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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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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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10 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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23 hours ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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1 day ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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