Friday, July 22, 2022.

How it all began: In June, the MP and his wife were accused of smuggling a 21-year-old into the UK in order to harvest his kidney for their sick daughter.

In his decision on Friday, Judge Richard Marks granted bail to Ekweremadu’s wife.

The position is that I have granted bail to Beatrice subject to some fairly stringent conditions but I have refused bail to Ike,” the judge was quoted to have said.
In a report released on Monday, July 25, 2022, Foundry Chambers, a law firm identified as representatives for the Ekweremadus stated,“Anu Mohindru Q.C., together with Szilvia Booker, at a hearing on 22/07/22 before the Common Sergeant at the Central Criminal Court secured bail for Beatrice Ekweremadu, the wife of the former Nigerian Deputy Senate leader, Ike Ekweremadu, who is charged together with her husband and Obina Obeta, said to be a middleman in relation to these arrangements with offences of arranging or facilitating the travel of David Nwamini Ukpo with a view to him being exploited, contrary to s.2(1) and 5(1) Modern Slavery Act 2015 and conspiracy to commit such an offence.”

“The essence of the allegation against the defendants is that (using intermediaries) they recruited David Ukpo, a homeless Nigerian male living in Lagos and, on 22nd February 2022, brought him to the UK for the purposes of harvesting a kidney from him to be used for the benefit of their daughter.

“An application for bail on Friday was refused for Ike Ekweremadu but granted for Beatrice on strict conditions to ensure her attendance and obviate any concerns of her being a flight risk ahead of a plea and trial preparation hearing scheduled to take place on 4th August 2022 and a subsequent trial next year.”

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