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Algrain Foods MD denies receiving loan from Nigerian bank

Published

6 months ago

on

The Chairman/Chief Executive Officer of Algrain Foods Limited, Chief Anthony Obidulu, maintained his stand before a Lagos High Court sitting in Osborne that First City Monument Bank, FCMB, never advanced any loan to him.

Rather, the money in question was the one hundred million naira (N100 million) Small and Medium Enterprises Credit Guarantee Scheme facility granted to his company by the Federal Government in which FCMB acted as an agent as required by the guidelines issued by CBN.

He also told the court presided over by Honourable Justice (Dr.)R.O Olukolu while being led in evidence by his counsel, Chief Aloy C. Ezenduka, that the money in contention was not just dropped into his accounts, but was paid upon request.

Algrain Foods Limited and its Chief Executive Officer, Anthony Obidulu, had sued the Bank and the Receiver Mr . Emmanuel Adeyeye, Oyebanji, SAN before the Court, claiming among others that the Receiver committed acts of trespass to Chief Obidulu’s property which is not part of the All Assets Debenture (Plant & Machinery) pledged to the bank to secure the facility as provided in the CBN guidelines and that the Court should appoint independent auditors, and grant the sum of N20 billion against the Bank.

The defendants are First City Monument Bank Plc and Mr. Emmanuel Adeyeye Oyebanji as 1st and 2nd defendants respectively.

He further told the court that he had been denied access to his premises since the dispute occurred. According to Obidulu “there is a difference between his personal property and the property of the company, saying that it is only the plant and machinery that belongs to the company. He maintained that if they need the document, they can always ask the bank.

 

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Lagos Takes a Giant Leap Towards a Cleaner, Greener Future with Proper Waste Disposal Bins

Published

19 hours ago

on

December 11, 2024

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Join the Movement to Build a Culture of Proper Waste Segregation and Disposal in Lagos. 

 

As part of its efforts to promote a cleaner, greener, and healthier environment, The Architects Place Ltd In conjunction with the Ministry of Environment and Water Resources has launched an initiative to provide proper waste disposal bins across the state.

 

The initiative, which is aimed at building a culture of proper waste segregation and disposal, is designed to encourage residents, businesses, and institutions to properly dispose their waste and recyclables.

The proper waste disposal bins, which are designed to accommodate different types of waste, including recyclables, organics, and non-recyclable waste, will be strategically located in public spaces, markets, and other high-traffic areas.

 

This will help to reduce the amount of waste that ends up in landfills and waterways, improving environmental health and reducing the risk of disease. By providing separate bins for recyclables, the initiative will encourage residents and businesses to recycle more, reducing waste and conserving natural resources.

 

We urge all residents, businesses, and institutions in Lagos to join us in this effort to build a culture of proper waste segregation and disposal. Together, we can make a difference and create a cleaner, greener, and healthier environment for all.

 

For more information on the proper waste disposal bin initiative, please contact:

 

Ministry of Environment & Water Resources, Alausa Lagos State.

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News and Report

National Grid Collapses 12th Time In 2024

Published

20 hours ago

on

December 11, 2024

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Nigerians were left in darkness on Wednesday following yet another collapse of the national power grid.

 

Since January 2024, the grid has collapsed 11 times.

 

 

In just one week in October, the grid failed three times, causing widespread blackouts and prompting reactions from Nigerians

 

 

A tweet from Nigeria’s National Grid official handle confirmed the collapse at approximately 2:09 pm on Wednesday.

 

“The major grid setback has occurred and the restoration is to commence,” the tweet stated.

 

 

 

 

More to come…

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Just In: Abuja High Court Denies Yahaya Bello’s Bail Request…..

Published

2 days ago

on

December 10, 2024

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A High Court of the Federal Capital Territory (FCT) in Maitama has rejected the bail request by former Kogi State Governor, Yahaya Bello.

 

Bello is standing trial, along with two others, on an alleged N110bn money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).

 

Justice Maryanne Anenih, in a ruling on Tuesday, faulted the competence of Bello’s bail application, stating that it was filed prematurely.

 

Justice Anenih held that, since the application was made when Bello was neither in custody nor before the court, it was deemed incompetent.

 

She said: “Consequently, the instant application, having been filed prematurely, is hereby refused.”

 

 

 

More to come…

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