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Tag: Court

  • Alleged $40m fraud: Court remands Jonathan’s cousin, wife

    Alleged $40m fraud: Court remands Jonathan’s cousin, wife

    Justice Nnamdi Dimgba of the Federal High Court, Abuja has remanded Robert Azibaola, a cousin to former President Goodluck Jonathan, in Kuje prison, Abuja.

    The judge gave the order yesterday shortly after Azibaola, his wife, Stella and their firm, One Plus Holdings Nigeria Limited were arraigned on a seven-count charge of money laundering.

    They were accused of, among others,  unlawfully receiving about $40million from the former National Security Adviser (NSA), Sambo Dasuki.

    The defendants pleaded not guilty to the charge when it was read to them by an official of the court.

    The couple stood quietly in the dock while the female court official read the charge to them. At a point, the judge instructed that chairs be provided for them to sit. They later sat close to each other for the other part of the proceedings that lasted about  three hours.

    The judge took arguments from parties on the bail applications filed for Azibaola and his wife and adjourned to today for ruling, but ordered that pending the ruling, the husband be remanded in prison, while he allowed the wife to remain on the administrative bail earlier granted her by the complainant, the Economic and Financial Crimes Commission (EFCC).

    While moving the applications for bail, defence lawyers, Chris Uche and Goddy Uche (both Senior Advocates of Nigeria) argued that the offences with which their clients were charged were “ordinarily bailable.”

    They told the court that both husband and wife were sick and needed time to be allowed to attend to their health conditions.

    Lawyer to the husband, Chris said his client had been unlawfully held in the custody of the complainant since March 23 this year.

    He said Azibaola’s constitutionally guaranteed right to personal liberty has been violated by the complainant, who allegedly held the him in unlawful custody.

    He urged the court to grant him bail on liberal term to enable him attend court for trial.

    Lawyer to the wife, Goddy, noted that his client had remained faithful to the terms of the administrative bail granted her, before yesterday, by the EFCC.

    He said Mrs. Azibaola was not only a mother of young children, who require care, she was also indisposed and needed to attend to her health.

    Prosecution lawyer, Aliyu Yussuf objected to the defendants’ bail application and urged the court to refuse them.

    He noted that the offences with which the defendants were charged were serious, and attract between seven to 14 years jail term on conviction.

    Justice Dimgba adjourned to today for ruling after listening to arguments by lawyers to parties.

    The counts of the charge are as follows:

