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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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Adeleke Loses As Tribunal Declares Oyetola Winner of Osun Guber Election

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The Osun State Governorship Election Petition Tribunal sitting in Osogbo has sacked Governor Ademola Adeleke as the duly elected governor of the state.

The tribunal in a split document of two to one declared that the Independent National Electoral Commission, INEC, should withdraw the Certificate of Return issued to Adeleke and issue the same to former Governor Adegboyega Oyetola

The majority judgement which was read by the Chairman, Justice Tertse Kume said Oyetola scored the majority lawful votes of 314,931 against Adeleke’s 219,666

Radio Radio Ibadan

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Katsina Youths Boo, Stone Buhari’s Officials During Visit in Protest to Hardship

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President Muhammadu Buhari, on Thursday, commenced a two-day official visit to his home state of Katsina where he inaugurated some projects executed by the state government.

However, his first day in the state was marked by a protest by youths decrying the hardship in the country.

The youth staged the protest a few minutes after noon, shortly after the President inaugurated the Kofar Kaura Underpass in Katsina.

The protesters caused a commotion at the Kofar Kaura Underpass where they threw stones at the crowd after Buhari left the area.

The boys also set up bonfires along the Yahaya Madaki Way, a few metres from the underpass, while shouting: ‘We don’t need you,’ ‘We no go do,’ in Hausa.

A viral video showed a mass of youths violently denouncing the government as they engaged some policemen on the road.

The development is coming 72 hours after the Presidential standard bearer of the Labour Party, Peter Obi, was stoned by suspected hoodlums at a campaign rally in Katsina.

The thugs reportedly threw stones outside the campaign venue, damaging several vehicles.

“Our candidate had met with women in a town hall and then held a hugely successful rally at the Muhammad Dikko Stadium. However, on his way to the airport, hoodlums attacked the car our candidate was riding in with heavy stones from his driver’s side causing substantial damage to the vehicle,’’ the Head of Media, Obi/Datti Presidential Campaign Council, Diran Onifade, disclosed in a statement.

Buhari had finished the ceremony and left when the youth stormed the underpass and started shouting, ‘Bamuyi,’ ‘Bamuyi’ (We are not interested.)

They also threw stones at the convoy of state government officials departing the project site.

They were subsequently dispersed with tear gas by security personnel.

One of the youth said they were protesting the hardship in the country, adding that they wanted to draw the President’s attention to the situation.

One of the protestants declared,  “ We are suffering; no job; no life…no money…”

But the spokesman for the Katsina police command, Gambo  Isah, said there was no protest.

He noted, ‘’The President was neither booed nor his convoy stoned. I was part of the convoy. The President successfully inaugurated the project. We were at another inauguration when we learnt that hooligans known as kaoraye were fighting one another at Sabwa ungwa area and we went there. We arrested no fewer than 10 of them and an investigation is already going on.”

The Special Adviser to the governor on Security Matters, Ahmad Katsina,  did not respond to inquiries on the youth’s actions.

The Punch

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Festival of Joy Promo: Ibadan Hosts Another Draw

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Globacom, on Thursday, held a draw in Ibadan, Oyo State capital to pick the winner of another 3-Bedroom apartment in the ongoing Glo Festival of Joy promo.

The event was held at Gloworld, Challenge, in the presence of several Glo subscribers who were in the shop to transact business.

Commenting about the exercise, a walk-in customer, Mr. Matthew Aina, who drew the winning number, commended Globacom on transparency of the draw, while Mrs. Taibat Azeez, who also witnessed the emergence of another house winner, said the exercise was fair enough.

The three-bedroom apartment will be presented to the winner, who was informed by Glo officials after the draw at a presentation ceremony scheduled for Friday, January 27, 2023.

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