Tag: businessmen

  • Businessmen sue IGP, others for N1b over continued arrest, detention

    Businessmen sue IGP, others for N1b over continued arrest, detention

    Two businessmen, Teniola Adesanya, and Goodluck Olatunde, have filed a N1 billion suit against the Inspector General of Police (IGP) and six others over their detention and continuous threats to further arrest and detain them over a purely commercial dispute.

    The suit, marked: FCT/HC/CV/3237/2024 was filed for them before the High Court of the Federal Capital Territory (FCT) by their, Mr. B. S. Akinwumi.

    Adesanya and Olatunde are suing along with the companies – Oxford International Group Limited, Oxford Gold Integrated Ltd, Oxford Green Farms Ltd, Oxford Real Estate and Facility MGT Ltd, and Oxford Commercial Services Ltd.

    Listed as respondents in the fundamental rights enforcement suit are the IGP, the Nigeria Police Force (NPF) DIG Habu Sabi, ACP Mohammed Lawan, the Economic and Financial Crimes Commission (EFCC) and the Dangote Group Staff Multi-purpose Cooperative Society Ltd.

    The applicants stated, in the statement supporting their application, that they had operated smoothly met their investors’ expectations and ensured return on their investments until when they had an issue with the Security and Exchange Commission (SEC).

    Read Also: Lagos students’ distance self from proposed August protest

    They stated that during the dispute with SEC, their businesses were hampered, which made it difficult for them to pay their investors, including the Dangote Group Staff Multi-purpose Cooperative Society, what was due to them as when due.

    The applicants added that while efforts were on to resolve their issue with the SEC, some of their investors panicked and petitioned the NPF, which led to their earlier arrest and detention along with some of their staff.

    They stated that, while the dispute with SEC was ever resolved via a consent judgment of the Federal High Court, in which their companies were directed to pay only the investment sum to their investors without any interest, police investigation also showed that they committed no criminal offences.

    The applicants noted that not only did the consent judgment show that the whole issue was commercial, but police investigation of the complaints by some of their investors also showed that the transactions had no criminal elements.

    The investigation report, released by the NGF, dated July 27, 2023, and signed by DCP Tahir Usman of Force Criminal Investigation Department (FCID), Abuja, which is attached to the suit, showed that the transactions had no criminal elements.

    Part of the findings in the report reads: “The entire case was based on a purely civil contract.

    “The police have no legal backing to delve into matters that are purely civil, moreso, a case that a court of competent jurisdiction had ruled that the company makes a refund to its investors without delay.

    “It is worthy of note that at the time of going into the contract between the parties, there was no criminal intention, it was purely a profit-making venture.

    “The police as an organization, should not allow itself to be used in civil matters, more especially where financial transactions are involved and no traces of elements of crime.”

    The applicants stated that despite the consent judgment, which they have continued to comply with, and the findings in the police reports, some officials of the NPF have continued to harass them and threaten them with arrest and further detention.

    They are praying for the court to among others, intervene and grant all the reliefs they are claiming to ensure that the NPF, its officials, and the EFCC “do abuse their investigative and prosecutorial powers.”

    The applicants want the court to issue an order of perpetual injunction restraining the IGP, other respondents, and their agents from continuing to invite them, harass them, and threaten to arrest and detain them over the same transactions with their investors.

    They equally seek an order directing the respondents, except the EFCC, to pay them N1 billion as damages for the breach of their fundamental rights.

    The applicants also want a declaration that, in the face of the consent judgment with SEC, the police report, and the concluded civil settlement between them and Dangote Group Staff Multi-purpose Cooperative Society, they are not criminally liable to any of their investors and can no longer be subjected to continued police investigation and threat of arrest and detention.

  • Businessmen fellowship to hold seminar June 9

    To find solution to the nation’s economic woes, the Full Gospel Business Men’s Fellowship International (FGBMF) is organising a  business seminar in Lagos from June 9 to 10.

    FGBMF is a global network of business, career and professional men and women.

    At a briefing in Lagos, the body said the seminar, a yearly event, would take place in various loations.