    • That you Azibaola Robert being the Managing Director / Chief Executive Officer and a signatory to the Zenith Bank account of One Plus Holdings Nigeria Limited, Mrs. Stella Azibaola Robert, being a director and a signatory to the account of One Plus Holdings Nigeria Limited and Amobi Ogum( now at large) on or about 8th September, 2014 in Abuja within the jurisdiction of this Honourable Court did conspire among yourselves to commit an illegal act to wit: money laundering of the sum of $40million transferred to the domiciliary account of One Plus Holdings Nigeria Limited with Zenith Bank, Account No. 5070365750 from the account of ONSA with the Central Bank of Nigeria upon a mandate Ref. No. 128/S.5LX/139 purporting to be for the supply of Tactical Communication Kits for Special Services and you thereby committed an offence contrary to Section 8(a) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    • That you, Azibaola Robert, Mrs. Stella Azibaola Robert directly took control of $39.999,958 only out of the total sum of $40million transferred to the domiciliary account of One Plus Holdings Nigeria Limited with Zenith Bank, Account No. 5070365750 from the account of ONSA with the Central Bank of Nigeria upon a mandate Ref. No. 128/S.5LX/139 when you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser( To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    • That you Azibaola Robert and Mrs. Stella Azibaola Robert on or about 8th September 2014 in Abuja within the jurisdiction of this court directly converted $39.999,958 only out of the total sum of $40million transferred to the domiciliary account of One Plus Holdings Nigeria Limited when you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser( To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    • That you Azibaola Robert and Mrs. Stella Azibaola Robert did directly transfer $6,600,000 only being part of the $39.999,958 only out of the total sum of $40million to the bank account of Karahyna Nigeria Limited, a Bureau De Change company for Naira exchange, which you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser( To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) and (4) of the same Act.
    • That you Azibaola Robert and Mrs. Stella Azibaola Robert did directly transfer the aggregate sum of $1million only being part of the $39.999,958 only out of the total sum of $40million to the bank account of Reya Telecommunications Nigeria Limited, a sister company to One Plud Holdings Nigeria Limited, which you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser( To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) and (4) of the same Act.
    • hat you Azibaola Robert and Mrs. Stella Azibaola Robert did directly transfer the aggregate sum of $1,493,000 only being part of the sum of $39.999,958 only out of the total sum of $40million to the bank account of Kakatar EL Limited, a sister to One Plus Holdings Nigeria Limited which you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser ( To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) and (4) of the same Act.
    • That you Azibaola Robert , being the Managing Director / Chief Executive Officer of One Plus Holdings Nigeria Limited on or about 27th May, 2015 in Abuja within the jurisdiction of this court having reason to know that the sum of N650million only directly represented the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki(rtd), the then National Security Adviser( To wit: criminal breach of trust and corruption) in respect of the said amount used the said fund for the purchase of Plot 2245, situate at Maitama Cadastral Zone No. A06 Measuring about 2,482, 28sqm with File No. KN 10182, Abuja from one Nu’uman Barau Danbatta represented by Tunji Adeniyi and Co.( Estate Surveyors and Valuers) and thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) and (4) of the same Act.”

     

  • Court grants ex-NIMASA D-G post-conviction bail

    Court grants ex-NIMASA D-G post-conviction bail

    The Federal High Court in Lagos yesterday granted a post-conviction bail to former Nigerian Maritime Administration and Safety Agency (NIMASA) Director-General Raymond Temisan Omatseye.

    Justice Rita Ofili-Ajumogobia granted him bail on the “single consideration” of Omatseye being a parent with a sick child.

    The bail bond is for N500,000 with two sureties in like sum, one of which must be a civil servant no below grade level 16.

    The judge directed Omatseye to deposit his international passport with the court.

    Justice Ofili-Ajumogobia had on May 20 sentenced him to a prison term of five years and dismissed him from public service for awarding contracts above threshold while in office.

    Omatseye, who is challenging the verdict at the Court of Appeal, prayed the court to grant him bail pending the determination of his appeal.

    According to him, given the number of years it takes to prosecute appeals, it was likely that he could have finished serving the prison term by the time the appeal is determined.

    Besides, Omatseye said he is a father of four children, one of whom is very ill.

    He said the child suffers from “severe medical conditions of epilepsy, atypical hypertrophic cardiomyopathy with mitral regurgitation, artrial fibrillation, enuresis, severe learning difficulties and development delays.”

    His wife, he added, stays full time in London with the sick child to enable him get proper medical attention.

    In his wife’s absence, he has been providing parental care to the remaining three children in Nigeria.

    Omatseye said he would not run away if granted bail.

    He said he was always in court during trial, adding that he was granted bail after his arraignment on self-recognition, having been a lawyer for 28 years.

    But, the Economic and Financial Crimes Commission (EFCC) opposed the application, saying the post-bail application was “based on appeal to pity and extraneous circumstances.”

    The prosecution said bail after conviction is only granted on the basis of very special and exceptional circumstances.

    “In the present application, no exceptional or very special circumstances have been shown to entitle the applicant to bail pending appeal,” EFCC said.

    Ruling yesterday, Justice Ofili-Ajumogibia said Omatseye deserved bail only for the sake of his sick child.

    According to the judge, “being a mother,” she knows how much children need their parents.

    “I admit the defendant to bail based on one single consideration of being a parent. Being a parent is a very, very important vocation, an important venture that should not be played around with.

    “If you take somebody’s child, that person will come after you, even if he is a mad person.

    “I admit the defendant to bail in the sum of N500,000, production of two sureties in like sum.

