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N32million: Agagu’s Wife Dragged To Court Over Unpaid Debt




In a bid to recover a debt of N32,136,877.25, the Asset Management Corporation of Nigeria (AMCON) has dragged Agagu Olufunke Ibidun, the wife of former Governor of Ondo state, Olusegun Agagu, before a Federal high court in Lagos, Southwest of Nigeria.

Joined as co-defendants in the debt recovery suit are the son of the former Governor, Agagu Feyisayo Opeyemi and Central Securities Clearing Systems Plc.

In a statement of claim filed before the court by Prime -Gentry Chartered Secretaries &Attorneys on behalf of the debt recovery agency, it was alleged that Agagu Feyisayo Opeyemi, who was a customer of United Bank for Africa Plc applied for a loan and was consequently granted same by virtue of a letter of offer of loan value at N6,177,600 dated 19th June, 2007 for the acquisition of UBA approved shares from the capital market or public offer.

The loan had a tenor of repayment period of 12 months and ought to have been fully repaid by 18th June, 2008.
However, the loan remained unpaid and was accordingly categorized as non performing loan.

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AMCON avers that it is entitled to judgement against Agagu Feyisayo Opeyemi as per its statement of claim, having failed to repay the outstanding loan facility.

Pursuant to an application filed by AMCON on October 9, 2018, the court granted an interim order on 12th of December, 2018 directing Central Securities Clearing System Plc to transfer the subject shares to AMCON to preserve same pending the filing of the substantive suit.

However, in a calculated attempt to over reach and foist fait accompli on the order of the court and frustrate the efforts of AMCON to recover the debt, Agagu Feyisayo Opeyemi, having ostensibly gotten wind of the order, purportedly sold and transferred the subject shares to his mother Agagu Olufunke Ibidun on 13th December, 2018.

Consequently, AMCON is making the following claims against Agagu Feyisayo Opeyemi :

An order against him for the payment of the sum of N32,136,877.25 being the outstanding sums he owed AMCON
Interest at the rate of 15% per annum from 16th of August, 2018 until judgement and thereafter at the rate of 10% per annum until liquidation of the judgement sum.

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2.  An order granting AMCON a power of sale in respect of the stocks clearly identified to belong to Agagu Feyisayo Opeyemi and all other shares owed by him to be applied towards liquidation of his indebtedness.
3.  An order nullifying the purported sale of the shares by Agagu Feyisayo Opeyemi to his mother on the premise that the said illusory sale made on 13th December, 2018 was a deliberate and calculated attempt by Agagu Feyisayo Opeyemi to overreach the court and foist a fait accompli on the order of the court.

The presiding Judge, Proffesor Chuka Obiozor, has adjourned till 8th October, 2019, when the legal battle will resume.

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House Of Reps To Investigate DSS Over Court Invasion




The House of Representatives has revealed that it will investigate the controversial invasion of a Federal High Court in Abuja by the Department of State Service (DSS) in a bid to rearrest Omoyele Sowore.

The decision was taken after minority leader, Ndudi Elumelu, raised the matter during plenary.

Channels TV reports that the House on Tuesday, December 10, mandated its committees to investigate the circumstances surrounding the re-arrest of Sowore after the minority leader, Ndudi Elumelu, raised the matter during plenary.

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The lawmaker faulted the reported action of the DSS as an abuse on the sanctity of the courtroom. He said the invasion of the courtroom by DSS operatives can be seen as one arm of government attempting to overpower another.

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Adamu Replaces Banire As AMCON Chairman



AMCON Chairman

President Muhammadu Buhari has sacked Muiz Banire as the Chairman of the Asset Management Corporation of Nigeria (AMCON).

Pending his confirmation by the Senate, Edward Lametek Adamu will replace Banire as the substantive chairman of the agency.

President Buhari on Tuesday, December 10, sent a formal request to the Senate for the confirmation of a newly appointed chairman,  Adamu.

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The request, which was contained in a letter dated Monday, December 9, was read on the floor by the president of the Senate, Ahmad Lawan.

“In accordance with section 10(1) of the Asset Management Corporation of Nigeria (AMCON) act, 2010, I hereby present Mr. Edward Lametek Adamu, for confirmation as chairman of the asset management corporation of Nigeria by the distinguished Senate. The new chairman for the Asset Management Corporation of Nigeria (AMCON), Edward Lametek Adamu. “While hoping that this request will receive the usual expeditious consideration of the Senate, please accept, distinguished Senate president, the assurances of my highest consideration.”

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Lagos State Government’s investment in technology and innovation is a deliberate effort to position the State as key player in global technology space, Governor Babajide Sanwo-Olu said on Monday.

The Governor said his administration’s financial commitment to Information and Communication Technology (ICT) is to make Lagos Africa’s foremost centre of innovation by harnessing local capabilities in developing tech solutions that would reduce the State’s reliance on foreign tech inventions.

Sanwo-Olu spoke while receiving the management team of Oracle Africa Group who came on a courtesy visit at the Lagos House in Alausa. The team was led by the Group’s Country Director, Mr. Adebayo Sanni.

The Governor said the recently approved seed capital of N250 million was particularly aimed at enhancing young people’s innovative skills and empowering them to be tech solutions providers as the world progresses in digitisation.

He said: “Technology has gotten to a stage where we all need it to leapfrog and enhance accuracy in governance. As a Government, we have always promoted technology to take the lead and be a strong enabler for us to deliver on our promises to the people.

“We are taking steps to further collaborate with partners that will strengthen our capacity to be big player in global tech space. We just concluded a two-day Art of Technology where we announced the establishment of innovation research council and N250 million seed capital to support young innovators locally.

“We are not looking at what is going to be our immediate benefit by this investment; rather we want to create a robust technology culture that will give young people opportunities to explore their innovative skills in bringing about tech solutions and applications we can use to advance our service delivery.”

Sanwo-Olu acknowledged the technical support offered by Oracle Group to stabilise processes in the State’s civil service and in promoting accountability in administrative process. The Governor, however, said the relationship between both parties must be consolidated to boost the capacity of the State Government and keep it abreast of the latest technological solutions developed to ease processes.

Sanni described the two-decade partnership between Lagos Government and Oracle Group as “mutually beneficial”, noting that Lagos is one of the IT firm’s success story in deploying technology solutions to improve governance.

He said: “Lagos State is one of the places we use as an example globally in terms of what we have done in helping governments transform their business using technology. Oracle wants to consolidate on this partnership and make commitment that will help Lagos State sustain its growth.”

Sanni assured the Governor that the IT firm was willing to review and build on its technical assistance to the State Government for improved service delivery, while also promising to boost the capacity of the current administration in using data to take predictive analysis of situations across the State.


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