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Folawiyo Seeks Injunction Against Amcon’s Ex Parte Order

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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 orders made against him in satisfaction of a judgement 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 favour of AMCON in the sum of N522,464,978.66 against the defendants in the suit.

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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 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 of 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.

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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.”

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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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Top Court News is a product of a dedicated Journalist, owner of I-Wahab Media The Publisher started his Journalism career with Murhi International TV, MiTV in 2003 before working with Radio Nigeria, Lagos Operation, as a Judicial Correspondent. He is presently the Chairman of the National Association of Judicial Correspondent, NAJUC, Ikeja Branch and he is the Vice Chairman of Nigeria Union of Journalist, NUJ, Radio Nigeria Chapel. topcourtnewsng.com is out to serve you with informative and educative News in the Judiciary sector. To put an end to the under reported activities of the sector among the three arms of government

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N20bn Theft: Witness Narrates How First Bank Officials Connive With Hackers

Alleged N20billion theft First Bank Hackers’ Trial Adjourned To October 5

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A witness from the Economic and Financial Crimes Commission, EFCC, Mr Adamu Dahiru, has told a Special Offences Court how three former workers with the First Bank of Nigeria connived with hackers to steal twenty billion naira (N20bn) from the bank.

Dahiru, an investigator with the EFCC, being led in witness box said that the defendants conspired to tap into the bank’s server to grant access to a syndicate.

During cross examination by one of the defence counsel, Uchenna Ozoagbo, Dahiru, told the court that the defendants were apprehended after one of them connected a laptop he collected from the syndicate to the bank’s server.

He said that they conspired to give access to a fraudster to defraud the bank of over N20bn. The report we gathered was that the money was in the cloud and they needed to bring it out.

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“The second defendant (Emeka) had a meeting with the syndicate at a hotel.

“When the first defendant (Ugorji) was arrested, he made a statement that he was introduced to the syndicate by the third defendant (Chukwuka) and that they had communicated with someone from the headquarters.

“The second defendant made a statement that a laptop was given after several promises that he should connect the laptop to the bank’s system.

“When he was on duty, he connected the laptop to the banking system, but during the connection, the I.P. of the laptop was picked up and the system was destroyed.”

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The defendants, Ozioma Ugorji, Ugwu Emeka, and Obike Chukwuka, were arraigned for allegedly attempting to steal N20bn from the bank.

They were, however, apprehended by the EFCC on March 6, 2021, following an intelligence report.

The presiding judge, Sherifat Solebo, adjourned the case till October 5, 2022, for continuation of the trial.

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Alleged N1.7b Fraud: Complainant, Businessman Opt For Out Of Court Settlement

The court granted the adjournment prayers of the counsels and adjourned for report of settlement to strike out the case.

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Justice Oluwatoyin Taiwo of a Special Offences Court in Ikeja, Lagos, has fixed July 5, for report of settlement in an alleged N1.7bn fraud trial levelled against a businessman, Edward Akinlade.

The prosecuting agency of the Economic and Financial Crimes Commission, EFCC, arraigned the businessman alongside his company, Suru Homes Ltd, on a 10-count charge bordering on stealing and issuance of dud cheques.

He, however, pleaded not guilty.

EFCC alleged the defendant, With an intent to defraud, converted the property at No.11A Adeyemi Lawson St., Ikoyi, Lagos by selling same without the knowledge of Fidelity Bank and diverted the proceeds of sales.

He was alleged that the property was a subject of a legal mortgage used as part of collateral to secure the loan of N1.7 billion from the Bank.

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At today’s proceedings, the defence counsel, Mr Pedro Lawal, SAN, notified the court of a letter dated June 1, titled “Terms of Settlement”, initiated by the complainant to settle with the defendant.

The Senior Advocate prayed the court for a short adjourned date to enable him bring proper application to strike out the case.

“The complainant and the defendant have finally settled their dispute my lord. It is a business gone sour which has been resolved.

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“There is a letter to that effect where the complainant has written to the Economic and Financial Crimes Commission (EFCC) and for the court to affirm the settlement.

“On this note, we shall be asking for a short adjourned date for us to file proper application to discontinue the trial,” Lawal said.

The EFCC counsel, Mr Temitope Banjo, however, informed the court that he was not privy of the information and he also urged the court for a short adjourned date to enable them perfect internal arrangement concerning the letter of settlement.

Subsequently the judge granted the prayers of the counsel and adjourned for report of settlement to strike out the case.

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Court Convict Forex Trader, Shola Henry Over N20m Theft

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A Lagos Special Offences Court, Ikeja, has sentenced a forex trader, Shola Henry, to two years imprisonment for stealing twenty million naira.

Delivering the ruling, Justice Oluwatoyin Taiwo, held that the cryptocurrency business was nothing but a Ponzi scheme.

“The prosecution, however, proved the charge of stealing against the defendant and he is found guilty as charged of count six.

“The defendant is hereby sentenced to two years’ imprisonment or pay a fine of two million naira. His company is also fined one million naira.

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“The defendant is hereby given one year to make restitution of twenty million naira to his victim,” the judge said.

Justice Taiwo further held that the allegation of obtaining money under false pretence was not proved by the prosecution.

She discharged and acquitted the convict on counts one to five.

The Economic and Financial Crimes Commission, EFCC, had charged the defendant and his company, Henry Enterprises, with an eight amendment count charge, bordering on stealing and obtaining money under false pretences.

EFCC counsel, Mr Ahmed Yerima, called five witnesses at the trial of the defendant.

 

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Mr Yerima submitted that EFCC received a petition from one Mr Anyasi Matthew, who alleged that the defendant defrauded him of the sum of N20 million, on the pretext that he was going to invest the same in forex with 20 per cent profit in 30 days.

The prosecution said that the defendant stopped giving returns to the complainant after collecting the money and refused to return his capital to him as promised.

The prosecution stated that the failure of the defendant to refund the money to the owner prompted him to petition the EFCC on the alleged fraud.

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