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By Christopher Oji
The Chairman/Chief Executive Officer, Algrain Foods Limited, Chief Anthony Obidulu, has maintained his stand before a Lagos High Court in Osborne, that First City Monument Bank (FCMB) never advanced any loan to him.
Rather, the money in question was the N100 million Small and Medium Enterprises Credit Guarantee Scheme facility granted his company by the Federal Government, in which FCMB acted as agent as required by the guidelines issued by the Central Bank of Nigeria (CBN).
He also told the court presided over by Justice (Dr.) R.O. Olukolu, while being led in evidence by his counsel, Chief Aloy. C. Ezenduka, that the money in contention was not just dropped into his accounts, but was paid upon request.
Algrain Foods Limited and its CEO, Obidulu, had sued the bank and the receiver, Mr. Emmanuel Adeyeye Oyebanji, SAN, before the court, claiming, among others, that the receiver committed acts of trespass to Obidulu’s property, which is not part of the All Assets Debenture (Plant & Machinery) pledged to the bank to secure the facility as provided in the CBN guidelines, and that the court should appoint independent auditors, and grant the sum of N20 billion against the bank.
The defendants are FCMB Plc and Mr. Emmanuel Adeyeye Oyebanji as first and second defendants, respectively. He further told the court that he has been denied access to his personal premises since the dispute occurred.
Obidulu said: “There is a difference between his personal property and the property of the company, saying that it is only the plant and machinery that belongs to the company. The structures and the premises belong to me and I have the Certificate of Occupation (C of O) which is in my name, but it is in the custody of the bank.”
He maintained that if they needed the document, they could ask from the bank. He also said the money he collected was guaranteed by CBN 80%. with seven years tenure from draw down. He was, however, cross-examined by the defence counsel, Taiwo Osipitan, SAN.
The Claimant is also seeking the following claims: “The annual rent of N29 million for the 1,200 square meters on the premises leased to Mathan Nigeria Limited and six years rent totalling N174 million. The annual rent of two warehouses measuring 60 x 20 in length and width, respectively, at a joint current going rate for N60 million per annum for six years, which gives a total N360 million.
“The annual rent of three warehouses measuring 40 x 15 in length and width, respectively, at an annual leasehold rent for N15 million for each of them is N45,000,000.00 for six years totalling N270 million. The annual rent of six Nos. 3 bedroom flats for living quarters at N1.5 million per annum for each flat for six years totalling N54 million. The annual rent for two Nos. four bedroom flats for living quarters at N2 million per flat for six years totalling N24 million, among other claims.”
In a press conference in March 2024, the Algrain boss had appealed to President Bola Tinubu and other authorities to intervene in the matter, so as to return assets of the company illegally sold by the FCMB and its receiver manager. Further hearing on the matter was adjourned to November 26, 2024.
