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Nigerian Director Wins First Round In Battle For Popular Edmark Direct Marketing Limited

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By Michael Effiong
The minority shareholder and only Nigerian Director of Edmark Direct Marketing Nigeria Limited, Mr Etim Maurice Anthony has won round one of his legal battle with majority shareholder, Low Ban Chai and others.
Hon. Justice C.J. Aneke of the Federal High Court, Lagos had ruled that the interim ex-parte orders obtained by Mr Anthony was lawful and he was not guilty of any misrepresentation of material facts.
That was not all, the court also held that before the ex-parte is vacated the petitioners, that is Edmark Direct Marketing. Low Ban Chai and others would have to provide a satisfactory bank guarantee to be agreed upon by both parties covering Mr Anthony’s 5% shareholding.
This ruling is a big win for Mr Anthony who had rushed to court to seek redress after he was virtually schemed out from the company he set up, nurtured and turned into a money-making machine.

Mr Low Ban Chai: Majority Shareholder of Edmark who is in the eye of the storm

Mr. Anthony had dragged Edmark Direct Marketing Ltd, Low Ban Chai, Edmark Holdings Limited, Wapanio Benvendo and Jorolan Noel Had to court and also obtained an exparte to stop the company’s facilities located along Aromire Street, Ikeja Lagos. This was obtained on May 24, 2022.
The whole saga began on May 18, 2022 when Mr Anthony, the petitioner, filed a legal action  against five respondents, Edmark Direct Marketing Limited, Low Ban Chai, Edmark Holding Limited, Wapanio Bienvenido and Jorolan Noel Had.
He wanted a declaration that the affairs of Edmark Direct Marketing are being carried out by Low Ban Chai, the second respondent in manner that is oppressive, unfairly prejudicial, illegal and breaches his rights as contained in Companies and Allied Matters Act (CAMA) sections 107, 235, 250 and 252.
He averred that his relevant rights such as right to attend meetings and vote, on appointment and removal of secretary, on duty to keep open accounting records and annual accounts were breached.
He also prayed the court to grant an order setting aside the purported appointment of the fourth and fifth respondents (Wapanio Bienvenido and Jorolan Noel Had) as directors of Edmark Directing Marketing and an oder restraining the company and Low Ban Chai or their proxies from further passing any board meeting resolution, an order setting aside the any purported appointment of a company secretary for Edmark, an order setting aside the purported transfer of Edmark Direct marketing shares  to Edmark Holding and the registration of the said transfer of shares.
That was not all, he also wanted an order appointing the audit firm of Deliotte Nigeria to conduct a forensic audit of Edmark Direct Marketing’s account, income, expenditure, bank statements, assets and financials from 2010 till date, and  directing Edmark, Low Ban Chai and others to provide all financial records to the auditors.
He also wanted  an order directing Edmark Directing Marketing and Low Ban Chai to conduct the affairs of the company in a manner that is equitable and just to all shareholders including notifying the petitioner of all board and general meetings and participation in the management and administration of the company as along as he remains a shareholder.
Furthermore, he desires an order directing the first or second respondents to purchase the petitioner’s shares at a market value after valuation of Edmark’s assets and in the event of a deadlock,winding down of the company in a manner that is just and equitable under the law.
In addition, he wanted an order of interim injunction restraining the first respondents, their agents and others from depleting, withdrawing from,  transferring from, charging to, transacting on or dissipating Edmark’s assets pending the hearing and determination of the motion on notice for interlocutory injunction.
And an order of interim injunction restraining the respondent’s banks from disbursing funds from 13 and any other bank accounts linked to Edmark and its affiliates pending the hearing and determination of the suit.
Also an order mandating Edmark’s officers, managers and employers to disclose or provide information about the location of any property, assets or funds acquired with the company funds wether held directly or indirectly including but not related to ED2E Technology Nigeria Limited, Edmark City Development Company Limited, Megwang Resources Limited and any other related company.
He also wanted an order empowering the Receiver/Manager, Seyi Akinwunmi & Co to  preserve all assets of Edmark including  D’Podium Event Centre,Aromire Avenue, Edmark City Project, Lekki and order directing the Inspector-General of Police and his officers to assist the Receiver/Manager to effect the above order and ensure the safety of the assets.
On June 23, 2022, the respondents filed a motion on notice, seeking reliefs such as an order setting aside or discharging the order of interim injunction, or alternatively an order varying or modifying the ex-parte orders and  stay of execution of the order of interim injunction.
Mr Anthony had sworn to an affidavit that he was  consistently excluded in the management and administration of Edmark, that Low Ban Chai had requested him to transfer the sole mandate to the company account for ease of business and he trustingly accepted the proposal, not long after Low Ban Chai started taking unilateral decision and that he was never served notice or invited to general meeting since 2010.
He also averred that Low Ban Chai siphoned funds from Edmark into other ventures without his consent such as Edmark City Development Ltd, AD2E Technologyu Limited, is about to float a Microfinance Bank with a minimum deposit of N2billion and used the platform of Edmark to market a cryptocurrency “Edcoin”,  moved the proceeds of $15million to Megawang Resources Limited  and the funds moved offshore.He also stated that Low Ban Chai also prepares financial reports for governmental agencies without his signature as required by law.
He also revealed how he was offered N50million by Mr Donald Abih and a three bedroom apartment of be forced out by Low Ban Chai and because of his refusal, on May 11, 2022, Low Ban Chai secretly  filed notices before the Corporate Affairs Commission  and made changes to Edmark’s status adding two new directors (Bienvendo and Han) and transfer of 95% of Edmark to Edmark  Holding Limited.
It was based on these alleged wrong doings that he approached the court for an exparte and now the court has affirmed that his request was justified and has sent conditions for the opening of the Edmark’s facilities.

