Connect with us

Featured

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

Published

on

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.

Continue Reading
1 Comment

1 Comment

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

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

‘Osun is Proud of You’, Gov Adeleke Hails Davido at 32

Published

on

By

Osun State Governor, Senator Ademola Adeleke has congratulated his nephew and global music icon, David Adeleke, popularly known as Davido on the occasion of his birthday, describing him as a superstar Osun State is proud of.

In a statement by his Spokesperson Mallam Olawale Rasheed, the Governor added that Davido’s consistency, energy and passion is evident in the result he has recorded not only in his music career but also in his life as a person.

Governor Adeleke furthered prayed for progress, more success and achievement for him while commending his continuous outreach to the orphanages and less privileged stating that it is a noble act every blessed hand in Nigeria must emulate.

He said, ” I want to rejoice with my nephew, David Adeleke Davido, on the occasion of his 32nd birthday, I am very happy we are all alive to witness it.

“Davido is a global super star that Osun state is very proud of. The consistency, energy and passion he has inserted into building his music career is evident in the result he has recorded not only in his career but also in his life as a person.

“I pray for him for progress, more success and achievement in long life, prosperity, sound health and mind.

“I equally want to commend his continuous outreach to the orphanages and less privileged. I must say that this is a noble act every blessed hand in Nigeria must emulate.

“Once again Happy Birthday to Davido”.

Continue Reading

Featured

Glo Festival of Joy Promo: Security Trust Boss Wins Toyota Prado in Warri

Published

on

By

Warri was agog with excitement on Thursday as the Board Chairman of Delta State Security Trust Fund, Mr. Daniel Mayuku, became the first winner of the much coveted Toyota Prado in Globacom’s Festival of Joy promotion.

Mr Mayuku was presented the keys to the prized asset at a ceremony held by the company on Thursday, November 21, at Gloworld, Delta Mall, Warri, by the Speaker of the Delta State House of Assembly, Hon. Emomotimi Guwor, and the Chairman of Uvwie Local Government Area, Chief Anthony Ofoni. Friends, admirers and other Glo subscribers joined in the celebration which turned into a carnival in the city with electrifying performances by Ema Dance Troupe.

An overjoyed Mayuku declared: “When I received the first call that I won a Prado in Glo Festival of Joy promo, I believed it was a scam and I immediately told the caller not to call me again. However, after few minutes, I started receiving calls from friends and I decided to call my friends in Glo and they confirmed it. I was in disbelief; I thought it was a scam. I jokingly asked for the car immediately and I was told to come to Glo office for verification and today the jeep has just been presented to me. Globacom is truly Nigerian, a network that delights its subscribers every year. They are still the best.

Other lucky winners also went home with tricycles (Keke), power generating sets, sewing machines and grinding machines. Ovueve Efejiro, a native of Ughelli, who won  Keke, said, ”I just won Keke through Festival of Joy promo, I am very grateful to Glo. This Keke will help my family. My brother will use it for commercial purpose immediately”, while a generator winner Felix Gabriel thanked Globacom for always remembering Nigerians every year in its annual promos.

Speaking at the presentation, Speaker of Delta State House of Assembly Hon. Emomotimi Guwor who was the special guest, said “Globacom is a network that is known for giving. Over the years, many Nigerians have been empowered by Glo. The people of my constituency in Warri South West and entire Delta people are grateful to Glo. We will continue to use Glo and I also want to be part of the winners one day soon. So, I will ensure that my line is always on and ready. Kudos to Glo and our own Dr. Mike Adenuga. Please keep on empowering Nigerians.

Similarly, the Head of licensing and operation, National Lottery Regulatory Commission, Delta State office, Mrs Anwuli Efejuku, commended Globacom for the transparent nature of the promo. She said, “We witnessed the raffle draw few days ago here in Warri where it was conducted in the presence of everyone and today the winners that emerged have been presented their prizes. Congratulations to all the winners.

To participate in the Festival of Joy promo, new and existing subscribers should dial *611# to opt into the promo and to keep recharging. He added that new subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#.

“Customers are required to recharge up to N100, 000 cumulatively during the promo period to qualify for the draw for the Prado Jeep, N50, 000 cumulative recharge for Kia Picanto, N10, 000 in a month for tricycle and N5, 000 total recharge in a month to win a generator. For the sewing machine, a total recharge of N2, 500 in a month is required, while for grinding machine, a recharge of N500 in a day will be eligible for the draw. New subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#, Globacom explained.

Guests at the event included representative of  Urhobo community in Delta State Oil Producing Areas Development Commission  (DESOPADEC) Hon. Karo  Goru Jonathan; Chairman Uvwie Local Government Area, Delta State, Chief Anthony Ofoni; representative of National Lottery Regulatory Commission, Delta State office, Mrs Anwuli Efejuku;  representatives of the Ovie of Uvwie Kingdom, Chief Okieneni  and Chief Emmanuel Eyela;  President of  of Igbudu Market Association, Warri,  Chief Rume Kugberu and Nollywood actors, Ese Eriata and comedians Gordons and M.C. Forever.

The next prize-presentation exercise comes up in Lagos, where another set of Nigerians will go home with different prizes including another brand new Toyota Prado, Kia Picanto car, Keke  and others.

Continue Reading

Featured

Ozekhome Hails Goodluck Jonathan on 67th Birthday

Published

on

By

Leading human rights activist and constitutional lawyer, Prof Mike Ozekhome, has celebrated former President Goodluck Jonathan as he turns 67 today.

In a heroic-worded eulogy, the renowned author, who recently launched 50 books at once, praised the former president for his gigantic strides during his tenure, and for putting the nation above his personal interest in the aftermath of the 2015 general election.

Below is Ozekhome’s full statement:

HAPPY BIRTHDAY TO MY DEAR BROTHER AND GOOD FRIEND,DR GOODLUCK EBELE JONATHAN, GCFR

BY PROF MIKE OZEKHOME, SAN, CON, OFR.

GEJ, you are a true democrat in the truest sense of the word.More than 8 years after you left office, many Nigerians are still yearning for your kind of humane and purposeful leadership that shunned discrimination, tribalism, sectionalism, prebendalism and cronyism.

Nigeria surely prospered under you, overtaking South Africa as the biggest rebased economy in Africa and one of the fastest growing economies in the world. For the common man,life was good. You certainly made your mistakes, like us all humans and mortals. But your gargantuan pluses far outweigh your few minuses. God has indeed been very kind to you, raising you from a bootstrap state of nadir to the zenith of power as president of the biggest democracy in the black world. But you never allowed power to intoxicate or overwhelm you as an aphrodisiac.

You showed uncommon humility and selfless leadership- a servant leader. As a living icon phenomenon, you have exemplified the quintessence of the highest virtues and nobility of a good man. At a time Nigeria was on the precipice of collapsing under a looming electoral inferno in 2015, you placed the national interest above your personal interest by conceding defeat to then candidate Muhammadu Buhari, even when votes were still being counted. Your immortal words before that historic occasion to the effect that “My ambition is not worth the blood of any Nigerian” easily placed you in the pantheon of rare heroes. The words rekindled the genre of Abraham Lincoln’s imperishable words during his 18th November, 1863 Gettysburg declaration, that “Democracy is government of the people, for the people and by the people”. Your continuous shuttle diplomacy across the world with which you illuminate dark electoral crevices has proven you to be a world leader of respected pedigree.

Through you, Nigeria exports Democracy.

Happy birthday to an iconic and uncommon democrat.

Continue Reading

Trending