    The first seminar with the theme: Building resilient small businesses, would expose participants to ways of building small scale businesses that could withstand the vagaries and shocks of the gestation, particularly during the recession.

    ‘’As the country battles with the effects of infrastructure deficit where 85 percent of small businesses collapse within  five years of their establishment, the seminar is providing alternatives to the hostile atmosphere, building resilience to overcome unexpected setbacks. The seminar would provide processes and skills required that would make small businesses withstand and survive adverse circumstances, such as the recession,’’ the organisers said.

    Topics to be discussed include: developing viable business strategies; managing self (capacities and energies); commercial vegetable farming; critical negotiation skills. Scholars and experienced chief executives expected are Adeniyi Ogunnusi;Charles Aladewolu; Toks Obayan, and Mrs Wonuola Adetayo, among others.

    The venue is the NECA House Event Centre, Alausa, Ikeja.

    The second seminar with the theme: Transiting from recession to growth is to see how recession could be turned into  opportunities for individuals and corporate entities to diversify, strategise and reload to drive growth when good times return, the body added.

    The seminar would teach how to look inward for raw materials for local industries and outward for exports of finished and semi-finished products. It would explain how businesses can leverage critical talent, team and interorganisational collaboration to bridge skill gaps and enhance productivity and how low-cost funding could be accessed by SMEs for ventures, it said.

    Topics include: Talents, teams, collaboration and productivity, cultivating hybrid coconut for local and export markets.

    Experts expected are Mazi Sam Ohuabunwa, Prof Pat Utomi, Mr Goddy Odiowaya, Dr Biodun  Adedipe, Prof Olugenga Okunola, Mr Babatunde Falele.

    The venue for the second seminar is  Lagos Sheraton and Towers, Ikeja, Lagos.

  • Igbo businessmen kick against kidnappings in Cross River 

    Igbo businessmen kick against kidnappings in Cross River 

    It started like a joke in Calabar, the Cross River State capital. A random kidnapping here and there – a phenomenon, which reared its head about five years ago in the state, said to be the most peaceful in the country.

    It was hoped the issue would be nipped in the bud, if just to ensure that the state still retains its enviable status. This has not turned out to be so. It would be recalled that father of former deputy governor of the state was kidnapped while he was still in power. News of children being kidnapped once in a while always made the headlines. Also just recently, the kidnap of three people on campus of the University of Calabar, was the talk of the town.

    The situation has over the years, gathered momentum and snowballed into a monstrous situation, as many believe security has grown lax in the state. However, it has been learnt that a good number of such kidnapping have never gotten to the news. Most worried by this dimension, which has gotten to a head in the past one year, are Igbo businessmen, who strongly believe they are targets as many of them have been kidnapped and released quietly, because they fear for their safety or that of their loved ones abducted.

    Cross River State is generally believed to be a civil service state and majority of the businesses in the state belong to Igbo who have injected a lot of spirit into the economy. To a great extent, the economy of the state depends on their endeavours. From spare parts, electronics, building materials, clothing, to transport companies among a host of other businesses, their presence is well established.

    In the past month only, it is on good authority that at least three of such Igbo businessmen or their relatives have been abducted by unknown gunmen and heavy ransom paid for their release.

    An Igbo trader, who begged not to be named, said to Niger Delta Report: “Things are not well. The government is just pretending they are. They don’t want to hear these things but they are true. They don’t want people to know these things because of the tourism status of the state, but people have to know, so that something can be done urgently about it.

    “In the past few weeks, they have kidnapped the wife of a popular electronics dealer in this Calabar and millions of naira was used to secure her release. Who knows if the husband even had to borrow money to pay in these hard times?

    “Not long after that, they kidnapped the owner of a bakery and demanded several millions also. A businessman along Hewett Road was also kidnapped and I think about N20 million demanded for his release. These kidnappings have been for a long time, but have just been quiet. They have kidnapped a lot of people in Calabar collecting up to N10 million or N20 million. It is now the order of the day here.

    “They feel we have too much money to throw about. What many people don’t understand is that sometimes, we borrow money to do our businesses. That we are enterprising and carry on come rain or shine does not mean, we have money to throw about. A lot of people do not understand what we pass through doing our business. I only wish they knew.”

