Ogboru A Chronic Debtor’, AMCON Tells Court

The Asset Management Corporation of Nigeria (AMCON) on Thursday told a Federal High Court, Lagos that a former Delta Governorship Candidate, Great Ogboru “is a chronic debtor”.

 

Former Delta Governorship Candidate, Great Ogboru

 

Counsel to AMCON, Kunle Ogunba disclosed this in reaction to two motions filed by Mr Ogboru, one, seeking to set aside a court order, which allowed the appointment of a receiver manager to his properties

On the second leg of the motion, Mr Ogboru is challenging the jurisdiction of the court to hear the suit, which he described as an abuse of court process.

Justice Okon Abang had made the order on 13 January, appointing a receiver manager to the defendant’s property, following a suit filed by AMCON over an unpaid loan transaction.

AMCON in their affidavit had affirmed the indebtedness of Mr Ogboru to Equatorial Trust Bank (now Sterling bank), and his unwillingness to liquidate the debt.

Arguing the motion, Mr Ogboru’s counsel, McCarthy Mbadugha said the suit was an abuse of court process because there was a pending suit before a Federal High Court, Abuja on the same subject matter.

Mr Mbadugha added that the Abuja court had earlier issued an order restraining AMCON perpetually from taking over Mr Ogboru’s properties.

He also faulted the appearance of Mr Ogunba in the matter, saying the lawyer already has financial interest in the matter, having been appointed as receiver/manager.

Mr Mbadugha, therefore, urged the court to dismiss the suit.

Responding, AMCON’s counsel, told the court that the action of people like Mr Ogboru was responsible for the collapse of some banks in the country.

He said the defendant had agreed that the principal loan sum of N33 million was outstanding.

The AMCON lawyer argued that Mr Ogboru had not even liquidated his debt, but wants the court to determine the interest.

He told the court that Mr Ogboru’s motion was misconceived, and ought not to see the light of day.

Justice Abang has fixed March 22 for Mr Ogboru’s reply on point of law to AMCON’s argument.

 

 

 

ChannelsTv

Dangote, Adenuga, Otedola, Dokpesi – See list of top 20 Nigerian billionaires for 2013

What is the secret to the success of the top 20 richest people in Nigeria? Who are the Nigerian billionaires and how did they amass their wealth? What are the business success secrets of the successful entrepreneurs in Nigeria? What does it
Today, I will be compiling a list of Nigerian billionaires and top richest people in Nigeria but please this list will be restricted to entrepreneurs only. Politicians and individuals whose source of wealth cannot be traced are excluded from this list.

Most people have asked why so few Nigerians made the Forbes list of richest people in the world. So far, only Aliko Dangote, Mike Adenuga and Femi Otedola Well the answer to that question is this: Forbes estimates the wealth of individuals and rank them based on the value of shares they have in quoted companies (companies listed on the stock exchange) and most of the richest people in Nigeria prefer to run their businesses privately. That’s why they don’t make the Forbes list of richest people in the world.

The criteria for coming up with this list

Most of you may be wondering the criteria or benchmark on which I compiled this list of richest people in Nigeria. Well, I compiled this list based on the following criteria:

*By the value of their shares held in quoted companies.
*The size and market share of their companies
*The number of companies they own and its assumed value
*The market value of their company’s brand
*The impact of their companies on the Nigerian economy

I compiled this list of richest people in Nigeria and highlighted the secret to their success because I believe we can learn a lot from them. Nigeria as a country has been branded all sort of names and a lot has been said about Nigeria; both positive and negative but I am proud that some individuals stood tall to tell the world that we have got potentials.

Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top. In a country with a population of over 160 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time.

Instead of boring you with their success stories; I would rather extract the vital lessons learned from the life of these billionaires. If you are ready to learn, then below is a list of the Nigerian Billionaires (entrepreneurs) and top richest people in Nigeria.

Nigerian Billionaires and top 20 Richest People (Entrepreneurs) in Nigeria 2013

1. Alhaji Aliko Dangote – founder of Dangote Group, Richest man in Africa and Richest black man in the world

2. Mike Adenuga –    Conoil, Equatorial Trust Bank, Globacom

3. Femi Otedola – ZENON Oil and Gas

4. Orji Uzor Kalu – Slok Group

5. Cosmos Maduka – Coscharis Group

6. Jimoh Ibrahim  – Nicon Insurance, Global Flee

7. Jim Ovia – Zenith Bank Plc, Visafone

8. Pascal Dozie – MTN  Nigeria,Diamond Bank

9. Oba Otudeko – Honeywell Group Nigeria

10. Alhaji Sayyu Dantata – MRS Group

11. Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group

12. Prince Samuel Adedoyin – Doyin Group

13. Dele Fajemirokun – Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.

14. Chief Cletus Ibeto – Ibeto Group

15. Raymond Dokpesi – Daar Communication, AIT,

16. Tony Ezenna – Orange Group

17. Chief Molade Okoya Thomas – Chairman CFAO Nig and other six french companies

18. Ifeanyi Ubah – Capital oil and gas

19. Leo Stan Ekeh – Zinox Computer

20. Fola Adeola –GTBank

21. Chief Ade Ojo –  Elizade Motors Nig LTD, Distributor of Toyota cars

 

