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Friday, 24 July 2015

Union Bank Takes Over Dangote's Assets Over N4Billion Debt


Sani Dangote the younger brother of one of Nigeria's foremost Industrialists and Africa's richest man, Alhaji Aliko Dangote may have run into trouble waters as a commercial bank in Nigeria, Union bank plc has appointed a Lagos Lawyer,Barrister Chukwudi Enebeli of Pinheiro and company as Receiver/Manager over his company Dansa foods limited.
The take over of Dansa foods limited was as a result of Alhaji Dangote's inability to pay back a loan of N4billion he obtained from Union bank.
Mr Chukwudi Enebeli was appointed under the deed of Debenture to take over all assets of Dansa Foods limited a company incorporated in Nigeria and having its registered office at 1,Dansa Drive off Badagry Expressway,Abule Osun Lagos as a charge was created in favour of Union bank over all fixed and floating assets of the company to secure the monies expressly borrowed.
By virtue of the said of ALL ASSETS DEBENTURE,the balance of an outstanding sums thereby secured have become payable and the company has failed or neglected to pay the sums due in spite of repeated demands by the bank
Consequently,further to the power set out in ALL ASSETS DEBENTURE, the bank then exercise its powers to appoint a receiver as set down in the said ALL ASSETS
DEBENTURE
The Deed of Debenture appointing Mr. Chukwudi Enebeli of Pinheiro and company of 8A Taiwo Koya Street, Ilupeju Bye- Pass Lagos has been filed and registered with Corporate Affairs Commission, Abuja.
Meanwhile,due to the obstinacy and resistance of the Directors of Dansa Foods Company to allow the Receiver/Manager to perform his duty of running the company smoothly, the Receiver/Manager Barrister Chukuwudi Enebeli alongside Union bank of Nigeria Plc and Dansa Foods limited in Receivership have dragged Alhaji Sani Dangote and three other Directors of the company Alhaji Abdulkaarim Lawal Kaita, Alhaji Ahmed Shehu Yakasai and Alhaji Mohammed Sani Dangote before a Federal high court in Lagos seeking the following orders of the court:
(1) A Declaration that upon the appointment of Mr. Chukwudi Enebeli as Receiver/Manager over Dansa foods Limited the respondents who are Directors and shareholders of the company have no power or control over the company or any of its assets.
(2) A Declaration that by virtue of clauses 8 and 9 of the Deed of Debenture dated 29th of May,2009 in favour of Mr. Chukwudi Enebeli the Receiver/Manager appointed by Union bank of Nigeria Plc is entitled to perform all functions specified in the deed of all assets Debenture.
(3) An order directing all creditors of Dansa foods Limited to pay and domicile all monies due, incomes,or receivables accruing to or due to the company into the receivership account opened by the Receiver/Manager in Union bank Plc.
(4)An order of the court directing the Receiver/Manager in exercise and discharge of his function to take such steps as may necessary and exercise such powers including the powers to take over and apply in realization of the company 's debt to Union bank Plc all monies due to the company
(5) An order restraining all the respondents and their agents from disturbing the Receiver/Manager from exercising. Powers vested in him whether by himself or his agents
(6) An order directing all Police Officers of the Federal Republic of Nigeria or other officers concerned with security and enforcement of order to with "The Inspector General of Police, Assistant. Inspector General of Police and other Police officers so instructed by the Receiver/Manager to assist him in performance of his duties.
In an affidavit sworn to by Mrs. Olorunfunmilola Ayoola, the head, Food team of Union bank ,filed and argued before the court by Mr. Kemi Pinheiro SAN,the Deponent averred that sometimes in 2008 Dansa Foods Limited was at its request granted loan of N5,200,000,000 by Union bank plc
The loan comprises of the following:
(1)Overdraft-N500million
(2)Short term loan for advertisement- N500million
(3)Equipment lease-US$2,500,000,(N300million)
(4)Equipment lease (sale and lease back)-US$2,500,000 (N300milion)
(5)Import Finance-US$30,000,000 (3,600,000,000)
The loan was disbursed to Dansa Foods company and fully utilized by the company. The company duly executed a deed of all assets debenture in favour of Union bank
However the company has failed to liquidate its indebtedness to the bank despite the services of several demand letters by the bank and its solicitors on the company.
Consequent upon the default of the company, the bank in exercise of its power under the clauses 8 and 9 of the all assets debenture appointed Mr. Chukuwudi Enebeli as Receiver/Manager over the company, subsequently the said deed of appointment was filed at the Corporate Affairs Commission and a certificate of such filling accordingly issued.
Mrs. Ayoola averred further that the loans granted the company are depositors' funds and if same is not recover through the Receiver/Manager,the survival of the bank will be jeopardized in view of the amount of the indebtedness consequently urged the court to grant the prayers sought by the bank so as to prevent the respondents who are directors and shareholder of the company from dissipating the assets of the company and for the effective discharge of the powers of the Receiver/Manager.
However in a preliminary objection filed before the court by Mr. Rickey Tarfa SAN on behalf of the respondents,he urged the court to strike out the suit on the ground that Mr. Chukwudi Enebeli being a party in the suit,lacks the capacity to act as counsel for parties in the suit of the instant application,in addition Mr. Segun Odubela from the law firm of Ricky Tarfa contended that the court processes were signed by Chukwudi Enebeli as counsel acting for Union bank plc and Dansa Foods Limited in receivership.
The presiding Judge, Mohammed Yunusa has adjourned till 19th October, when judgement will be delivered.

Jite Usman

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