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Hard Times Hit Sayyu Dantata’s MRS, As AMCON Freezes 21 Bank Accounts Over $540M Debt

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For Sayyu Dantata, the brain behind MRS Holdings Limited, these are indeed sad moments. This is because the Asset Management Corporation of Nigeria AMCON, has got a Federal High court order freezing all the monies in the 21 bank accounts of his oil firm, MRS Holding Limited.

AMCON got the order today in a bid to fulfil the judgement sum of N45.95 billion.

According to an affidavit, MRS Holdings limited was the beneficiary of a syndicated loan by a consortium of Nigerian banks in the sum of USD$540 Million.

The loan was given to the company in 2008, the affidavit by Aishat Lawal from the law firm of Messers Aluko & Oyebode said.

The affidavit was filed before the court by a Lagos lawyer Barrister Adeniyi Adegbonmire SAN, the deponent alleged that

According to the affidavit, the syndicated loan was subsequently classified as non preforming loan and acquired by AMCON.

AMCON in a bid to recover the debt sued Societe Nationals D’Operations Petroliere Cote D’Ivoire & M.R.S.Holiding Limited.

On 4 February 2015 , the presiding Judge Idris Mohammed entered judgement in favour of AMCON and against the defendants in the sum of N16.8 billion but MRS did not to pay.

AMCON on 6 June demanded the payment, giving a 21 day notice to wind up the company, in case of default.

After the notice expired, AMCON commenced winding-up proceedings against the defendant.

AMCON also commenced bankruptcy proceedings against Sayyu Dantata , the Chairman of MRS Holding Limited on the basis of a personal guarantee dated the 17th of September,2008 to repay the sum of $350 Million, in the event of a default by the company.

Subsequent to the commencement of the winding-up proceedings, the MRS undertook in writing to pay to AMCON the sum of N42 billion in quarterly instalments over a period of four years, beginning 1 February,2018.

Specifically, the company agreed to pay a”good faith”sum of N2billion on 1 April 2018 and the rest to be paid at N2.5 billion, every quarter, plus accrued interest of 9 percent.

It also agreed that in the event the company defaults in making the quarterly instalment, AMCON shall be entitled to be paid, the outstanding balance of the compromised judgement debt in the sum of N42 billion only.

The undertaking was encapsulated as terms of settlement which were executed as consent judgement by the court in the winding-up proceedings.

The consent judgement was entered by the court on 22 May,2018.

However, contrary to the terms of settlement the company has only paid to date the sum of N1.7 billion out of the “good faith” sum of N2billion.

The Company has also failed and refused or neglected to pay the agreed quarterly instalment and the accrued interest thereto.

By a letter dated 19 August, 2019 by AMCON’s Solicitors Messers Aluko & Oyebode, AMCON demanded of the company, the payment of the balance on the “good faith” sum and the outstanding quarterly instalments for five quarters, which cumulatively stood at N13,098,343,387.12.

Despite the Company’s receipt of the aforementioned letter of demand, the company has failed to accede to AMCON’s demand.

The total sum due and payable to AMCON by the company pursuant to the terms of settlement and the consent judgement is now N45,956,285,921.70

Consequently, the deponent Aisha Lawal, urged the court in the interest of Justice to grant an order attaching the funds of the company domiciled in 21 banks listed before the court.

The presiding Judge Professor Chuka Austine Obiozor, gave the garnishee order Nisi, on Tuesday, attaching the monies due to or lying to the credit of M.R.S.HOLDINGS LIMITED at the banks listed before the court.

The cost of this Garnishee proceeding shall be N1,000,000, the judge ruled.

The case had suffered several adjournments due to the Covid-19 lockdown and #ENDSARS protests.

Additional Report from PM News

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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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