Connect with us

Featured

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

Published

on

 

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Featured

Beware of ‘Full Blown Dictatorship, Dele Momodu Cautions Tinubu in New Letter

Published

on

By

By Eric Elezuo

Chairman, Ovation Media Group, Chief Dele Momodu, has again written an open letter to President Bola Tinubu, cautioning him against metamorphosis into full blown dictatorship.

As usual, Chief Momodu took the instrumentality of his social media handles to send his message to Tinubu, which is coming barely two after he wrote him the first letter bordering on the need to curtail his spendthrift attitude and embrace empowerment of Nigeria’s teeming youths.

In the letter titled Once Again, An Appeal to President Tinubu, Momodu outlined their days in the struggle for democracy against the military government, wondering why someone, like Tinubu, who had congregated and protested in the past, will turnaround today to say there will be no protest.

Momodu further blamed Tinubu for the present hardship in the country, accusing him of not knowing the difference between running Lagos as governor and running Nigeria as president.

“And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State,” he said, further accusing of having a stranglehold on Lagos for 24 years since he became governor in 1999.

Momodu advised that the proposed protest should be seen as a litmus test for the security agencies, especially as the Department of State Service (DSS), claimed they have unraveled the identities of those wishing to cause mayhem.

“But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily,” Momodu advised.

He finally advised Tinubu to seek friendly advice, and extricate himself from the ‘hawks’ surrounding him as they do not mean well for him.

It would be recalled that the country has been on edge since the masses vowed to embark on a 10-day protest over extreme hardship in the country, beginning from August 1, 2024.

Read Dele Momodu’s letter in full:

ONCE AGAIN, AN APPEAL TO PRESIDENT BOLA TINUBU…

Your Excellency,

For the second time within two weeks, I’m compelled to write you this epistle. As I write this, my mind goes back to my earliest recollection of you as a Senator of the Federal Republic of Nigeria. As a young journalist, you were everyone’s delight. The June 12 Presidential election annulment brought out the best in you as a pro-democracy figure. You spent money and time fighting the military. Our exile years were lived in constant fear and trepidation.
Fast forward Sir. We returned to Nigeria in 1998

You contested the Lagos State Governorship election in 1999, and pronto, you won. Since then, you have been in absolute control of a state described as the California of Africa, and possibly the sixth richest economy in Africa. Lagos is a country on its own…. I’m just trying to let you know that you’ve been a President in Lagos for 24 years before becoming the President of Nigeria.

Unfortunately, things have not been easy for Nigerians (except members of the privilegentsia) since you realized your lifelong ambition. And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State.

I’m sad and embarrassed that a fighter for Democracy is now saying Nigerians will not be allowed to congregate and demonstrate on the streets, something you and I enjoyed during the military regimes, at home and abroad.

I will never support anarchy, after engaging in peace initiatives in Sierra Leone, Liberia and The Gambia. But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily.

Please Sir, go back to your original friends in civil liberties and seek their assistance. Then, use this opportunity to test the strength, security architecture and combat readiness of our security agencies. Ignore the advice of the hawks in your team. They have nothing to lose since they are mostly beneficiaries of what others died for. Resist the temptations of full blown dictatorship…
You’re in my prayers as you bear this cross…

Continue Reading

Featured

Rotary International District 9112 Launches Coastal Restoration Initiative, Plants 1000 Coconut Trees in Lagos

Published

on

By

In a bid to promote its mission of improving the environment, Rotary International District 9112 on Sunday kicked off an environment-saving intervention tagged: Coastal Restoration Initiative at Westside Beach, Okun, Ajah, Lagos, where 1000 coconut trees were planted along the coastal shores of the Atlantic Ocean.

Speaking at the event, the Governor of Rotary International, District 9112 Rotarian Femi Adenekan, said the “initiative is conceived to save the environment as well as reduce the adverse effect of the climate change.”

According to him, “the environment is one of the main focus areas of Rotary International. We need to consciously come to the realization that we need to save our environment. We need to save ourselves. So that in the future, those that will come after us will have life.”

“People assume that the world belongs to them. They have forgotten that they are just tenants on the surface of the earth. If you try to change nature, nature will react, which is the reason we are having a lot of environmental damage in the world. Some of wrong human activities, such as throwing plastics and other items into water or where it ought not to be is causing us environmental challenges. If we don’t take care of our environment, the environment will react and take us out of the surface of the earth,” He said.

The chairman of the District 9112 Tree Planting Committee, Rtn. Gboyega Bada recommended the adoption of an “Every Rotarian Plant a Tree Every Year” policy and also indicated plans for Rotary International District 9112 to propose a Private Bill to the Lagos State House of Assembly to enable all Lagos Residents plant a tree every year for the next five years to address the challenges of climate change.

Rtn Bada stated that the vision of Rotary District 9112 on Tree Planting is to achieve a safer and cleaner environment by planting 10,000 seedlings of Coconut, Mango, Breadfruit, Avocado and other ralated crops that have economic, health and environmental benefits.