    Worried by the developed, Igbo traders and businessmen have planned to close their businesses for two days in protest, a move which to an extent would cripple the state’s economy.

    Briefing newsmen on the development, the coordinator of Igbo Unity Forum, Mazi Okechukwu Ebubedike, said the decision for Igbo to shut down business for at least two days in Calabar metropolis was reached at after an extensive emergency meeting with all major stakeholders and town unions of Igbo extraction to protest this ugly trend.

    Ebubedike, who is also the chairman of Igbo professionals in the state, disclosed that over 35 prominent sons and their wives have been abducted so far in the state in the last one year with hundreds of millions paid out as ransom.

    According to him, most of the victims pay between N5m and N30m as ransom to secure their release from the kidnappers even when injuries are inflicted on them.

    Ebubedike said: “We have been made victims of kidnap in the state in the last one year and made to pay dearly as ransom to these hoodlums in the last couple of months. Unfortunately, nobody cares about our plight at this excruciating circumstance.

    “I can tell you that the Igbo traders and businessmen who are victims of these hoodlums have been paying through the nose to secure their release. And to protest against this ugly trend we are embarking protest by closing our shops and other business outlets for two days.

    “We have, therefore, directed that all shops owned by Igbo should be closed on a day to be announced so as to attract attention and to see how this security lapse can be tackled. We will enforce the closure to press home our demand to stop the kidnapping.

    “We have been made targets of kidnappers. We are now preys in the hands of criminals and everybody seem not to bother because it is Igbo. But we will resist it because we are here to do business and assist in developing the state sincerely. So, we can no longer fold our hands and watch our people being used as money-minting machine by kidnappers,” he stated.

    The coordinator, who claimed that government has paid deaf ear to the plight of the Igbo in Calabar in respect to kidnapping, said most Igbo have been subjected to undue treatment and harassment by these criminals even when they pay their taxes and other levies to the state.

    He said Igbo contribute positively to the development of the state and therefore deserve protection to enable them carry out their businesses in a more conducive atmosphere.

    The coordinator, who enjoined the government to step up security surveillance within the metropolis, said the state is noted for hospitality and therefore should do everything possible to protect investors as well as lives and property.

    The President Igbo Community, Calabar, Cross River State, Chief Albert Enya, said they have been talking to the government over the matter. He however, did not support the plan of the traders to close shop.

    He said: “We have been talking with government. We are not fighting the government. What we are saying is that this kidnapping should stop. And also the issue of closing of market, was not discussed in our last meeting and today we had an executive meeting too over the issue and we have resolved that there should be no strike, but rather we should dialogue with government and security people to see what we can do about the kidnapping because it is getting out of hand. This kidnapping does not only affect the Igbo but the whole Cross River State, but 80 per cent of those kidnapped are Igbo. We are here to business and if every time they kidnap one of us it is not good for us and we don’t like it. That is why we are saying that government should do something. They have been trying because we are meeting with them, but they should put more efforts. We are not part of the strike arrangement but rather we dialogue with government to see how we can stop the problem.”

    Also speaking, past chairman of the Igbo Community in the state, Chief Fidelis Onyebueke, said: “We condemn in its totality, the kidnapping exercise going on in Cross River State. Particularly, the victims have been Igbo. About 80 per cent of them have been Igbo. We are not fighting the government but we are saying is that government should put more efforts in the security, because it is the priority in any government. We know that Governor Ben Ayade is doing his best. But we urge him to more effort, particularly where our ethnic group is involved in this kidnapping exercise. We know that other ethnic groups are also victims, but majority are Igbo. It would seem as if Igbo are not wanted in the state. But also we know the government is favourable to us Igbo to do business here, but the problem is the few individuals having selfish commercial interests to use Igbo as baits to make money which is very bad. This is affecting the tourism status of this state. We appeal to all the security agencies to sit up, because it would seem as if there are lapses. They should put more effort to make sure that Igbo feel more secure in this state. A situation where 80 per cent of the victims of kidnapping are Igbo, it is not in the best interest of this state, because it would seem as if Igbo are targets, whereas they are not. It only seems so. We appreciate the efforts of the government and security agencies. But in the end, result is what we need.”