 

 

businessnews

 

EKO ATLANTIC CITY is set to be launched today !New Lagos City is born

The multi billion naira land reclamation project along the Bar Beach coastline called Eko Atlantic City is set to be launched today. Expected at the launch are the President of the Federal Republic of Nigeria, Dr Goodluck Ebele Jonathan. Also expected are former U.S. President Bill Clinton, state governors, ministers and other dignitaries

Eko Atlantic will be a new home to 250,000 people and the workplace of another 150,000. The ten square kilometre development will have waterfront areas, tree-lined streets, efficient transport systems and mixed-use plots that combine residential areas with leisure facilities, offices and shops.

Eko Atlantic will enhance the status of Lagos and create a new and stronger financial hub for the whole of West Africa.

Have you been to Dubai’s atlantis the palms? that’s the picture we expecting in Eko Atlantic city.
Fashola is working, Lagos is working! EKO ONI BAJE

 

 

 

 

 

 

jaguda

FG slashes business registration to N15,000

 

 

 

 

 

 

 

 

Mr. Olusegun Aganga

The Federal Government has approved the downward review of the cost of business registration at the Nigerian Investment Promotion Commission from N50, 000 to N15, 000.

Minister of Trade and Investment Mr. Olusegun Aganga said the review was designed to make Nigeria highly competitive in line with international best practices. The NIPC’s Assistant Director/ Head, Media & Publicity Joel Attah said  the downward review is in line with the desire of the federal government to improve the country’s competitiveness rating in doing business.
“It is also a very bold attempt at lowering the cost of doing business in Nigeria. This is expected to substantially enhance the country’s national competitiveness as a foreign direct investment destination,” he said.

The NIPC was established by Act No. 16 of 1995 to promote, encourage and coordinate investment in Nigeria and Section 4 (a) of the Act mandates the commission to register and keep records of all enterprises with foreign equity participation.

Attah said: “In the light of this development, both new and existing investors are enjoined to take advantage of this gesture to ensure that they are dully registered with the commission in line with Section 20 (1) and (2) of the NIPC Act.

Failure to do so is a violation of the law. “The section states that an enterprise in which foreign participation is permitted under section 17 of this Act shall, before commencing business apply to the commission for registration and the commission shall within 14 days from the date of the receipt of completed registration forms, register the enterprise if it is satisfied that all relevant documents have been duly completed and submitted or otherwise advise the applicant accordingly.”

 

 

 

 

 

dailytrust

Capital Oil and Gas accuses Cosharis, bank of violating court order

The Managing Director of Capital Oil and Gas Limited, Mr Patrick Ifeanyi Uba, Friday, told a Federal High Court sitting in Lagos, that Cosharis Motors Limited and  Access Bank undermined the judiciary by obtaining an order from a London Court, which was in violation of an existing order of the Federal High Court.

It will be recalled that Justice Okon Abang of the Federal High Court, Lagos had restrained Access Bank and Cosharis from tampering with the assets of Capital Oil and Gas Limited, pending the conclusion of a case by Uba against them.

The court also restrained the respondents from doing anything against the business interests of Uba and Capital Oil.

At the resumed hearing in the matter, counsel to Uba, Chief Wole Olanipekun, SAN, accused Cosharis and the bank of violating the subsisting orders of the court.

He argued that after the Federal High Court made the orders, the respondents approached a London court, where they obtained another order that violates the existing orders of the Federal High Court, Lagos.

Olanipekun  described the action of the bank as  lawless and one which is condemnable.

Access Bank’s counsel,  objected to the admissibility of the order and proceedings of the London Court on the ground that they were not certified.

The bank denied the allegation that it had violated Justice’s Abang’s orders, contending that the assets and business interests of Capital Oil were still intact.

Cosharis’ counsel, adopted the same argument.

The bank and Cosharis are challenging the jurisdiction of the court to entertain the matter.

The court in a short ruling, said it was going to hear argument  on the alleged violation of his orders.

”The only valid and cherished property of the court is its orders and judgments.

”I don’t want to be a dog that can only back and not bite. In the light of the Supreme Court decision in the case of Ebodage and Okoy, I hereby  suspend proceedings on challenge to the jurisdiction.

Meanwhile, the court will on  January 28,  rule on the alleged violation of the court orders by the respondents.

 

 

 

Vanguard