In a fierce battle for control of the multi-level network marketing company, Edmark, an attempt by lawyers representing the majority and foreign partner, Mr. Low Ban Chai, to forcibly break into the premises and seize vital documents was thwarted by vigilant security officers and swift police intervention. The incident, according to a report in Nigeria’s Daily Independent, unfolded at the company’s Aromire Street, Ikeja Head Office last week, as tensions continue to rise.
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According to the report, the foreign partner’s legal team, led by Donald Anih, arrived at the Edmark headquarters without the court bailiff and the receiver, disregarding the ongoing minority applications before the federal court. Their objective was to gain access and take control of the company without following the necessary court processes, potentially rendering the Nigerian minority applications ineffective before the scheduled adjourned date of July 4, 2023.

Edmark has been embroiled in a crisis since May of 2022 when the minority partner, Maurice Etim, filed a lawsuit against the majority partner, accusing him of oppressive and unfair conduct. The lawsuit aimed to prevent Mr. Low from completely edging Mr. Etim out of the business they had supposedly formed together. Among the allegations, Mr. Etim claimed that Mr. Low, with the guidance of his lawyer, had appointed two additional directors without holding any statutory meetings. Furthermore, he accused Mr. Low of unlawfully siphoning money out of the company without his knowledge.

In response to the lawsuit, Justice Aneke granted interim orders to preserve the company’s assets and excluded the Nigerian director from further involvement. Despite these court restraints, the foreign partner has refused to hand over company management, including documents and staff, to the court-appointed Receiver/Manager. This defiance has limited the Receiver/Manager’s ability to safeguard the company’s assets and ensure its continued operation. Additionally, Mr. Low has allegedly appointed cronies, including Mr. Abass Abubakar, who is currently at large, to sell assets and direct the proceeds into his personal account, disregarding the court’s orders and further draining the company’s resources.

In an attempt to have the interim order unconditionally lifted, the foreign partner sought relief from Justice Aneke. However, the court directed him to provide a bank guarantee before considering such action. Frustrated by the court’s stance, the foreign partner petitioned Justice Aneke to the Chief Judge, copying the National Judicial Council. Consequently, the matter was reassigned to Justice Osiagor.

The matter is now scheduled to be heard before Justice Osiagor on July 4, 2023.

According to the report, several applications, including a request for Justice Osiagor to recuse himself, will be presented.
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