    The Secretary of the Igbo Community, Prof Rufus Okoro, also said: “The issue of kidnapping in Nigeria today is not new. We know that government, even at the Federal level, is doing a lot to see how they can curb it. But in Cross River State, it is becoming too rampant and the targeted groups seem to be the Igbo. If 80 per cent of the kidnapping is done and an Igbo man is involved, ordinarily one can say they are only kidnapping Igbo people. So the government of the state has to beef of security and have a good security network.”

    The President of Abia Communtity Cross River, Prince Raphael Atulomah, added:  “I am calling on the state assembly to make laws that would prescribe capital punishment for kidnappers so it would drastically reduced. The thing is not helping the Igbo here. If Igbo are affected here, everybody knows that they help the state economically to move forward. If they close their shops and businesses, it would affect the economy of the state and we don’t that to happen. So, we want the state government to do something about it.”

  • Businessmen sue lawyer, others for alleged libel

    Two businessmen, Ola Rosiji and Anil Ahluwalia, have filed a N520 million libel suit against a Lagos lawyer, Chief Chris Okunowo and a news medium over an alleged libelous publication.

    The plaintiffs are claiming N500 million damages and N20 million as legal cost.

    They also sought an order of perpetual injunction restraining the defendants, whether by themselves, servants or privies from further publishing the libelous material.

    The claimants said they were allegedly defamed by a publication titled: $8.8bn fraud: lawyer faults Briton’s extradition plan.

    They claimed that the publication was malicious, extremely offensive and calculated to disparage their image, integrity and business.

    According to them, sometime in 2007, they formed Green Fuels Limited (GFL) as a joint venture between them (Rosiji, Ahluwalia), Comcraft Group and Mr. Deepak Khinani (a Briton).

    They said GFL was formed on October 9, 2007 with an authorised share capital of N10,000,000.00 to engage in the business of supplying compressed natural gas to industries in areas where piped natural gas is not available.

    The claimants said they were the initial subscribers of the Memorandum and Articles of Association of GFL and equally held 1,250,000 units of shares, while Khilnani ran GFL’s affairs.

    They said the board, on January 20, 2010, increased GFL’s share capital to 150 million ordinary shares and re-allotted with 75 percent of the shares to IEAL (one of Khilnani’s companies).

    They alleged that while Khilnani’s oversaw the affairs of GFL, the company had business dealings and transactions with IEAL, Gentec and CNGT (all owned by Khilnani).

    The plaintiffs said they later discovered that Khilnani allegedly defrauded GFL of huge sums of money. They reported to the police, which filed criminal charges against him.

    Okunowo had denied that Khilnani, charged with $ 8.8m fraud before a Lagos State High Court in Ikeja, jumped police administrative bail or absconded.

    He said his client was a foreigner doing legitimate business in Nigeria, adding that the insinuation that Khilnani might be extradited to Nigeria to face trial was misconceived.

     

  • Unscrupulous businessmen hijack auto policy

    Unscrupulous businessmen hijack auto policy

    The Federal Government’s hope of riding on the crest of the automotive policy to achieve its strategic objective of encouraging local manufacturing of vehicles and halting the estimated $6.7 billion sunk into the importation of vehicles yearly has come under serious threat. Some phony auto dealers/firms may have hijacked the policy with the intention of benefitting from the government’s zero tariff to companies genuinely assembling cars locally. CHIKODI OKEREOCHA reports.

    When the Federal Government introduced the New Auto Industry Development Plan (NAIDP) around 2013, not a few operators and stakeholders lauded the policy as a lofty initiative.Their expectation was that the policy would promote the local assembly and production of vehicles, and increased employment opportunities for Nigerians. It was also hoped that the policy would conserve scarce foreign exchange, accelerate technological development of the local economy, standardise and rationalise the automotive industry, among other positive spin-offs.

