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Hard Times Hit Sayyu Dantata’s MRS, As AMCON Freezes 21 Bank Accounts Over $540M Debt

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4 years ago

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For Sayyu Dantata, the brain behind MRS Holdings Limited, these are indeed sad moments. This is because the Asset Management Corporation of Nigeria AMCON, has got a Federal High court order freezing all the monies in the 21 bank accounts of his oil firm, MRS Holding Limited.

AMCON got the order today in a bid to fulfil the judgement sum of N45.95 billion.

According to an affidavit, MRS Holdings limited was the beneficiary of a syndicated loan by a consortium of Nigerian banks in the sum of USD$540 Million.

The loan was given to the company in 2008, the affidavit by Aishat Lawal from the law firm of Messers Aluko & Oyebode said.

The affidavit was filed before the court by a Lagos lawyer Barrister Adeniyi Adegbonmire SAN, the deponent alleged that

According to the affidavit, the syndicated loan was subsequently classified as non preforming loan and acquired by AMCON.

AMCON in a bid to recover the debt sued Societe Nationals D’Operations Petroliere Cote D’Ivoire & M.R.S.Holiding Limited.

On 4 February 2015 , the presiding Judge Idris Mohammed entered judgement in favour of AMCON and against the defendants in the sum of N16.8 billion but MRS did not to pay.

AMCON on 6 June demanded the payment, giving a 21 day notice to wind up the company, in case of default.

After the notice expired, AMCON commenced winding-up proceedings against the defendant.

AMCON also commenced bankruptcy proceedings against Sayyu Dantata , the Chairman of MRS Holding Limited on the basis of a personal guarantee dated the 17th of September,2008 to repay the sum of $350 Million, in the event of a default by the company.

Subsequent to the commencement of the winding-up proceedings, the MRS undertook in writing to pay to AMCON the sum of N42 billion in quarterly instalments over a period of four years, beginning 1 February,2018.

Specifically, the company agreed to pay a”good faith”sum of N2billion on 1 April 2018 and the rest to be paid at N2.5 billion, every quarter, plus accrued interest of 9 percent.

It also agreed that in the event the company defaults in making the quarterly instalment, AMCON shall be entitled to be paid, the outstanding balance of the compromised judgement debt in the sum of N42 billion only.

The undertaking was encapsulated as terms of settlement which were executed as consent judgement by the court in the winding-up proceedings.

The consent judgement was entered by the court on 22 May,2018.

However, contrary to the terms of settlement the company has only paid to date the sum of N1.7 billion out of the “good faith” sum of N2billion.

The Company has also failed and refused or neglected to pay the agreed quarterly instalment and the accrued interest thereto.

By a letter dated 19 August, 2019 by AMCON’s Solicitors Messers Aluko & Oyebode, AMCON demanded of the company, the payment of the balance on the “good faith” sum and the outstanding quarterly instalments for five quarters, which cumulatively stood at N13,098,343,387.12.

Despite the Company’s receipt of the aforementioned letter of demand, the company has failed to accede to AMCON’s demand.

The total sum due and payable to AMCON by the company pursuant to the terms of settlement and the consent judgement is now N45,956,285,921.70

Consequently, the deponent Aisha Lawal, urged the court in the interest of Justice to grant an order attaching the funds of the company domiciled in 21 banks listed before the court.

The presiding Judge Professor Chuka Austine Obiozor, gave the garnishee order Nisi, on Tuesday, attaching the monies due to or lying to the credit of M.R.S.HOLDINGS LIMITED at the banks listed before the court.

The cost of this Garnishee proceeding shall be N1,000,000, the judge ruled.

The case had suffered several adjournments due to the Covid-19 lockdown and #ENDSARS protests.

Additional Report from PM News

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Moment Of Praise Ends 2024 with Renewed Hope and New Beginnings

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1 day ago

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December 29, 2024

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The founder of Moment of Praise, an online weekly praise and worship session, Ranti Netufo, has said despite the challenges and difficulties experienced in the year 2024, there are many reasons to praise God for divine provisions in various ways.

He stated this while commenting on the special session of the programme slated for the last Sunday of the year titled “Renewed Hope and New Beginnings.”

The online praise and worship programme is holding from 6-8pm on Sunday December 29.

