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Investors Ask Court To Freeze Assets Of Late Bukka Hut Co-Founder Laolu Martins

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2 years ago

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Following the controversy surrounding the death of Laolu Martins, an investment banker and co-founder of fast food chain, Bukka Hut, some of his investors have approached the Lagos High Court sitting in Osborne, Ikoyi, to secure their investments.

The court has subsequently granted an order of Mareva injunction, restraining commercial banks in the country from dealing with his assets and any accounts linked to him.

Justice (Dr) Rasul Olukolu granted the order at the instance of Brooks & Oakland International Limited, Revent Global Finance Limited and Mr Akintayo Oyekunle, who are listed as the 1st to 3rd claimants applicants in a suit filed against NISL Ventures Ltd, Nigerian International Securities Ltd & The Estate of Laolu Martins, all of whom are listed as the 1st to 3rd defendants.

Through their lawyer, Adetunji Adedoyin-Adeniyi of AAA chambers, the applicants filed a motion exparte before the court. They submitted that the late Laolu Martins is the alter ego of the 2 other defendant companies, NISL Ventures & Nigerian International Securities Ltd.

Their lawyer also told the court that his clients invested in the companies because of the late investment banker and with his passing, it was imperative for them to recover their funds before his family & others begin to dissipate the funds in the defendant companies.

They, therefore, asked the court to freeze the companies assets and accounts to the extent of their investments.

They specifically asked the court “to restrain 21 commercial banks in the country from releasing, further releasing or dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the Defendants from any account whatsoever maintained by the 1st – 3rd Defendants and also all accounts linked to the Estate of the 3rd Defendant with BVN: 22151716038 (Late Laolu Martins), their agents, privies, subsidiaries, sister companies and beneficiaries or the like with any of the said Banks wherever situate up to the amount of the Claimant/Applicant’s total claim of the sum of N118,055,936.59 (One Hundred and Eighteen Million, Fifty-Five Thousand, Nine Hundred and Thirty-Six Naira, Fifty-Nine Kobo Only), being the outstanding investments and return on investments accruing to the Claimants/Applicants from the Defendants as at the 29t September 2022, pending the hearing and determination of the motion on notice.”

They all asked the court for “AN ORDER OF MAREVA INJUNCTION restraining the Defendants, their directors, agents, servants, officers, privies, subsidiaries, sister companies, beneficiaries or any other person natural or artificial howsoever called under the control of the Defendants from transferring or otherwise dealing with any and all of the monies standing to the credit of the Defendants in any account whatsoever maintained by the Defendants with any of the aforementioned Banks wherever situate up to the amount of the Claimants /Applicants’ Claim of the total sum of N118,055,936.59 (One Hundred and Eighteen Million, Fifty-Five Thousand, Nine Hundred and Thirty-Six Naira, Fifty-Nine Kobo Only), being the outstanding investments and return on investments accruing to the Claimants/Applicants from the Defendants as at the 29th September, 2022, pending the hearing and determination of the motion on notice.”

“An ORDER of this Honourable Court restraining the 1st – 3rd Defendants and their privies from selling, transferring, assigning and/or dealing with properties of the 1st, 2nd and 3rd Defendants that can be traced and located by Claimants/Applicants during the pendency of this suit.

“An ORDER directing the above-named Banks to file and serve on the Claimants/Applicants’ Counsel within 7 days of service of the order on them, an affidavit disclosing the balance on the 1st, 2nd and 3rd Defendants’ account whatsoever maintained with the banks as at the date of the Order.

“An ORDER of this Honourable Court granting leave to the Claimants/Applicants to serve the following processes, to wit: Originating Summons, Affidavit in support of the originating summons, written address in support of the originating summons with accompanying Exhibits (collectively “the originating processes”), the Motion on Notice for mareva injunction; and all other processes that may be issued in this suit on the Estate of Late Laolu Martins by way of substituted service; to wit; pasting on Late Laolu Martins’ last known address which is No. 3, Alhaji Kanike Close, Off Awolowo Road, South West Ikoyi, Lagos AND for such order or orders as this Honourable Court may deem fit to make in the circumstances.”

