Connect with us

News

Alleged N42b debt: AMCON Moves Against Firm’s MD, Directors

Published

on

The Asset Management Corporation of Nigeria, AMCON, has initiated bankruptcy proceedings against the Chairman of Milan Industries Limited, Milan Nigeria Ltd and Milan Beverages Ltd, Rajesh Valecha and four other directors of the companies over their alleged inability to repay a N42billion debt.

The other directors, named in five petitions, now pending before two judges of the Federal High Court in Lagos, are: Ramesh Valechha, Vikram Valechha, Odunlami Bayo and Akin Femiwa Akinsola.

In the petitions filed by its lawyer, Kunle Ogunba, SAN, AMCON stated that the debt, which now stands at N41,511,758,031.14 arose from several loan facilities obtained from Skye Bank (now Polaris Bank) between 2010 and 2012 by Milan Industries Ltd and Milan Nigeria Ltd, for which the directors are now liable.

Stating that it has since acquired the debt from the bank, AMCON added that the debtor companies applied majority of the loan facilities to the construction of a 361-room hotel facility at 52 Kofo Abayomi Street, Victoria Island, Lagos, formally known as Intercontinental Hotel (now Lagos Continental Hotel).

Advertisement

AMCON is praying the court for among others, an order appointing a trustee against the estate, funds, investment, shares or other interest of the directors, “principally as they may be vested, constituted or evinced in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held either directly or through the said Milan Industries Limited and/or in any other company within and outside Nigeria.

“AMCON is equally seeking consequential order empowering it to sell the directors’ properties (be it landed or chattels) where – ever situate and/or found including but not limited to his shares principally in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held directly or through the said Milan Industries Limited either by private treaty or by public auction which occasion shall be published in two widely read and circulated national daily newspapers in Nigeria.

“Also, AMCON wants an order granting it leave to appropriate or otherwise utilize the investments, shares or other interests of the directors in the companies and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due, as the case may be.

“On March 21 Justice Daniel Osiagor granted AMCON leave to effect substituted service of relevant court documents, including the petitions on Ramesh Valechha and Vikram Valechha. Similar orders for substituted service were earlier made in the petitions against the other three directors.”

Advertisement

While Justice Osiagor is hearing three of the petitions (filed against Ramesh Valechha, Vikram Valechha and Akin Femiwa Akinsola), Justice Yelim Bogoro is handling two (filed against Rajesh Valecha and Odunlami Bayo).

Both judges had, in earlier rulings, issued ex-parte injunctions restraining the directors from tampering with their assets and ordering banks to provide information about their financial standing.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NECO accredits more foreign schools for SSCE, BECE

Published

on

The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).

The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.

The newly accredited schools are in Niger Republic and Equatorial Guinea.

“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.

Advertisement

“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.

“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.

The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.

“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”

Advertisement

In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.

“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”

NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.

Advertisement
Continue Reading

News

Guardiola suffers worst defeat of career as Tottenham hammer Man City 4-0

Published

on

Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.

The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.

James Maddison scored twice in the first half to set Spurs on their way to a sensational win.

Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.

Advertisement

The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.

Guardiola takes his men to Anfield next weekend.

Continue Reading

News

FUOYE Re-Marks Exam Papers of Student Failed By Lecturer Over Sex-for-Grade Scandal, Secures Justice

Published

on

The Federal University, Oye Ekiti, Ekiti State, has cleared a female student, Ramota Olahanloye, to graduate following the re-marking of her final-year examination scripts.

Olahanloye had alleged that a lecturer, Dr. Anthony Agbegbedia, demanded sexual favours from her, and when she declined, he deliberately failed her in two final-year courses.

In a statement issued on Friday by the Special Adviser on Media to the Vice-Chancellor, Dr. Wole Balogun, the university confirmed that Olahanloye’s allegations were investigated, and her scripts were re-marked.

“The young lady’s scripts were re-marked, and she performed fairly better than the scores initially awarded by Dr. Anthony Agbegbedia,” the statement read.

Advertisement

According to Balogun, the university management approved Olahanloye’s revised results, which qualified her for graduation.

“The university management has given executive approval for her results to be processed. She has since commenced her final clearance from relevant units of the university,” the statement added.

Balogun also disclosed that Agbegbedia had been sanctioned by the institution for his misconduct.

Olahanloye expressed her joy over the resolution of the case, saying, “I am happy that I have gotten justice, and I really appreciate the university Vice-Chancellor for setting up the committee that investigated the matter.

Advertisement

“I was shown my entire results, including the graduation list with my name on it. I have started my clearance as a graduating student of the university, and I am truly happy.”

Her father, Rasaki Olahanloye, also lauded the university for its commitment to justice.

“I can confirm to the world that FUOYE has served justice to my daughter. I was shown her upgraded results after her scripts were re-marked, and it is clear that she passed.

“The university fulfilled its promise to ensure fairness, and I appreciate the VC, Prof. Sunday Fasina, and the committee members for ensuring my daughter gets justice,” he said.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News