    “One of them must be a civil servant of not less than level 16 standing. He shall deposit his international passport in the court. This is my ruling,” the judge held.

  • Court fixes January 2017 to hear relisting suit against Chime

    Court fixes January 2017 to hear relisting suit against Chime

    The Supreme Court has fixed January 23, 2017, to entertain a motion seeking the relisting of an appeal against the emergence of former Governor Sullivan Chime as the governorship candidate of the Peoples Democratic Party (PDP) in 2011.

    The News Agency of Nigeria (NAN) reports that Chief Alexander Obiechina, the party’s governorship aspirant in the primary that produced Chime, approached the apex court for the reconstitution of his appeal.

    The appellant is seeking an order for enlargement of time within which to apply to have his appeal re-entered on the court list for hearing on its merit.

    He also sought an order to hold that the appellant’s appeal, which was struck out on October 22, 2015, without any notice to the appellant, be re-entered for hearing.

    Obiechina also sought an order that the appeal be given a special fixture and accelerated hearing in the interest of justice.

    The appellant averred that on September 29, 2015, the apex court adjourned the appeal and other pending interlocutory applications till February 22, 2016, for hearing.

    According to the motion, the appellant received two separate hearing notices from the registry of the court confirming the adjournment of the appeal and its fixture for February 22.

    The motion further averred that the appellant did not receive any other notice indicating any change of the fixture.

    It also said the appellant did not receive any notice of any other proceeding, either contradicting or altering the court’s proceedings of September 29, 2015.

    The motion said, however, that when the appellant and his counsel appeared before the court on February 22, they were surprised to notice that the appeal was not listed.

    According to the motion, the appellant felt aggrieved and denied of his right to have his appeal heard.

    Swearing to an affidavit, Obiechina said: “I feel a sense of miscarriage of justice. That I believe that my appeal ought to be re-entered in the list of the Supreme Court to be given due accelerated hearing as a debt owed to justice.” Presiding Judge Justice Ahmed Mohammed held that the court was led to strike out the appeal on the ground that parties were no longer interested to pursue it.

    “We were told that the issues raised had been overtaken by events. However, nobody, not even the court, can stop you from pursuing justice.

    “But owing to the fact that all the respondents are not in court, the matter cannot be entertained today. The earliest this matter can come up for hearing is January 23, 2017,” Justice Mohammed said.

    NAN reports that respondents to the suit are PDP, the Independent National Electoral Commission (INEC) and Chime.

    The appeal was challenging Chime’s emergence as the governorship candidate of the PDP in Enugu State and eventually the governor-elect.

    The appellant filed the appeal to challenge the shifting of the party’s primaries, originally scheduled for January 9 to 12 that year. He had prayed the court to disqualify Chime’s emergence as the primary had violated the provisions of the Electoral Act, 2010.

  • Court reverses receiver/manager’s appointment

    A Federal High Court in Lagos has set aside the appointment of Chief J. Akingbola Akinola, as the Receiver Manager of Avian Specialties Nigeria Limited.

    This followed an application by the firm and its director James Oluwole.

    Justice Ibrahim Buba  said the appointment was made in defiance of a January 29 ex-parte order.

    The court ordered Akinola, who was appointed Receiver/Manager by the Asset Management Corporation of Nigeria (AMCON), to vacate Avian Specialties’ premises and its farm which possession was taken on March 23.

    The court  held  that the company could reverse all steps taken by Akinola while serving as Receiver/Manager.

    Justice Buba held: “Pursuant to the disciplinary jurisdiction of the court, an order of the honourable court setting aside the appointment of Chief J. Akingbola Akinola as Receiver Manager of Avian Specialties Nigeria Limited which appointment was registered with the Corporate Affairs Commission on 15th February, 2016 in disregard or defiance of the ex-parte order of the court on 29/01/16 restraining the Assets Management Corporation  of Nigeria from appointing itself or any other person as Receiver Manager over the affairs of the company.”