After reading the 33-paragraph affidavit in support of the application and examining the eight (8) grounds upon which the application was predicated, and the depositions in the affidavit in support, the Court held that it is satisfied that this is a deserving circumstance in which orders of Mareva injunction and substituted service can be granted.

The Court said it drew inspiration from Sections 10, 13 and 18 of the High Court Law of Lagos State and Orders 9 Rule 5 and 42 Rule 1 of the Rules of Court, 2019 and the cases of I. F. C. V. DSNL Offshore Ltd (2008), Durojaiye V. Continental Feeders (Nig.) Ltd. ((2001), and Sotiminu V Ocean Steamship Nig. Ltd (1992) where the Supreme Court, per Nnaemeka-Agu, JSC (as he then was) expressly stamped with judicial authority the powers of the High Court of Lagos State to grant orders of Mareva injunctions.

Justice Olukolu granted all the requests of the applicants pending the determination of the motion on notice pending before the court.

He ordered all the banks to file and serve an affidavit disclosing the monies standing in the credit of the defendants within seven (7) days of the service of the order on them.

The court then adjourned to the 14th of Nov. 2022 for a report of service and for further hearing.

The affected banks are Guaranty Trust Bank, Access Bank, Citi Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, First City Monument Bank, Globus Bank, Heritage Bank, Jaiz Bank, Keystone Bank, Polaris Bank, Providus Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Union Bank, United Bank for Africa, Unity Bank, Wema Bank and Zenith Bank.

Laolu Martins died on Tuesday, September 27, after giving in to his battle against depression.

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ENHANCING PUBLIC SAFETY AND SECURITY: THE HALO TRUST AND US GOVERNMENT PARTNER TO PROVIDE AMMUNITION HANDLING AND ACCOUNTING TRAINING AT IKEJA LAGOS.

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4 weeks ago

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December 22, 2024

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The Nigeria Police Force Explosive Ordnance Disposal – Chemical Biological Radiological and Nuclear (NPF EOD-CBRN) has successfully completed the first batch of training for 19 personnel on Ammunition Handling and Accounting Course. The training, held in Ikeja, Lagos, from December 3-20, 2024, was organized by The HALO Trust and sponsored by the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs.

According to The HALO Trust’s Country Director for Nigeria, Prince Ganiyu Otunba, this training is part of aholistic NPF-HALO developed project aimed at supporting personnel capacity building, addressing equipment needs, and enhancing the operational readiness of the NPF EOD-CBRN Command to mitigate explosive ordnance threats in Nigeria. A second batch of 22 personnel is scheduled to undergo the same training in January.

The Inspector General of Police, IGP Kayode Adeolu Egbetokun PhD, NPM, through the CP EOD–CBRN CP Patrick Atayeroexpressed gratitude to the Bureau of International Narcotics and Law Enforcement Affairs andThe Trust HALO for their support.

The training aimed to equip NPF EOD-CBRN personnel with the knowledge, skills, and best practices necessary to handle and account for ammunition and explosives safely and securely. The course also focused on ensuring proper accounting and record-keeping, preventing theft and diversion, reducing the risk of unplanned explosions at munitions sites, and promoting international best practices.

The NPF appreciates the support provided by the United States government, which will have a profoundly positive impact on the society.

CP Patrick Atayero emphasized the importance of responsible ammunition management in preventing the proliferation of illicit weapons and reducing the risk of unplanned explosions at munitions sites. He urged all stakeholders to collaborate with the Police in efforts to prevent the diversion, misuse, and unauthorized handling of explosive and other hazardous materials.

About HALO

The HALO Trust is the world’s largest humanitarian organization engaged in the field of Mine Action and weapons and ammunition management. With over 35 years’ experience, The HALO Trust is the most experienced organization in the field of Weapons and Ammunition Management, rehabilitating and constructing armouries and ammunition stores to international standards, disposing of unsafe and unserviceable weapons and ammunition, and building national capacity to allow for the safe, accountable and secure management and control of weapons and ammunition.

