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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!



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.


News and Report

Ecobank Alerts Customers on Sim Card Fraud





Ecobank has once again, raised alarm on the dangers of SIM swap fraud, stressing that fraudsters could use it to impersonate them.

In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts.

According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.

“Protect yourself against SIM swaps, don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media. Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity”.

Ecobank also reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

Ecobank further, urged customers not to respond to emails, SMS and unsolicited calls from people they don’t know asking for your personal or banking information.

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News and Report

Bribery: UK court restricts Diezani’s movement, EFCC begins extradition




A former Minister of Petroleum Resources, Diezani Alison-Madueke, on Monday, appeared before the Westminster Magistrates’ Court in the United Kingdom over an alleged £100,000 bribe.

The district judge, Michael Snow, granted Alison-Madueke a £70,000 bail.

Snow further imposed other terms on Alison-Madueke including an 11 pm to 6 am curfew, an electronic tag to be worn by her at all times and a £70,000 surety to be paid before she could leave the court building.

Although she did not formally enter a plea, her attorney, Mark Bowen, informed the court that she would plead not guilty, Reuters reported.

Her next court appearance will be on October 30 at Southwark Crown Court, which deals with serious criminal cases.

In August, the UK’s National Crime Agency said it suspected that Alison-Madueke had accepted bribes in return for awarding multi-million-pound oil and gas contracts.

In a statement published on its website, NCA said the ex-Nigeria minister “is alleged to have benefitted from at least £100,000 in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

“Her charges also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.”

In March 2023, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1m linked to Diezan’s alleged corruption.

Head of the NCA’s international corruption unit, Andy Kelly, said the “charges are a milestone in what has been a thorough and complex international investigation. Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat,” Kelly added.

Diezani was the minister of petroleum resources from 2010 to 2015 during the administration of former President Goodluck Jonathan.

Shortly before Jonathan handed over to President Muhammadu Buhari in 2015, she left the country for the UK.

The Economic and Financial Crimes Commission alleged that the former minister stole $2.5bn from the Nigerian government while she was a minister.

Efforts by the EFCC to arraign her have been unsuccessful as she has not returned to Nigeria since 2015. But the anti-graft agency said on Monday that it had commenced an extradition process to bring Diezani back to Nigeria to face trial.

The spokesperson for the EFCC, Dele Oyewale, said, “The EFCC welcomes, with keen interest, the arraignment of former Minister of Petroleum Resources, Diezani Alison-Madueke, at the Westminister’s Court in London, United Kingdom, following alleged bribery allegations.

“Although the charges preferred against her at the London court, are diametrically different from the 13 counts, bordering on money laundering that the EFCC has raised against her, it is instructive to note that criminality is criminality, irrespective of jurisdictional differences. No crime can go unpunished. The money laundering charges for which Madueke is answerable to the EFCC, cover jurisdictions in Dubai, the United Kingdom, the United States of America and Nigeria.

“To bring the former Minister to trial in Nigeria, an arrest warrant has been obtained and extradition proceedings have been initiated. The commission is on course on her trial. She will soon have her day in our courts.”


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News and Report

Mike Adenuga-led Conoil rewards shareholders with N1.73 billion dividend




  • Conoil Plc declares a substantial $2.2 million dividend for fiscal year 2022. 
  • Shareholders to receive N2.5 per share in recognition of Conoil’s outstanding financial performance. 
  • Mike Adenuga’s leadership drives Conoil’s profit before tax up by 60% in 2022.

Leading petroleum marketing firm Conoil Plc, headed by the third-richest man in Nigeria and multibillionaire businessman Mike Adenuga, has declared a sizeable dividend distribution to shareholders of N1.73 billion ($2.2 million).

The $2.2-million payment, which is the last dividend for Conoil’s fiscal year 2022, is equivalent to N2.5 ($0.00319) per share for all 693,952,117 of the company’s outstanding common shares.

At Conoil’s 53rd Annual General Meeting, which took place on September 22, 2023, in Uyo, Akwa Ibom State, shareholders accepted this choice.

According to the information reaching us, the final dividend, which recognizes Conoil’s outstanding financial performance in its 2022 fiscal year, will be deposited to shareholders’ accounts on September 29, 2023.

Conoil’s profit before tax increased dramatically under Adenuga’s direction, rising from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022 while confronting various obstacles and a challenging working environment. During the same period, earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).

The increasing profitability of the petroleum-marketing subsector boosted Conoil’s profits per share to N7.14 ($0.0091), a stunning 60.8 percent rise over the N4.44 ($0.00568) generated in 2021.

The company’s board of directors decided to approve a final dividend of $2.2 million, or N2.5 ($0.00319) per share, as a result of this exceptional achievement.

Conoil has strengthened its position as a major player in Nigeria’s petroleum marketing sector under the shrewd leadership of Adenuga. The business is well known for its proficiency in the marketing of a variety of lubricants sold under the “Quarto” brand, including diesel, kerosene, gasoline, aviation fuel, and other liquids.

Adenuga, a well-known telecom tycoon and one of Africa’s wealthiest billionaires, continues to have majority ownership in the oil marketing firm of 74.4 percent, or 516,298,603 shares, further solidifying his position as a key player in the continent’s oil sector.

Conoil’s dedication to providing value to its shareholders and its tenacity in overcoming obstacles in the Nigerian market are both shown by this dividend payment.

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