    A federal high court sitting in Abuja had in a similar application on May 23 discharged the ex-parte order that it earlier granted in favour of AMCON on  and Chief Akinola.

    The court took the decision after hearing arguments from counsel to Avian stating that the ex-parte order was obtained through willful concealment.

    The Abuja court, while resolving the matter in favour of Avian Specialties stated that upon reading the affidavit in support of motion deposed to by Evans Jones Osimerha  and upon hearing him move in terms of the application with Exhibits A-D, delivered its ruling and discharged the earlier order.

    Avian through its counsel, Osimerha, had argued that the ex-parte orders granted in favour of AMCON and Chief Akinola on March 15, 2016 were obtained through willful concealment or suppression of material facts, in bad faith and out of abuse of the judicial process.

  • Court to hear AMCON’s suit against cocoa firm today

    Court to hear AMCON’s suit against cocoa firm today

    The Federal High Court in Abeokuta will today hear a receivership suit between the Asset Management Corporation of Nigeria (AMCON) and a cocoa processing company, Multi-Trex Integrated Foods Plc.

    AMCON is claiming the firm owes it N13.3 billion, which includes a contested eligible bank asset (EBA) of N8.5 billion bought from Skye Bank and interest.

    Justice F. Ogunbanjo had last June 12 granted an order granting possession to AMCON; the factory had remained closed since then.

    Multi-Trex is claiming that its acquisition by AMCON is unlawful as it was meeting all its financial obligations with Skye Bank before the N8.5 EBA was acquired.

    It added that it has made a full and final payment of N6billion to AMCON.

  • Bianca kicks as Ojukwu’s second child applies to join property battle

    Bianca kicks as Ojukwu’s second child applies to join property battle

    The widow of the late Ikemba of Nnewi, Chukwuemeka Odumegwu Ojukwu, Bianca, has opposed an application by her husband’s son, seeking to be joined as a defendant in a suit she filed against the family over property.
    Emeka Odumegwu Ojukwu Jr., Ojukwu’s second child, filed the application dated May 24, before Justice Abdulfattah Lawal of the Lagos State High Court, Igbosere, seeking to be joined alongside Ojukwu Transport Limited (OTL) and seven others.
    Bianca had on behalf of her two under-aged children, Afamefuna and Nwachukwu (claimants), sued Ojukwu Transport Limited (OTL) and seven others over an alleged threat by the family to eject them from the company’s properties in Lagos.
    OTL was established by the late Biafran leader’s father, Sir Louis Ojukwu.
    In his application, Ojukwu Jr. prayed the court to join him on the grounds that he is a director in OTL and by virtue of his position has responsibility to look after the interest of the other children of his late father.
    He averred that the claimants in the suit are the last two of the eight children of his late father and they are represented by their mother who was the last of the six wives of his late father.
    The son of the late Biafran warlord prayed the court to join him as defendant in the “best interest of justice.”
    He added that any decision in respect of the claims of Bianca’s two children in the suit so far as it relates to his father’s interest in OTL “will affect me as the current head of the late Dim Chukwuemeka Ojukwu’s family.”
    However, in a 12-paragraph counter affidavit, Bianca’s children opposed their elder brother’s application.
    They averred that they have no claim or relief whatsoever against him in the suit and that that the suit can be duly and properly determined without their elder brother as a defendant.
    The claimant said the application was only a ploy to delay and scuttle the hearing and determination of the suit.
    Other defendants in the suit are Prof. Joseph Ojukwu, Emmanuel Ojukwu, Lotanna Putalora Ojukwu, Dr. Patrick Ojukwu, Edward Ojukwu, Lota Akajiora Ojukwu and Mrs. Massey Udegbe (doing business under Massey Udegbe & Company).
    In their statement of claim, Bianca, and her two children are praying the court to declare that the alleged threat of forcible ejection from 29, Oyinkan Abayomi Street, Ikoyi, by the defendants as illegal.
    They are asking the court for a declaration that her children are entitled to possess the following property: No. 13 Hawksworth Road, Ikoyi (now known as No. 13 Ojora Road; No. 32A Commercial Avenue, Yaba, Lagos; No. 30 Gerard Road, Ikoyi, Lagos and No. 30 McPherson Avenue, Ikoyi.
    According to them, the properties were under the possession of the late Chukwuemeka Odimegwu Ojukwu, the father of the claimants, from the time the properties were released from government acquisition till date.
    The claimants stated that throughout the period their father was fought to retrieve the properties from the government, the second to seventh defendants “never played any role in the struggle nor contributed financially or otherwise to the realisation of the struggle.”
    Justice Lawal will hear the argument for the application on September 14.