“The year 2024 has been filled with challenges. Despite the economic difficulties it has been amazing, with Moment of Praise, the Lord has kept us safe from the beginning of January until now. We all have a reason to praise God for His protection and mercy over us and our loved ones.

“Moment of Praise, an online weekly praise and worship programme, has provided avenue for us to praise and worship the Almighty God with top and popular gospel musicians.

“The programme climaxed for the year today with the programme themed “Renewed Hope and New Beginnings”, reference from Isaiah 43:19. 2024 has been an amazing year despite its own challenges, the Lord has given us moment to praise Him and celebrate.

‘’Today being the last Sunday of the year, we will be celebrating as we make a joyful noise unto the Lord with Moment of Praise team and Victor Praise. The programme will be streamed live on Facebook from 6-8pm,” he said.

Many gospel music stars have ministered to audience of the programme in the past, such as Tobe Alabi, Adeyinka Alaseyori, Evangelist Chigozie, Toluwanisings, Apekeola, Lekan Remilekun, Princess Ifemide, Paterson Okopi,Tope Flourish, Dare Justified, Bidemi Olaoba, Lady Evangelist Asonja Grace Awoete (Arole Eledumare), among several others.

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More Troubles For Ex-Delta Gov. Okowa As EFCC Arrests Accountant General Over N1.3Trn Fraud

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2 days ago

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December 28, 2024

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The Economic and Financial Crimes Commission (EFCC) has intensified investigations into the activities of former Delta State Governor, Ifeanyi Okowa, over an alleged N1.3 trillion fraud with the arrest of the Accountant General of Delta State, Mrs Joy Enwa.

The arrest of Enwa by the anti graft commission we gathered is part of investigations into the alleged misappropriation of N1.3 trillion linked to Okowa.

Other officials being questioned by the anti-graft agency, including a former Director of Finance and Administration.

EFCC sources hinted that the contentious funds include portions of the 13 percent derivation allocation meant for oil-producing states from the monthly Federation Account revenue.

It was widely reported that former Governor Okowa was detained at the EFCC’s Port Harcourt office in November over allegations of using his office to divert state funds for personal gain.

Among the assets allegedly tied to the fraud include shares in UTM Floating Liquefied Natural Gas (LNG) Company and investments in the oil sector.

Spokesperson of the Commission, Dele Oyewale, who confirmed the arrest, said; “Mrs Enwa was detained for questioning over the ongoing investigation into the mismanagement of state funds under the former administration. Some other government officials have also been interrogated.”

Mrs. Enwa, who served as Deputy Accountant General during the administration of Governor Emmanuel Uduaghan, was appointed Accountant General by Okowa in 2020.

When contacted to comment on her engagement with the anti-graft agency, Mrs. Enwa declined to provide details, stating; “I am not the right source to confirm this story. Please contact the EFCC for clarification.”

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Alleged Debts: NCC Approves Disconnection Of Exchange Telecoms From MTN Company Network

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2 days ago

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December 28, 2024

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The disconnection of Exchange Telecommunications LTD from MTN Nigeria Network has been approved by the Nigerian Communications Commission (NCC).

MTN company was accused of failing to settle interconnect charges.

Exchange Telecommunications is a local and international interconnect carrier.

The NCC, a regulatory commission made this known in a public notice signed by its Public Affairs Director, Mr Reuben Muoka at the NCC office on Friday.

It was noted that the disconnection would subsist until otherwise determined by the commission.

“The Nigerian Communications Commission hereby notifies the public that approval has been granted for the disconnection of Exchange Telecommunications Ltd. (Exchange) from MTN Nigeria Communications Ltd. (MTN) as a result of non-settlement of interconnect charges,” the NCC said.

It was also stated that the Exchange was notified of the application and was given the opportunity to comment and state its case.

The NCC, however, said having examined the application and circumstances surrounding the indebtedness, it determined that the Exchange does not have sufficient reason for non-payment of the interconnect charges.

NCC said the disconnection of the Exchange Telecommunications to MTN was in accordance with Section 100 of the Nigerian Communications Act, 2003 and the Guidelines on Procedure for Granting Approval to Disconnect Telecommunications Operators, 2012.

At the expiration of five days from the date of this notice, MTN would discontinue passing voice and data traffic through Exchange and will, thereafter, utilise alternative channels in interconnecting with other network service providers.

 

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