A Lagos-based legal practitioner, Chief Aloysius E. Ezenduka, has called on the Inspector General of Police (IGP) Kayode Egbetokun to cause an investigation into the alleged sale of his client’s company assets worth N20 billion by a receiver/manager.
The receiver/manager, Mr. Emmanuel Adeyeye Oyebanji (SAN), was appointed by CSL Trustees Limited on behalf of First City Monument Bank (FCMB), following a N350 million loan dispute.
In a petition dated January 7, 2024, Ezenduka told the Police boss to intervene and investigate “a case of criminal conversion, stealing, selling of the asset worth over N20 billion” belonging to his clients – Chief Anthony Obidulu and his company, Algrain Foods Limited, located at 15 – 17, Canal Avenue, Canal Estate, Okota, Lagos.
Chief Obidulu is the Managing Director of Algrain Foods Limited, a manufacturer of Pasta and Noodles.
But reacting to the petition, Oyebanji (SAN) describes it as a complete fallacy.
“I am aware of the petition. The lawyer is doing this because he knows I am SAN. All the allegations leveled against FCMB and the receiver before the Police have been dismissed by the federal high court in a ruling dated October 24, 2021.
“The petition is an unholy attempt to reverse the judgment of the court through the back door. The issue is that Algrain food Ltd was a customer of FCMB and FBN. FCMB Trustee was appointed as the Trustee for the two banks.
“The account of Algrain food became toxic in the year 2016 and the two banks appointed me as the receiver of all assets debenture as duly registered with CAC Abuja. The receiver obtained protective interim order of possession in the year 2017 from the federal high court, Lagos.
“In 2020, AIgrain food and its director, Obidulu sued the Bank and the receiver before the federal high court, claiming among others that the receiver committed trespass, and that the court should appoint independent auditors,” he explained.
The lawyer stated that they also claimed the sum of N20 billion against the bank, adding that the case was dismissed on October 24, 2021as abuse of court process.
According to him, the court in a judgment granted the bank and the receiver power to sell the assets of the Plaintiff, which was executed because there was no appeal against it or stay.
However, the petitioner said the actions of the SAN and FCMB were reprehensible as four court cases – two at the Appeal Court in Lagos (CA/L/CV/1021/2021 and CA/L/CV/1024/2021) and two at the High Court of Lagos State – are pending and trial ongoing.
The petitioner, therefore, appealed to the IGP to, among other things, investigate these claims.