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  1. Pingback: Court Bars Edmark, Distributors From Importing Or Selling Products Except Through Receiver/Manager - TheBoss Newspaper

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Why Tinubu Was Absent at Commissioning of Sanwo-Olu’s Projects in Lagos – Presidency

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The Presidency has come up with reasons behind President Bola Tinubu’s absent at the commissioning of Governor Babajide Sanwo-Olu’s projects in Lagos, on Wednesday.

Tinubu was noticeably absent at the scheduled project commissioning in Lagos, sparking public curiosity.

However, Sunday Dare, his Special Adviser on Public Communications and Orientation, has clarified the reason behind the last-minute development.

Speaking during an interview on Channels Television, Dare revealed that the President had to prioritise urgent national security matters over the event.
According to him, although Tinubu is currently in Lagos, he has been deeply engaged in high-level State duties, particularly ongoing security briefings tied to recent developments across the country.

“The president has been busy taking constant briefs and has to prioritise when it comes to state matters, especially security,” Dare stated.

He referenced rising security concerns, including recent unrest linked to incidents in Jos, noting that the President has been closely monitoring the situation and working directly with intelligence agencies.

Dare emphasised that Tinubu remains fully engaged behind the scenes, actively coordinating with security operatives and receiving continuous updates to address emerging threats.

The absence, he stressed, should not be seen as neglect of official duties but rather a reflection of the President’s focus on safeguarding national stability at a critical time.

Tinubu skipped the Lagos commissioning not out of disregard, but to handle pressing security issues demanding immediate presidential attention.

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Benin Republic 2026: Romuald Wadagni, The President in Waiting

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By Eric Elezuo

As the presidential election draws very close, one man stands taller than most of the candidates that would be on the ballot paper, or may have been on the ballot paper as far as the presidential election in Benin Republic is concerned. He is the hard working and most Indefatigable achiever, Monsieur Romuald Wadagni.

He us young, able and full of experience, having practiced positive and sincere politics for a very long in his young existence.

Wadagni comes across as the typical chip off the old block, when it comes to genuine leadership qualities and agenda. He has been tested, trusted and ready to take up the mantle of leadership towards providing genuineness and purposeful living condition for the people of Benin Republic.

In 10 consecutive years, since he was 39, Wadagni, has supervised the Finance and Economy ministry without blemish, and has received accolades from far and wide.

It is therefore not a fluke as the 49 years old, Romuald Wadagni was nominated as the ruling majority’s candidate for the upcoming presidential election in Benin.

Consequently, listed below are three things to know about him: 1:he has been the Minister of Finance for nearly 10 years. Romuald Wadagni was appointed Minister of Economy and Finance in April 2016. He was reappointed to the position in 2021 with the rank of Minister of State. He is considered one of the main architects of Benin’s economic recovery.

At the end of January 2025, he welcomed “average growth of more than 6.5% in recent years.” In 2018, Financial Afrik magazine ranked him among the 100 African personalities transforming the continent. In December 2024, the same media outlet named him “Best Finance Minister in Africa,” praising Benin’s macroeconomic stability in the face of international crises. 2: He is an expert in finance and accounting. Romuald Wadagni is a chartered accountant. After studying finance, private equity, and venture capital, he began his professional career in 1998 at Deloitte, one of the largest audit and consulting firms in the world.

At Deloitte, Romuald Wadagni rose through the ranks and successively held several positions of responsibility in France, the United States, and then in Francophone Africa. In 2012, at the age of 36, he became a partner at Deloitte. He later led the firm’s expansion across the African continent. After 17 years, he left the firm in April 2016 when he was appointed Minister of Economy and Finance of Benin.

He is the heir apparent of Patrice Talon. After two consecutive terms, President Patrice Talon, who can no longer run again, had promised to play an active role in choosing his successor. On August 31, 2025, he officially endorsed his Minister of Finance, Romuald Wadagni, as the candidate of the presidential majority.
This designation was confirmed in a joint statement by the Union Progressiste le Renouveau (UPR) and the Bloc Républicain (BR), the two main parties of the majority. On October 4, 2025, in Parakou, Romuald Wadagni and Mariam Chabi Talata, the current Vice President, were officially nominated during a major rally of the presidential majority. In his speech, the candidate minister promised to “consolidate the achievements” of his predecessor.

 

Prior to entering politics, Wadagni worked for the consulting firm Deloitte for 17 years. He was first appointed the minister of economy and finance on 7 April 2016, in the first Talon government, and subsequently reappointed in 2021 with the rank of senior minister.