The event was well attended by Stakeholders in the Private and Public Sectors. Pan African Towers Ltd, Tolaram Group, Azeez Amida Foundation, Telenoetica Ltd, amongst others were well represented. Past District Governor Tunji Funsho led other Rotary Leaders to give their support. The DG’s wife Rtn Tayo Adenekan, the District Governor elect Rtn Lanre Adedoyin, General Manager of Lagos State Coconut Development Authority, Dapo Olakulehim and Lagos State Parks and Gardens Agency, Club Presidents and Rotarians from the 73 Clubs graced the occasion.

Also speaking at the event, one of the Guest Speakers, the world acclaimed horticulturist, Mr. Andrew Vale of Tolaram Group and The Lagos Free Zone, highlighted the importance of trees, saying; “planting trees improves air quality, reduces air pollution, and illnesses from air pollution. More so, plants produce oxygen and provide shelter, medicine, and many more.”

In his own special remarks, Chairman, LUFASI Park and DG Coconut Naija, Dr. Desmond Majekodunmi, said; “the basic fact about the environment is that whatever you sow, you shall reap. The environment will always treat you, the way you treat it.”

It is of note that the vision of District 9112 on tree planting for this year is to achieve a safer and cleaner environment through the planting of 10,000 seedlings of coconut, mango, breadfruit, avocado and other related crops that have economic, health and environmental benefits.

The event was witnessed and supported by main stakeholders in the industry, agencies and partners which included, Mr Dapo Olakulehin, General Manager, Lagos State Coconut Development Authority (LASCODA), Mr Andrew Vale of Tolaram Group, Channel Scott from Pan African Towers, Azeez Amida Foundation, Telenoetica, The Legend Lifeskills Foundation, Etam Avitat, Lagos State Parks and Gardens Agency (LASPARK) , presidents and members of various Rotary Clubs in District 9112 amongst others.

Rotary leaders who witnessed the event are PDG Tunji Funsho, PDG Kamoru Omotosho, PDG Omotunde Lawson among others.

Continue Reading

Featured

Protest: Oluwo Advises Tinubu to Dialogue with Opposition Leaders, CSOs, Labour Leaders, Students, Others

Published

on

By

The Paramount Ruler of Iwoland,His Imperial Majesty, Oba Abdulrosheed Adewale Akanbi, has called on President Bola Ahmed Tinubu to invite stakeholders for dialogue ahead of August 1st, 2024 planned protest.

Oluwo stated consultation is necessary to avert violent confrontation by inviting the stakeholders for national discourse.

He feared protest might be hijacked by hoodlums to steal and destroy public properties built by our collective patrimony. Oluwo said dialogue becomes reasonable when it’s embraced before protest. He called on Nigerians to learn from Endsars protest that got many properties built with public funds destroyed.

Oba Akanbi asked President Tinubu to extend the invitation to major political opposition parties leaders mostly the Peoples Democratic Party (PDP), Labour Party, labour union leaders, students’ unions, civil society organizations (CSO), notable traditional rulers and other stakeholders to discuss the state of the nation and collate more ideas to address the economic hardship.

Oluwo expressed strong conviction in patriotic opposition political parties leaders to honour such national conversation.

Oluwo affirmed the economic hardship and inflation are global, conveying the need to hold national talks with stakeholders to discuss solutions to the country’s challenges.

A statement released by Oluwo through his press secretary, Alli Ibraheem, reads “At this crucial moment of global economic challenge, Nigeria inclusive, I call on President Bola Ahmed Tinubu to convey a national dialogue most especially with the dog handlers comprising the opposition parties leaders, civil society organizations, labour leaders, students, traditional rulers and religious leaders”

“In a democratic setting,a peaceful protest is guaranteed provided some are not waiting somewhere to hijack it. Protest will not be advisable at this critical moment of tense global economic hardship”

“I’ve strong hope in the opposition leaders to honour national dialogue and contribute intellectual ideas to national development. No patriotic opposition leaders will want Nigeria to be destroyed”

“Even if a protest is held, we will resort to a round table discussion after the road show. Rather than allowing hoodlums to hijack and destroy the nation we are trying to construct, why not embrace dialogue? When we sit together and talk to each other, more virile approaches and solutions may be suggested for application. It will also provide an avenue for the government to reveal their plans in checkmating food crisis and manage the economy to our collective advantage ”

“Different bodies should have representative(s) at such gathering. Those willong to protest should appoint leaders. It shouldn’t be like endars protesters without leader. No harm will be done to them. As a traditional ruler and leader, I’m watching to ensure masses interests are protected and always ready to speak truth to power. Sincere protesters can reach out to notable traditional rulers”

“The inflation is killing. It’s a global phenomenon. I visited Saudi Arabia recently. Prices of goods have gone up acrosa the world. Even the rich are finding it difficult. Addressing the challenge should involve everyone to come together and discusss way forward”

Continue Reading

Trending