The HALO Trust presently implements Mine Action and weapons and ammunition management projects in 30 countries and territories. In 2024, HALO trained a total of 106 Nigeria security forces personnel in weapons and ammunition management.

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Aliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors

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1 month ago

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December 13, 2024

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By Rtn. Victor Ojelabi

The much-anticipated movie series Seven Doors by Femi Adebayo has finally premiered, currently showing on Netflix, captivating audiences with its intricate storytelling and compelling characters.

The movie begins with a haunting scene of seven women under a mysterious spell leaping to their deaths from a waterfall, setting the tone for a gripping tale that unravels in Ilara Kingdom.

The series explores various societal issues, including corruption, greed, gluttony, family values, malicious conspiracies, and the delicate balance of law and order.

Central to its plot is the calamitous fate of Oba Adedunjoye, the Onilara of Ilara, whose failure to perform traditional rites—symbolised by knocking on seven doors—unleashes devastating consequences on his kingdom.

At the heart of this chaos is Esusu, a malevolent and exiled villain whose return wreaks havoc.

Esusu, a ni ohun t’Eledumare o ni.
Eledumare o ni ika, ika ni Esusu

The character of Esusu, pivotal to the story’s depth, is masterfully brought to life by Aliu Gafar.

Gafar’s first appearance, late in Episode 2, immediately shifts the narrative, introducing a chilling force that spares no one, not even the royal family. His commanding portrayal encapsulates the essence of Esusu, a man whose wickedness defies comprehension.

The backstory reveals Esusu’s sinister pact with Ọba Adejuwọn, an ancestor of Adedunjoye.

Desperation led Adejuwon to seek Esusu’s help to evade death—a move that came at an unthinkable cost, forgetting that bi alọ ba lọ, abọ nbọ (a pendulum that swings to is still coming to swing fro).

Esusu’s return demanded not only royal treatment but the freedom to live as he pleased, challenging the very fabric of the kingdom.

Gafar embodies this complex character with remarkable precision, delivering a performance that is both chilling and unforgettable.

With almost two decades in Nollywood, Aliu Gafar has solidified his reputation as a versatile and dedicated actor.

His extensive filmography includes acclaimed productions such as Jagun Jagun, Anikulapo, Iyalode, Eefin, and Omo Ajele.

His role in Seven Doors further cements his legacy as a master of his craft, showcasing his ability to seamlessly portray multifaceted characters.

The Yoruba actor has also garnered accolades for his work, including the Best Actor award at the Dallas International Yoruba Movies Awards for his role in Peregun.

His commitment to the industry and his talent for captivating performances continue to make him a force to be reckoned with in Nollywood.

In Seven Doors, Gafar’s nuanced performance as Esusu elevates the series, demonstrating his ability to command attention and bring depth to a complex narrative.

His contribution to the Nigerian film industry remains invaluable, and his portrayal of Esusu is a testament to his enduring excellence.

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Ogun State Prominent Monarchs, Business Tycoons, Others Honor Olusho Agba At The Confession 2024

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1 month ago

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December 12, 2024

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The Olusho Agba’s confession 2024 attracted more dignitaries as three respected monarchs in Ogun honour the event by physical appearance, alongside side most prominent CEOs in Ogun.

 

The royal fathers present at the laudable event held at Continental Suits in Abeokuta include HRM Oba Oyabanji Adetunji (Oloja Of Oja Odan) HRM Oba Buhari Makinde (Oniwoye of Iwoye Land) HRM. Oba Lukmon Kuoye (Olu of Imasayi).

 

Also Chief Executive Officer of IBD Foundation, Dr. Mrs. Lara Dende, the Chief Executive Officer of Pelican Valley Nigeria Limited Amb. Dr Tunde Adeyemo and CEO of Zolakaz Oil and Gas Alh. Sanni Azeez was also present at the event.

 

The Confession 2024 features a series of content creators, comedians, singers and dancers, and artists of different fields such as Dr Smile, Hafeez Oyetoro (Simply Saka), Woli 3310, Chukwuka Jude, Babalegba

Biola Adekunle, Femi Obimodede, Ishau Abidemi, and many more.

 

Below are some pictures from the event…

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