Chairman/Chief Executive Officer(CEO), Algrain Foods Limited, Chief Anthony Obidulu, has told a Lagos High Court in Osborne, that First City Monument Bank (FCMB) never advanced any loan to him.

Algrain was taken over in 2017 by two banks over an alleged loan given to Obidulu.

Since the takeover, the company has remained sealed, with manufacturing equipment and other properties worth N20 billion reportedly looted.

Obidulu had, in March 2024, appealed to President Bola Tinubu and other authorities to intervene in the matter and return assets of the company illegally sold by FCMB and its receiver manager.

Obidulu maintained that the money in question was a N100 million Small and Medium Enterprises Credit Guarantee Scheme facility granted his company by the Federal Government, of which FCMB acted as an agent, as required by Central Bank of Nigeria (CBN) guidelines.

He also told the court presided over by Justice R.O. Olukolu, while being led in evidence by his counsel, Chief Aloy C. Ezenduka, that the money in contention was not just dropped into his accounts, but paid upon request.

Algrain Foods Limited and its CEO, had sued the bank and the receiver, Emmanuel Adeyeye Oyebanji, claiming, among others, that the receiver committed trespass on Obidulu’s property, which is not part of the All Assets Debenture (Plant & Machinery) pledged to the bank to secure the facility as provided in the CBN guidelines; and that the court should appoint independent auditors, and grant the sum of N20 billion against the bank.

The defendants are FCMB Plc and Emmanuel Adeyeye Oyebanji, named as first and second defendants, respectively.

He further told the court that he had been denied access to his personal premises since the dispute occurred.

Obidulu said: “There is a difference between his personal property and the property of the company. It is only the plant and machinery that belong to the company. The structures and the premises belong to me, and I have the Certificate of Occupancy (C of O) which is in my name. But it is in the custody of the bank.”

He maintained that if they needed the document, they could ask from the bank. He also said the money he collected was guaranteed by the CBN 80per cent, with seven years tenure from draw down.

He was cross-examined by the defence counsel, Taiwo Osipitan, SAN.

The claimant also demanded a yearly rent of N29 million for the 1,200 square meters on the premises leased to Mathan Nigeria Limited and six years rent totalling N174 million.

Further hearing on the matter has been adjourned till November 26.