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Bankruptcy Suit: Court Adjourns Ecobank’s Suit Against Otudeko Till July 4

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The Federal High Court sitting in Lagos has fixed July 4 for hearing in the bankruptcy suit filed by Ecobank Nigeria Ltd against businessman, Dr. Oba Otudeko.
The suit, marked FHC/L/BK/19/2015, was scheduled for Tuesday, but Justice Akintayo Aluko adjourned same in view of court’s heavy workload.
However, Ecobank’s counsel Mr Kunle Ogunba, SAN, informed the judge that the adjourned date of July 4 was too long, in view of certain developments that made an urgent hearing of the bankruptcy action necessary.
He said Ecobank had filed an affidavit for the record, exhibiting a notice of discontinuance of its appeal and the judgment of the Supreme Court delivered on January 27, 2023 wherein the Supreme Court affirmed the indebtedness of Otudeko’s firms to Ecobank.
But the court noted that since counsel representing Otudeko had already been notified of the July 4 date, it would not be fair to change same.
The court consequently directed Ogunba to author a correspondence for abridgment of time for hearing of the bankruptcy action and to copy Otudeko’s counsel as legally enjoined.
Ogunba further informed the court that the situation was identical with the winding up action Ecobank filed against Siloam Global Services Ltd which was meant to come up Tuesday but was adjourned to same July 4.
It will be recalled that Ecobank filed the bankruptcy action against Otudeko for his inability to repay the loans availed his companies by Ecobank, which he secured via his personal guarantee.
Otudeko’s companies (Honeywell Flour Mills Plc, Anchorage Leisures Limited and Siloam Global Services Limited) had challenged their indebtedness to Ecobank by filing an action at the Federal High Court in Suit No. FHC/L/CS/1219/2015.
The said matter which went all the way to the Supreme Court was determined by the apex court on January 27, 2023 whereat the court held that Otudeko’s firms were indebted to Ecobank and that they were duty bound to repay all the facilities availed them by the bank, in line with the contract of the parties.

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Just In: Tinubu Set To Embark on  Two-weeks Annual Leave.

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President Bola Ahmed Tinubu has announced a two-week annual leave

 

According to Bayo Onanuga Special Adviser to the President (Information & Strategy) President Bola Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

 

He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.

 

He will return to the country after the leave expires.

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Alleged Corruption : El-Rufai denies allegations, vow to swear on Quran….

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A former Governor of Kaduna State, Nasir El-Rufai, has asserted that his entry into politics was driven solely by a desire to serve the people, not to amass wealth or siphon public funds.

 

El-Rufai made this declaration on Tuesday during a Hausa program aired on Freedom Radio, Kaduna.

 

Speaking candidly, the former governor dismissed allegations of financial misconduct during his administration, maintaining that he was already financially content before assuming office.

 

The Kaduna State House of Assembly had earlier indicted El-Rufai’s administration for the misappropriation of over N423 billion during his eight-year tenure.

 

 

However, El-Rufai and his associates have categorically denied the accusations, labeling them as politically motivated.

 

“I did not join politics to steal money or enrich myself. I was satisfied with what I had before becoming governor,” El-Rufai stated, adding that he is ready to swear on the Quran to prove his innocence if other former governors and current leaders do the same.

 

 

“I have always prayed for guidance in all I do, and I strive not to betray the trust of the people. Whenever the former governors of Kaduna State and other leaders are ready to swear with the Quran that they never misappropriated public funds, I will join them. I have no fear because I know I never took money that belonged to the people,” he said.

 

 

The former governor expressed dismay over the allegations, saying his administration has been accused without any clear evidence of where the money went missing or who took it.

 

He further claimed that his allies were being targeted and invited by the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission as part of a smear campaign against him.

 

“I have left everything to God’s judgment. I have prayed and will remain silent on the issue. I have instructed my lawyers to take legal action against those tarnishing my name, but for now, I’m focused on my activities like reading and writing,” he said.

 

 

El-Rufai emphasised that service to the people continues even after leaving office, stating, “You don’t need to hold a position in government to serve. We are still working with like-minded individuals who genuinely want to serve the people, not those seeking to enrich themselves.”

 

Looking ahead, El-Rufai revealed that he intends to return to politics in 2027 after completing his studies, remarking, “There is no retirement in politics. God willing, we will return and continue serving the people.”

 

 

 

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Alleged N27bn fraud: Ex-Taraba Gov., Ishaku, Spends 5th Night in EFCC Cell

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A FCT  High Court in Maitama, Abuja, on Monday remanded former Taraba State Governor, Darius Ishaku and former Permanent Secretary of the Bureau for Local Government and Chieftaincy Affairs, Bello Yero, in the custody of the Economic and Financial Crimes Commission.

 

The duo was arrested on September 27 for allegedly diverting N27bn belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

In the suit, marked CR/792/24, filed before the Federal Capital Territory High Court, the EFCC accused the defendants of diverting N1,010,000,000 to their personal use between August 25, 2015, and March 21, 2016, in Abuja.

 

The anti-graft agency stated that this amount formed part of the 2.5 percent contingency funds belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

 

The EFCC further alleged that the duo committed an offense contrary to Section 315 of the Penal Code A, Cap 532, Laws of the Federal Capital Territory of Nigeria 2007, which is punishable under the same section.

Other sums allegedly diverted by the defendants as part of the contingency fund include N650,686,369.99 between January 6, 2019, and April 29, 2021; N193,030,000 between January 2019 and April 29, 2021; and N170,549,842.00 between January 6, 2019, and April 29, 2021, among others.

 

Upon their arraignment, the defendants, according to a statement by the EFCC spokesperson, Dele Oyewale, pleaded not guilty. Oyewale stated that the prosecution counsel, Rotimi Jacobs (SAN), asked the court for a trial date and an accelerated hearing of the matter.

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