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Folawiyo Seeks Injunction Against AMCON’s Ex Parte Order, Dissociates From Defaulting Company

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A Lagos-based businessman, Mr. Tunde Folawiyo, has filed an exparte motion before a Federal High Court in Lagos seeking an order of stay of execution of an ex-parte order made against him in satisfaction of a judgment debt.

Justice Lewis Allagoa had made orders against Mr. Folawiyo in a suit filed by the Asset Management Corporation of Nigeria (AMCON) over Folawiyo’s alleged unpaid debt of N727.9 million in relation to a company directorship at Compagnie Generale de Logistique.

Folawiyo, in a suit no: FHC/L/CS/799/2020, is seeking an order of stay of execution of the ex-parte orders made against him on March 24, 2022, pending the hearing and determination of his Motion on Notice seeking to set aside the ex parte orders.

He is praying for the following relief: An order restraining the AMCON either by itself, agents, privies, servants, or through any person(s) from taking any steps howsoever to enforce the ex-parte orders made against the applicant by the Court on 24th March 2022 pending the hearing and determination of the applicant’s Motion on Notice seeking to set aside the ex parte orders.

The ex-parte orders were predicated on the judgment of Justice Ibrahim Buba in Suit No: FHC/L/CS/207/2017; Asset Management Company of Nigeria (“AMCON”) v Compagnie Generale De Logistique & Others in 2017 (“Previous Suit”) in favor of AMCON in the sum of N522,464,978.66 against the defendants in the suit.

The applicant said he was not a party to the previous suit and was not served with the judgment on it.

AMCON claimed the applicant is a director in Compagnie Generale De Logistique, which took a loan from Spring Bank and which judgment was principally obtained in the previous suit.

Contrary to the representations made by the Plaintiff, the applicant said he was not a Director of Compagnie Generale De Logistique at the time of the previous suit and was not in any way connected to the loan transaction with Spring Bank.

The applicant said he is, therefore, not a “debtor” within the contemplation of Section 61 of the AMCON Act as to warrant the interim forfeiture of his assets and freezing of his bank accounts on account of the judgment obtained in the 2017 Suit.

He argued that a combined reading of Sections 49(2),50(2), and 61 of the AMCON Act would reveal that only current directors of a company fall within the definition of “debtor” as to warrant the freezing of their assets or accounts.

Mr. Folawiyo told the court that AMCON failed to disclose or suppressed material facts about the status of the Applicant in Compagnie Generale De Logistique, the principal judgment debtor in the previous suit.

He added: “The exparte orders were obtained malafide against the applicant and constitute an abuse of court process.

“The applicant has a filed a Motion on Notice praying for the setting aside of the said ex- parte orders.

“The applicant’s pending set aside motion raises serious issues on why the Ex-parte orders ought not to have been granted.

“It is in the interest of justice to grant this application pending the hearing and determination of the applicant’s Motion to Set Aside the Ex-parte Orders.”

Mr. Folawiyo argued that the originating summons filed by AMCON is incompetent as it had expired at the time of the grant of the ex-parte order.

He expressed concern about the impact the orders would have on his employees as well as the reputation of the three-generational family business he has worked hard to maintain and grow over the years.

Tunde Folawiyo is the son and heir to the late Nigerian Businessman and philanthropist, Wahab Iyanda Folawiyo. Alhaji Wahab whose father, Tijani was a wealthy local Merchant in the Colonial era, was known for funding, building orphanage homes, and funding several local sports championships. In expanding his late father’s legacy, Mr. Tunde Folawiyo attended the London School of Economics to broaden his business perspective and investment choices in addition to being a Barrister of the Court of England and Wales as well as Nigeria. In 2016, Folawiyo and his firm announced its first production of crude oil from the Aje Field, the first producing field outside of the Niger Delta area in Nigeria.

Reports say the multi-million dollar investment was aimed at reducing oil production pressure from the Niger Delta region. He is currently the Chairman of Yinka Folawiyo Group, established by his father in 1957.

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FG Revokes 924 Inactive Mining Licences — Solid Minerals Minister Alake

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924 inactive mineral licences have been withdrawn by the Federal Government via the Ministry of Solid Minerals Development.

Dele Alake, the Minister of Solid Development and Minerals, revealed this information on Wednesday in an Abuja press conference.

There are 273 small-scale mining licences, 101 quarry licences, 20 mining leases, and 528 exploration licences among the revoked permits.

November of last year saw the ministry withdraw 1,633 mineral titles that had been issued to mining corporations that had not complied.

In order to make the solid minerals industry more competitive internationally, the minister also pledged to clean it up and asked all parties involved to start acting morally again.

But speaking at the briefing, Alake said the ministry decided after identifying a problem of licence racketeering among players in the sector.

He said, “In line with constitutional provisions, we ensured that adequate notice was given to the concerned parties through the official gazette of the Federal Republic of Nigeria no 227 which was published on December 27, 2023.

“This notice gave all concerned parties 30 days to regularise their status including clarifications on what caused the licence to be dormant.

“In view of the above, which shows our adherence with due process and fair consideration and in line with the standard policy of use it or lose it, I hereby revoke the 924 dormant licences with immediate effect.

“These include 528 exploration licences, 20 mining leases, 101 quarry licences and 273 small-scale mining licences.”

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An Icon Of Service: NATCOM Boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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JUST IN: FG Grounds All Dana Air Operations Following Tuesday’s Incident At MMIA

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There were hints, on Wednesday, that the nation’s Minister of Aviation, Festus Keyamo, might have halted Dana Airline operations.

The instruction was issued in response to the April 23 incident involving a Dana Air aircraft at Lagos airport, which compelled aviation officials to reroute flights from the local airport to the international one.

According to earlier reports, on Tuesday at the Murtala Muhammed International Airport in Lagos, one of the airline’s aircraft, registered under the registration number 5N BKI, went off the runway.

While the details surrounding the incident were not readily available as at press time, no casualty was recorded, as passengers safely disembarked using the front exit door.

The last time the airliner nearly got into major accident was on May 3, 2022, when no fewer than 50 passengers who were onboard a Lagos-bound aircraft were rescued after its tyres caught fire.

The airplane involved was scheduled to take off from Port Harcourt International Airport enroute Lagos. As in that incident, there were no casualties also.

 

More to come…

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