  • Court extends time for businessman

    •Firm denies plaintiff’s claims

    An Ijebu-Ode High Court in Ogun State has  granted the request of a businessman, Chief Adeosun Adebayo, for an extension of time within which to file his reply to the statement of defence by International Breweries Plc.

    The court also granted him an order deeming the reply to the defence as properly filed and served.

    The March 24 application was brought on Adebayo’s behalf before Justice S. E. Akinbiyi by his counsel Mr Wale Ajayi.

    Neither the firm (first respondent) nor its counsel was present when the matter came up last Wednesday, but Adebayo, his counsel Ajayi, the second respondent (Sharelink Proxy Service Ltd) and its lawyer Enitan Fawoye were present.

    Adebayo, in the suit numbered HCJ/9/2016, is seeking redress for an alleged harm done to him by the firm, a manufacturing and bottling company that brews Trophy beer.

    The second respondent is the Managing Director of Sharelink Proxy Service Ltd, Ijebu-Ode, a major distributor of Trophy beer.

    The plaintiff is claiming N100million being damages for shock, pains and sundry inconveniences he suffered on account of the firm’s alleged negligence.

    The claimant is also seeking N50million from International Breweries being cost of damages for loss of life expectancy as a result of alleged injuries to his health.

    In his statement of claim, Adebayo alleged that last July 20, he took ill after drinking a bottle of Trophy beer from the two crates he bought from Sharelink Proxy Service and was treated at a specialist hospital before he could recover.

    In its defence, the firm denied the allegations.

    Justice Akinbiyi adjourned till June 30.

  • Court warns against delay of rioters’ trial

    Court warns against delay of rioters’ trial

    An Ikeja Magistrates’ Court has threatened to strike out the charge against 28 persons standing trial for the March 3 riot in Mile 12.

    Magistrate Y.O. Aje-Afunwa issued the threat following the absence of the prosecutor, Mr Jide Martins, when the case came up last Friday.

    Martins, Assistant Director of Public Prosecution told the court on March 10 that the government has taken over the prosecution of all the suspected Mile 12 rioters numbering 177.

    Twenty-eight of them were arraigned before Mrs Aje-Afunwa.

    At the resumed hearing last Friday, Police prosecutor Etim Eno-Edobor, a Chief Superintendent (CSP) and the defendants’ counsel, Michael Oni and Chief S.A. Bello, were present in court, but the DPP was not represented.

    Defence counsel urged the court to strike out the two-count charge for lack of diligent prosecution.

    But, Mrs. Aje-Afunwa declined, saying she would grant one more adjournment in the interest of justice.

    She warned that if the prosecution is not present at the next hearing, the case will be struck out.

    She adjourned the matter till June 10.

  • Court adjourns winding-up suit against Japaul Energy

    The Federal High Court has adjourned a suit by a company, AYM Shafa Limited, against Japaul Energy Limited over its alleged failure to repay a N153million debt.

    AYM Shafa, in a petition, is praying that Japaul Energy be wound up for being insolvent and unable to pay its debts.

    The petitioner said it paid Japaul Energy N153,200,000 for the supply of two million litres of Premium Motor Spirit (petrol), to be delivered between last October 5 to 12.

    AYM Shafa said Japaul Energy claimed that the product was already on ground in a tank farm in Calabar, adding that the contract was entered on the assumption that the product was available for supply.