    The former Minister of Industry, Trade & Investment, Dr. Olusegun Aganga, articulated the collective hope and aspirations of Nigerians that the policy would  turn around the fortunes of the auto industry and, by extension, the economy. He said the policy would halt the huge capital flight expended on the importation of vehicles into the country. He said, for instance, that Nigeria spends on the average, $3billion to import new cars and another $3.7billion to import fairly used cars and parts.

    Aganga, who warned that the figure would continue to grow if nothing significant was done, added that it is only Nigeria and Bangladesh that do not have auto policies. He said Nigeria cannot afford to be neutral on the issue because it is a big employer of labour. The auto sector, according to him, accounts for about nine million jobs globally and accounts for five per cent of manufacturing.

    However, two years down the line, the policy is yet to meet its strategic objectives. Rather than do so, the policy has been hijacked by some unscrupulous businessmen in the auto industry.

    These unpatriotic and phony vehicle manufacturers, The Nation learnt, are benefitting from the zero tariff given by government to companies who are genuinely assembling cars locally. Their modus operandi is simple: Rather than implementing the auto policy, the phoney local vehicle manufacturers and assemblers allegedly go abroad to purchase fully built cars, pay an extra cost to partially dismember these cars and then ship them into the country as knocked down components of the cars for assembly in-country.

    A reliable industry source, who spoke to The Nation after extracting a commitment not to be named, said the unscrupulous vehicle manufacturers have found a way of hiding their activities under the immunity provided by the Federal Government for genuine companies that are effectively implementing the policy. The source,  a member of a group in the auto industry, lamented that the manufacturers are reaping the country off in the process. “The government is losing billions of naira for nothing. These people are actually not assembling cars in Nigeria,” he said.

    According to him, setting up an actual assembly plant requires enormous investments, which some of the manufacturers are not prepared to commit themselves to. “What do you think they are doing? Try to enter their so-called assembly plants, you will see that they will not allow you because what they are doing is go abroad, buy fully built cars, take off the side mirrors, the bumper, head and rear lights and so on. They ship these parts into the country, avoid paying any tariffs, then couple these removed parts at their so-called assembly plants, sell to Nigerians and smile to the bank,” the source said.

    Continuing, he said the international partners of the affected manufacturers have even refused to sell completely knocked down (CKD) parts to them for fear that they may compromise the standards of their cars, a development that would rub off negatively on the image of their brands.

    According to him, the businessmen are merely denying Nigeria of tariff revenue that should have accrued to government. It also means that government hope of riding on the strength of the policy to create jobs locally may not be realised.

    Asked whether this is not just a phase in the process of getting these companies to eventually begin to assemble actual CKDs in Nigeria, the source said it was nothing but another way of depleting the country’s badly-needed revenue for individual benefit.

    The quest to make profits at the detriment of government, he said, was why so many companies and groups applied for licences to become auto manufacturers. The avalanche of applications, at a point, forced government to stop accepting applications.

     Experts in the auto industry said to run a profitable vehicle assembly plant, there had to be a given number of cars to be produced and sold annually. But with several companies claiming to be assembling cars locally, there was no way each of them could achieve that threshold production and remain sustainable.

  • Three businessmen docked for alleged stealing of N1.3m fuel

    Three businessmen yesterday, appeared before Justice Mohammed Yunusa of the Federal High Court, Lagos, for alleged stealing of 15,000 litres of petroleum products worth N1.3 million.

    The accused persons Jamiu Ajani, 25, Damilola Lawrence, 30, Ramon Adedejo,42, of no fixed addresses, were arraigned on a four-count charge of conspiracy, unlawful tampering with petroleum pipeline and stealing.

    The prosecuting police officer Mathew Omosun said the accused committed the offences on July 2, around 1pm, at Magidun, Ikorodu, Lagos.

    Omosun said the accused persons unlawfully tampered with petroleum pipeline and stole 15,000 litres of PMS, valued at N1.5 million, property of the Nigerian National Petroleum Corporation (NNPC).

    He said that the accused persons dealt in the product without any lawful authority or appropriate license.

    The prosecutor said that the offences contravened Sections 390 and 516 of the Criminal Code Act C38, Laws of the Federation 2004 as amended.

