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Exclusive: Access Bank Goes After Late Sunny Odogwu’s Properties over 50b debt…. …..Insists on collecting every penny of depositors money owed it by Recalcitrant debtors!

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The no-nonsense managers of Access Bank led by Hubert Wigwe have gone after the properties of Late Chief Sony Odogu over a debt of 50Billion Naira.

We gathered reliably that the debt was originally over 26Billion but since 2015, it has spiraled up to 50Billion and the managers of the bank have commenced the process of getting every penny of the depositor’s funds from the Late Socialite family.

For some time now, the families have been playing hide and seek with the bank but at the weekend the bank moves to seize some of the assets in Ikoyi Lagos.

Access Bank Plc last week commenced the process of recovering the outstanding sums due it from a total of over N50 billion judgment debts in its favor against the late Chief Sunny Odogwu and two of his companies – Robert Dyson & Diket Limited and SIO Property Limited.

The said judgment debt was in respect of a property situated on No. 31 – 35, Ikoyi Crescent, Ikoyi, Lagos State, known as Luxury Collection Hotels and Apartments (formerly Le Meridien Grand Towers).
The said property owned by SIO Property Limited of which the late Odogwu was the majority shareholder, was financed with a loan from the then Diamond Bank, which is now Access Bank.

Justice Saliu Saidu of the Lagos Division of the Federal High Court in suit number: FHC/L/CS/1633/14, had in November 3, 2015, found the late Odogwu and his companies guilty of breach of Bank-Customer Relationship and consequently ordered the sale of the property used as collateral for the loan sum of N26,229,943,035.22.

However, with a 20 per cent interest on the N26 billion judgment debt in the last six years the judgment was delivered, the total debt has now reason to over N50 billion.

The bank had in 2014, commenced legal action against the defendants at a Federal High Court, Lagos, following the failure of the defendants to meet their loan obligations granted in the financing of the Le Meridien Grand Towers, known as Luxury Collection Hotels and Apartments.

While Access Bank was the sole plaintiff; Robert Dyson & Diket Limited, SIO Property Limited, Odogwu, the Corporate Affairs Commission (CAC) the Registrar of Title Federal Land Registry and Leadway Trustee Limited were the first to sixth defendants respectively.

Plaintiff in arguing its case had placed plethora of evidence before the court on how it granted various credit facilities to the 1st and 2nd defendants to finance the construction of the Luxury Collection Hotels and Apartments.
Plaintiff added that the various facilities were at various times restructured to ease the repayment of the loan facility but the 1st to 3rd defendants continue to refused or failed to meet their obligations, stating that the project site located at 31-35 Ikoyi Crescent, Ikoyi, Lagos and the Personal Guarantee of the late Chief Sonny Odogwu were used as collaterals for the facility.

Among the 20 reliefs sought by the plaintiff then was that whether having regards to plaintiff’s colossal investment/ financing of the sum of N26 billion in the 1st to 3rd defendants project and by the various agreements entered between plaintiff and the 1st to 3rd defendants to create a legal mortgage in favour of the plaintiff, a beneficial owner of the property on No 31 – 35 Ikoyi Crescent, Ikoyi, Lagos State, and the breach of the terms of the agreement by the 1st to 3rd defendants, the plaintiff is entitled to leave of court to foreclose and sell the affected property.
“Whether having regard to the failure, refusal and or neglect of the 3rd defendant to execute the deed of personal guarantee as agreed as agreed with the plaintiff on November 19, 2010 as part security of the cumulative sum of facility advanced to the 1st to 3rd defendants for the project at 31 -35 Ikoyi Crescent, Ikoyi, Lagos State which now stands at N26 billion as at September 30, 2014, order an order of specific performance can be made to compel the 3rd defendant to execute the said deed of personal guarantee in favour of the plaintiff within two days of this court.”
Delivering judgment in the suit, Justice Saidu held that the first to third defendants were in fundamental breach of the contract for the financing of the construction of the Luxury Collection Hotels and Apartments, having admitted “Indebtedness to the plaintiff in the sum of N10, 252,315,567.28 on the project finance facility as at December 20, 2011.”

The judge stated that where there was an admission of indebtedness by a party, the court could make an order for the sum admitted to be paid.

“The following is very clear from the totality of evidence before me; that there are facilities granted and disbursed….the facts of these facilities were admitted in paragraphs 8, 10, 11, 13,14, 15, 16 and 17 of the counter affidavit.

“I have not seen anywhere in the pleadings of the 1st to 3rd defendants that they did not enter the contract as shown in exhibit DB3 with the agreed collateral being a third-party legal mortgage on the parcel of land located at No 31 – 35 Ikoyi Crescent, Ikoyi, Lagos State”, the court held.