    The petitioner, through its lawyer Chris Ekemezie, said Japaul Energy failed to supply the product despite repeated demands. It said said when it got to the tank farm, it discovered that Japaul Energy had no PMS stored.

    AYM Shafa said after two months of the respondent’s failure to supply the product, it demanded a refund of the money; Japaul Energy, it said, promised to “process” and make the refund.

    “Despite this undertaking to refund the money and several other oral and written entreaties, three months after, Japaul Energy still has refused, failed and/or neglected to do so, thereby putting the petitioner in a financial quagmire,” AYM Shafa said.

    The petitioner said it learnt that Japaul Energy never had the product on ground to supply, contrary to its “misrepresentation”.

    AYM Shafa’s Depot Supervisor Isyaku Yahaya, in a counter-affidavit, said: “I know that the applicant is indebted to a lot of companies as well and not just to the petitioner. The only reason it has failed to pay back the money is because it is insolvent and incapable of paying its debts.”

    He added that the expected date of delivery, which was April 24, had long passed with Japaul Energy still unable to commence the product’s delivery. The petitioner accused the respondent of frustrating all attempts to resolve the dispute

    But, Japaul Energy said it is “very solvent given her various on-going transactions with customers across Nigeria.”

    It said the money in its bank accounts “are far more than the amount of money involved in the contract…”

    The company said there was only a delay in supplying product and it was not a case of inability to pay debt.

    “Due to the prevailing conditions of petroleum products scarcity as is well known in the public domain, the respondent/objector could not meet up with the supply of the product within the time agreed by parties,” Japaul Energy said.

    Justice Ibrahim Buba adjourned till June 8 for settlement or definite hearing should Japaul Energy fail to pay the debt.

  • Court urged to void Fed Govt’s payment to electricity firm

    A Federal High in Abuja has been urged to void an alleged multibillion naira payment made on behalf of the Federal Government under the Goodluck Jonathan administration to a firm Integrated Energy Distribution and Marketing Limited.

    The firm is owned by former Military Head of State Gen. Abdulsalami Abubakar, ex-Rivers State Governor Peter Odili and others.

    The request formed part of the reliefs in a suit filed by a lawyer, Baribefi Tebira, who is querying the integrity of the process leading to the Fed Govt’s alleged payment of the various amounts of N4.9b, $59m and $87.8m between 2013 and 2015 to Integrated Energy through the Bureau of Public Enterprises (BPE), National Council on Privatization (NCP) and Nigeria Electricity Regulatory Commission (NERC).

    The suit queried, among others, the propriety of the force majeure declared by Integrated Energy about 10 days after it took over the management of Yola Electricity Distribution Company (Yola Disco), following which it was paid N4.9b, $59m and $87.8m through the BPE, NCP and NERC.

    Defendants in the suit include Integrated Energy, Yola Electricity Distribution Company, BPE, NCP, NERC, Federal Ministry of Power and Attorney General of the Federation (AGF).

    Tebira, in his statement of claim, stated that upon the execution of a Share Sale Agreement of February 21, 2013, Integrated Energy paid the Fed Govt $59m for the acquisition of 51 per cent as the majority shareholder of Yola Disco.  He added that Integrated Energy took over the management of Yola Disco in August 2013 after executing a Performance Agreement dated August 21, 2013 between it, BPE and Yola Disco.

    The plaintiff stated that about 10 days after taking over the management of Yola Disco, Integrated Energy, through its Chairman, John Olatunde Ayeni, “declare political force majeure in its letter to the Director General of BPE,” on the ground that the various attacks by Boko Haram in its areas of operation have affected its operation and earnings.

    “Due to the constant and incessant complaints by the 1st defendant (Integrated Energy), on the basis that due to the nature of the severity of the Book Haram attacks it has recorded negative cash flow for 11 months and its revenue generated could not sustain the business of power distribution in the four states under its jurisdiction, the 3rd, 4th,, 5th and 6th defendants decided to compensate the 1st defendant to the cumulative tune of N4.9b.”