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Court Bars Edmark, Distributors From Importing Or Selling Products Except Through Receiver/Manager

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The battle between shareholders of top multi-level marketing company, Edmark Direct Marketing Limited has hit a new twist as a Federal High Court sitting in Lagos has issued a further interim order reaffirming the appointment of a Receiver/Manager and that the company, its distributors or any other person cannot import or sell Edmark-branded products except through the Receiver/Manager, Mr. Seyi Akinwunmi.

 

In addition, the court ordered the Nigerian Customs Services and the Nigerian Police to assist the Receiver/Manager in prohibiting the directors of Edmark Direct Marketing Ltd (and their agents) from circumventing the Receiver/Manager in importing, marketing, selling and/or distributing the Edmark products.

In the Suit No: FHC/L/CP/890/2022 between Etim Maurice Anthony (Nigerian Shareholder) and Low Ban Chai (foreign shareholder), Edmark Direct Marketing, Edmark Direct Holding Limited, Wapiano Bienviendo and Jorolan Noel Noa before Justice  C.J. Aneke, the court’s orders gives further effect and assistance to the earlier interim order and appointment of Receiver/Manager made on May 24, 2022.

According to the registrar’s notice of consequence of disobedience sighted by our correspondent, the court made a further interim order empowering the Receiver/Manager, Mr. Seyi Akinwunmi, a Legal and Insolvency Practitioner of Akinwunmi & Busari, to take into custody certain funds which Mr. Maurice Etim was entitled to in the hands of the third parties, pending the hearing and determination of the motion on notice.

Furthermore, it directed all banks to attach the accounts of two Edmark officials/ employees:  Batusin Rey Cudeira (Head of Treasury)  and Abubakar Abass ( Branch in-Charge) for receiving  cash sales in circumvention of the court appointed Receiver/Manager.

The court also made an interim order directing all banks to attach the bank accounts of Edmark City Development Limited, ED2E Technology Nigeria Limited and Megawong Nigeria Limited and within seven days of being served the order, the banks should file an affidavit disclosing the statement of all accounts linked to the persons and entities earlier mentioned  from June 23, 2022 to date and serve same on the parties (through their counsel and to the receiver/manager.

That was not all, the court also mandated the persons and entities mentioned: Batusin Rey Cudeira , Abubakar Abass Edmark City Development Limited, ED2E Technology Nigeria Limited and Megawong Nigeria Limited within 7 days of service of the order to immediately give full account of Edmark’s monies received from June 23, 2022 to date. https://thebossnewspapers.com/2022/10/15/nigerian-director-wins-first-round-in-battle-for-popular-edmark-direct-marketing-limited/

This latest order is good news for the Nigerian minority shareholder, Mr. Etim who had dragged the Foreign majority shareholder, Mr Low Ban Chai to court for arranging a forgery of his signature to appoint more directors in effort to edge the Nigerian out of the company, amongst other actions of oppressive, unfair and prejudicial breached against the Nigerian minority.

He also averred that his relevant rights such as right to attend meetings and vote, appointment and removal of company secretary, access to accounting records were breached.

In addition to prayers such as appointment of a Receiver/Manager, he wanted the court to appoint Deloitte Nigeria so it can conduct a forensic audit of Edmark and its affiliate company. The suit has been adjourned to November, 14, 2022 for further hearing.

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Innovation Meets Vision As Glo Partners Samsung to Unveil New Galaxy S26

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In a convergence of technology and vision, digital solutions leader Globacom has entered a partnership with global electronics giant Samsung to introduce the much-anticipated Galaxy S26 Series to the Nigerian market. It is a device conceived for a generation that lives, works and dreams in real time.

The unveiling, held at Globacom’s corporate headquarters in Victoria Island, Lagos, gathered an august assembly of high-net-worth customers, industry figures and members of the media. The atmosphere was not merely ceremonial; it was symbolic — a quiet affirmation that when global engineering meets indigenous connectivity, innovation finds its true signal.

As part of the partnership, Globacom has commenced an exclusive pre-order window for its subscribers. Each Galaxy S26 purchased at any Gloworld outlet nationwide is bundled with 18GB of complimentary data under the Glo Smartphone Festival Data Plans delivered as 3GB monthly for six months.

In addition, customers receive a distinguished Platinum Number eSIM, accompanied by up to 10GB of extra data monthly. It is a proposition crafted not as an afterthought, but as a deliberate statement of value.

The Galaxy S26 Series itself is a study in assured sophistication. It fuses next-generation processing power with a sleek, immersive display, enhanced camera intelligence, durable battery performance and privacy screen technology. Its Agentic AI capabilities introduce a more intuitive user experience, one that anticipates need, protects data and enhances productivity.

In essence, it is a device built not merely to function, but to empower.

Speaking at the event, Samsung’s Product Manager, Sellout Platinum, Mr. Solomon Osibeluwo, described Globacom as the first partner to host the S26 masterclass session — a testament, he noted, to the enduring strength of the relationship between both organisations. He reaffirmed Samsung’s commitment to deepening this alliance, adding that the S26 Series has been meticulously engineered to enrich the calling, browsing and overall digital experience of Nigerians.