Wadagni was born in Benin in 1976 in Lokossa, the eldest of five children. His father, Nestor Wadagni, a statistician and economist with a degree from ENSAE, had a career in the Beninese civil service before writing a thesis in fundamental mathematics after his retirement.From an early age, he took an interest in manual work and trained himself in bricklaying and mechanics.

After obtaining a scientific baccalaureate in Benin, he continued his studies in France. From 1995 to 1999, he studied at the École supérieure des affaires de Grenoble (ESA) where he obtained a master’s degree in finance, graduating top of his class. During his studies in Grenoble, he met a partner from Deloitte who identified his potential and recruited him into the consulting firm in 1998.Among honours attached to his ebullient services and achievements, are as follows:

In 2021, the financial newspaper Financial Afrik named Romuald Wadagni “Best African Minister of Economy and Finance”.

In 2024, the financial newspaper Financial Afrik named him “Finance Minister of the Year” for the 4th time in its ranking of “The 100 who are transforming Africa”.

ROMUALD WADAGNI AT A GLANCE 

Romuald Wadagni is Senior Minister in charge of Economy and Finance of Benin. He was appointed on April 7, 2016, in the first government of President Patrice Talon and reappointed to this position in May 2021.

Romuald Wadagni is a public accountant certified in France and the USA. He also holds a master’s degree in finance and has completed specialized training in private equity and venture capital.

Before being appointed Minister of Economy and Finance in 2016, Romuald Wadagni had a leading international experience within Deloitte. In France from 1998, then in the United States from 2003, he developed cutting-edge expertise in several fields, serving customers in various sectors of activity (Mining, TMT, Financial Sector, Public Sector, Retail) and various governments and donors.

Wadagni is a handful in service delivery, transformation and economic re-engineering. He is the best suited for the presidency of Benin Republic as election holds on Sunday, April 12, 2026

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ADC Raises Alarm over INEC’s Plot to Prevent Party from Fielding Candidates

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The African Democratic Congress (ADC) has revealed the deliberate administrative landmines being deployed by the Independent National Electoral Commission (INEC) to prevent the Party from fielding candidates in the upcoming elections.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party stated that at the heart of this emerging crisis is INEC’s stated position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. On its face, this may appear procedural. In reality, it creates a direct and dangerous conflict with the clear timelines imposed by the Electoral Act (2026), which provides defined windows, including the mandatory 21-day notice period and subsequent submission requirements, within which political parties must complete critical electoral processes.

The full statement reads:

We are compelled to raise serious concerns about a developing situation that appears designed to prevent the African Democratic Congress (ADC) from fielding candidates in the upcoming elections. It is based on documentary evidence which we are now placing before the Nigerian public, including certified INEC records, attendance logs, monitoring reports, and excerpts from the Commission’s own sworn affidavit. Taken together, these documents establish a clear and consistent record of events.

INEC received formal notice of the July 29, 2025 National Executive Committee (NEC) meeting of the ADC. It deployed officials to monitor that meeting. It documented the proceedings and received formal reports from its field officers. Following this, INEC updated its internal records and uploaded the names of the new leadership, including Senator David Mark as National Chairman and Ogbeni Rauf Aregbesola as National Secretary.
These are not claims. They are facts contained in INEC’s own records.

In addition, the Commission’s sworn affidavit before the Federal High Court, in its response to Nafiu Bala Gombe on 12 September 2025, particularly in Clauses 14 to 19, affirms key legal principles: that the leadership transition had already been completed and recognized, that such internal party matters fall outside the scope of judicial interference, that completed acts cannot be reversed by injunction, and also recognizes the David Mark-led NWC.

Yet, despite this clear documentary trail, INEC has now taken the position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. This is where the contradiction becomes dangerous.

The Electoral Act imposes strict timelines on political parties, including the 21-day notice requirement and submission deadlines. INEC itself has fixed May 10 as the deadline for the submission of relevant documents. However, by refusing to receive communication from the ADC within this same period, the Commission is effectively preventing the Party from complying with the law.

In simple terms, INEC is effectively threatening that unless the courts deliver judgment on the ADC leadership issue by May 10, it will prevent the ADC from producing candidates.

This places the ADC in an impossible position and creates a clear pathway to artificial non-compliance, which can then be used to justify excluding the Party from fielding candidates. That is the landmine.

INEC has claimed that its April 1 decision was taken to avoid rendering the proceedings before the Federal High Court nugatory. The reality is the opposite. By intervening in a matter already before the court and issuing a pronouncement with clear legal and operational consequences, the Commission has itself undermined the very process it claims to protect.

What is even more concerning is that this position contradicts INEC’s own prior conduct and legal stance. The same Commission that monitored, documented, recognized, and swore to an affidavit confirming the ADC leadership is now acting in a way that contradicts its earlier position.
We therefore call on the Commission to immediately reverse this position, resume the acceptance of all lawful correspondence from the ADC, and uphold its constitutional responsibility to ensure a level playing field for all political parties.

We also call on Nigerians to be wary and remain vigilant about these dangerous machinations to subvert Nigeria’s democracy and impose a civilian dictatorship on the country.

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