Court to hear suit against Nnaji’s firm May 31

A Federal Capital Territory (FCT) High Court in Bwari will tomorrow begin hearing in a suit by filed by Nifex Limited, an Aba-based firm, against Barth Nnaji’s Geometric Power Limited over non-refund of its $1million equity in the failed Enugu Distribution Company (Enugu Disco) bid.

Besides the refund of the $1million, the firm is also asking the court to award another N200 million as damages and N10 million as cost against Nnaji and his firm, Geometric Power Limited, for alleged failure of consideration for the purchase of the shares and breach of trust.

It is also demanding that the refund by Geometric must be made in naira equivalent and at the prevalent rate on the date of judgment for the failed bid.

Nifex Limited claimed that efforts to get Geometric refund the money or render account of the failed bid for the Eastern Electricals as preferred bidder under the Federal Government’s privatisation drive through the Bureau of Public Enterprises (BPE) was unsuccessful.

The firm also claimed that checks conducted at the Corporate Affairs Commission (CAC) showed that neither the sum of $1 million was used for shares acquisition in Eastern Electricals nor the name of its chairman, Elder Nduka Onuoha Ikoro, listed as a shareholder as provided by law.