    “The Sections contravened also includes 7 (a) and (b) of the Miscellaneous Offences Act Cap M17, Laws of the Federation 2004 as amended,’’ he said.

    The accused pleaded not guilty.

    Omosun urged the court to remand the accused in prison custody pending the determination of the case.

    The accused counsel, Mr O. O. Onun, urged the court to admit the accused to bail on liberal terms.

    Justice Yunusa remanded them in Ikoyi prison and adjourned the case till September 3, for ruling on their bail applications.

  • Police clear businessmen

    Two businessmen, have been cleared by the police of fueling crises in some boundary communities in Lagos and Ogun states.

    Alhaji Mutairu Owoeye and Chief Hakeem Alabi were cleared by a team led Chief Superintendent of Police (CSP) A. Mammah following their investigation.

    The team did not find proof of the allegations of murder and unlawful possession of arms against them.

    The team from the Inspector-General of Police (IGP) Monitoring Unit noted that the crises were caused by series of petitions which had taken the warring factions from Imota Police Station in Ikorodu to State Criminal Investigation Department (SCID) at Panti, Yaba, Lagos Mainland and the IGP’s office.

    The communities are Adeekun Lambo, Lasunmon, Teele, Ewujebe, Ilu-Oloye, Ewumi, Oke-Arobi, Illisa oba, Lire and Aro Ofoly. Others are Salagberu, Tile-Tile, Igboasoro, Oke-Ibu, Oloride in Ogun state and Jaajo, and Oke-Agbo in Lagos.

    The team was raised following a petition sent to IGP by the Association of Communities against Terrorism in Lagos and Ogun State (ACATLO), accusing the businessmen of murder and unlawful possession of fire arms.

    In a related development, operatives investigated another petition by the Baale of Oke-Agbo, Chief Jimoh Ekundayo Ashafa accusing some hoodlums of invading his community.

    The IG directed a team of Special Anti-Robbery Squad (SARS), led by Adewale Nureni, an Assistant Superintendent of Police (ASP) to investigate the allegation.

    Six of the hoodlums were arrested and arraigned before an Ebute Meta Chief Magistrate’s Court on a five-count charge of conspiracy, unlawful possession of fire-arms, belonging to the outlaw Aiye confraternity, armed robbery and murder.

  • EFCC arraigns three  businessmen over N25m ‘fraud’

    EFCC arraigns three businessmen over N25m ‘fraud’

    The Economic and Financial Crime Commission (EFCC) yesterday arraigned three businessmen – Roland Enang, Sam Onuoha and Theo Ohiagu – before a Lagos High Court, Ikeja, over an alleged N25 million fraud.

    The directors of Claysworth Oil Limited were arraigned before Justice Adeniyi Onigbanjo on a two-count charge of fraud bordering on conspiracy and obtaining money by false pretences.

    Counsel to the EFCC, Mrs Zainab Etuh, alleged that the accused, on March 17, 2011, at Ikeja, allegedly obtained N25 million from Africoat Limited by fraudulent means.

    The commission said the accused falsely presented the money that it represented payment to Delta Omega Limited for the procurement of a bank guarantee from HSBC Bank, Hong Kong.

    She said their alleged offences contravene Sections 1(2)(3) and 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2004.

    But the accused pleaded not guilty to the charges.

    Justice Onigbanjo, ruling on the bail application of the accused, moved orally by their counsel, Mr Paul Ananaba (SAN), granted the bail for N1 million each with two sureties in like sum.

    The judge said the sureties must be resident in Lagos State and have to produce two years’ tax clearance payable to the state government.

    He said one of the sureties must own a landed property in Lagos State while the other surety must be a civil servant not below Level 12.

    Justice Onigbanjo directed the defendants to report to the Investigative Police Officer (IPO) on the first Friday of every month pending the determination of the case.

    He also directed them to deposit their international passports and other travel documents to the EFCC, adding that these must not be released without the express permission of the court.

    The judge ordered them to be remanded in Ikoyi Prison pending the perfection of their bail terms.

    Justice Onigbanjo adjourned the matter till December 16 for trial.