In his address, Globacom’s Head of Gloworld, Mr Mohamed Rabie, underscored that the collaboration is anchored on delivering real and measurable value. Premium technology, he remarked, must travel with meaningful benefit. He expressed pride that Globacom stands as the first partner to offer both the masterclass engagement and immediate pre-order advantages following the device’s launch in Nigeria.

Encouraging Nigerians to experience the device firsthand at Gloworld outlets nationwide, Rabie concluded with quiet conviction: “this moment transcends the unveiling of a smartphone. It signals the unfolding of new possibilities powered by intelligence, sustained by partnership, and carried on the dependable wings of connectivity”.

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FCCPC Uncovers Patterns of Price Manipulation by Local Airlines

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The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered patterns of price manipulation perpetrated by some local airlines during the last festive season.

The findings are contained in the interim report released on Thursday by the Commission’s department of Surveillance and Investigations, according to a statement signed by the Director, Corporate Affairs, Ondaje Ijagwu, and made available to The Boss.

Recall that the Commission announced an industry-wide investigation earlier in January.

The forensic exercise benefitted from data collated by the Commission from airlines operating local routes in the country.

The report compares domestic airline pricing from the December 2025 festive period with post-peak January 2026 fare levels.

Preliminary analysis indicates that fares recorded during the December peak were materially higher than those observed in the post-peak period across several routes despite relative stability in critical operating variables like fuel price, government taxes and foreign exchange.

The differences observed in fares therefore appear to reflect airlines’ arbitrary pricing decisions, including yield management and capacity allocation, rather than any variation in regulatory fees.

Route-level analysis shows that higher fares coincided with periods of reduced seat availability during predictable seasonal demand peaks. On some high density routes, peak fares were clustered within relatively narrow ranges across several operators.

For instance, on certain corridors like Abuja-Port Harcourt, peak fares were several times higher than corresponding post-peak levels. On selected routes, the difference in the price of a single ticket reached approximately ₦405,000. Median fares across the sampled routes also rose markedly during the festive window when compared with post-peak benchmarks.

However, the interim report recognises that seasonal demand pressures, scheduling constraints and fleet utilisation may also affect pricing during peak travel periods.

These factors remain under consideration as part of the Commission’s ongoing review.

Commenting on the release of the interim report, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, said the review is part of the Commission’s statutory responsibility to promote competitive markets and safeguard consumers.

“This assessment is intended to provide clarity on pricing behaviour during predictable peak travel periods. The Commission’s role is not to disrupt legitimate commercial activity, but to ensure that market outcomes remain consistent with competition and consumer protection principles under the law,” Mr. Bello said.

He noted that the Commission is conducting further structural and route-level analysis before reaching any conclusions.

“It is important to emphasise that this is an interim report. Our next action will be dictated by full facts established at the end of the review exercise.  Then, the Commission will decide whether any regulatory guidance, engagement or enforcement steps are necessary, strictly in accordance with the law,” he said.

The report identifies the possible relevance of Sections 59, 72, 107, 108, 124 and 127 of the Federal Competition and Consumer Protection Act 2018, which respectively address the prohibition of agreements in restraint of competition, the prohibition of abuse of a dominant position, the offence of price-fixing, conspiracy to commit offences under the Act, the right to fair dealings, and the prohibition of unfair, unreasonable or unjust contract terms.

Meanwhile, Mr. Bello announced that foreign airlines will come under FCCPC radar after the ongoing review of local airlines in view of widespread complaints of exploitative fares they allegedly charge Nigerians on certain routes compared to fares in neighbouring countries that are of equal distance.

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Many Killled, Houses Torched As Terrorists Unleash Deadly Attacks on Adamawa Communities

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At least 25 ⁠people were killed and several houses torched after ​gunmen attacked two villages late on Tuesday in Adamawa State, northeast ‌Nigeria, residents and the ‌state governor said on Wednesday.

The attackers struck Kirchinga in Madagali ⁠district ⁠and Garaha in neighbouring Hong, two villages on the edge ​of the Sambisa Forest where Boko Haram and Islamic State West Africa Province (ISWAP) operate.

The twin raids highlight the enduring insecurity in Nigeria’s ​northeast, the epicentre of a 17-year Islamist insurgency, despite years of ⁠military ⁠campaigns.

Abubakar Lawan Kanuri, the ⁠village ​head of Kirchinga, told Reuters the attackers arrived on Tuesday evening ​dressed in military uniforms ⁠that initially led residents to mistake them for soldiers on patrol. He said 18 bodies were recovered after the gunmen swept through the community.

In Garaha, seven people were killed when ⁠gunmen on more than 50 motorcycles stormed the village and attacked ⁠a nearby military base, said resident Musa Isa, who added he “narrowly escaped.”

They advanced from several directions and hit the military base, killing three soldiers. Four fleeing residents were shot, and a school was also burned. Many villagers have since fled to Mubi, the nearest big town, Isa said.

Adamawa State Governor Ahmadu Umaru Fintiri condemned the attacks ⁠as “cowardly acts of terrorism” and vowed not to “let terrorists undermine our efforts to restore peace and stability,” according to a statement from his spokesman.

Source: usnews.com

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