In addition, the judge said the first to third defendants have not produced before the court any evidence that any of the conditions for the grant of the facility was waived or demonstrated to the court how they liquidated their indebtedness.

“With all the facts before me, I am satisfied that the first to third defendants who have admitted indebtedness has not shown how the indebtedness was liquidated.

“There are four probable methods of answering an allegation of indebtedness which are to admit the debt, deny the debt, to counter-claim against the debt and to set off against the debt. From all the facts before me the 1st to 3rd defendants have only admitted the debt but have not shown how the admitted indebtedness was liquidated.

“When the 1st to 3rd defendants have failed to liquidate their debt, the court has a duty the duty to order specific performance on the part of the 1st to 3rd defendants to honour their pledge in the contract. The 3rd defendant had through the 2nd defendant pledged to execute a third-party legal mortgage in favour of the plaintiff as shown in the documentary evidence before this court.

“This court therefore has the power to grant an equitable relief of specific performance against the 1st to 3rd defendants to do what they have agreed to do by the contract”, he added.
Justice Saidu accordingly made the following consequential order: “Judgment is entered in the sum of N26, 229,943,035.22 jointly and severally against the 1st to 3rd defendants being the outstanding sum as at September 30, 2014 advanced by the plaintiff for the 1st to 3rd defendants project which sum has remained unpaid despite several demands.

“That leave is granted to the plaintiff to foreclose and sell the said property situated at 31 – 35 Ikoyi Crescent, Ikoyi, Lagos and to deposit the proceed of the sales into the 1st defendant’s account kept with the plaintiff towards the partial satisfaction of the judgment sum against the 1st to 3rd defendants.

“That leave is granted the plaintiff with the supervision of the Court’s Registrar to sell property situated at No 31 – 35 Ikoyi Crescent, Ikoyi, Lagos being the security for the sum of N26, 229,943,035.22 advanced by the plaintiff to the 1st to 3rd defendants for the development of the project called Luxury Collections Hotels and Apartments, the repayment of which facility, the 1st to 3rd defendants have failed, refuse otherwise neglected to make despite several demands.

“The 3rd defendant is hereby ordered to execute the said deed of personal guarantee of the sum of N26, 229,943,035.22 in favour of the plaintiff within 30 days of the judgment of this court.”

The judge in addition restrained the 3rd defendant from disposing, selling or alienating any of his personal assets, money, shares, stock and any of his negotiable instruments until the sum of N26, 229,943,035.22 owed to the plaintiff by the 1st to 3rd defendants is fully paid.

The court also ordered the sixth defendant to pay to the plaintiff the sum of N49 million being money it had and recovered for a consideration that as failed.

The sixth defendant was further ordered to surrender all the title documents in its custody in relation to the said property and other documentation connected and or pertaining to the extant transaction of which the plaintiff is the beneficiary.

Not satisfied with the Judgment of the Court, the Defendants appealed to the Court of Appeal in Appeal No. CA/L/1151/2015, but while the case was pending at the Court of Appeal, the late Chief Sonny Odogwu died, and his numerous children attempted to dissipate the various assets charged to the bank including the property located at 31-35 Ikoyi Crescent, Ikoyi, Lagos that the Court has ordered to be sold.

The bank was constrained to takes steps to restrain the beneficiaries of the estate of the late Odogwu from dissipating the various assets acquired by depositors’ funds which ultimately led to settlement discussions between the Bank and the beneficiaries of the estate of the late Sonny Odogwu and subsequent execution of Settlement Agreements.

Rather than comply with the terms of the Settlement Agreement, the beneficiaries of the estate and children of late Odogwu have willfully and persistently refused to comply with the terms of settlement reached with the Bank. They have resorted to dissipating the assets which were pledged to the Bank and have breached the consent judgment made by the Federal High Court.

For instance, under the consent judgment, the defendants were required to sell the property in Los Angeles, USA within 60 days from 30th of May, 2019 or otherwise assign their interest in the property to the Bank. The defendants have failed to meet this condition and have rather compromised their interest in the property without regards to the consent judgment.

Subsequently, the bank as beneficial owner under the Judgment has taken steps to sell the property situate at 31-35 Ikoyi Crescent, Ikoyi, Lagos to a new owner.

Unfortunately, the beneficiaries of the estate of the late Odogwu and other unknown persons who have been parading the property have promised to disrupt any takeover of the property.

Based on the foregoing and in order to safe guard depositors’ funds, the bank is determined to recover the outstanding sums due from the defendants and enforce the judgment of the Federal High Court.

 

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Organiser unveils speakers, panelists for the 2024 Industry Summit

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The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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