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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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Airforce Confirms Nigeria’s Readiness to Acquire 24 Fighter Jets from Italy’s Leonardo

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By Reuters
Nigeria plans to acquire 24 fighter jets from Italy’s Leonardo (LDOF.MI), opens new tab to modernize its fleet and bolster its air force, air force spokesperson Air Vice Marshal Edward Gabkwet said on Friday.
The aircraft will arrive the country in four batches of six jets each, the air force said. Africa’s most populous nation will receive the first six M-346 fighter aircraft before the end of the year, Gabkwet said in a statement.
The news followed a visit by Claudio Sabatino, Leonardo vice president, to Nigeria’s air force chief in Abuja on Wednesday.
Leonardo will provide a minimum of 25 years maintenance support, the air force statement said.
Nigeria is trying to boost its ability to combat insurgency especially in the northeast of the country where Boko Haram militants and the Islamic State regional affiliate is active. Also kidnapping and banditry is rife across the country.

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Stay Away from CBT Centres, JAMB Warns Parents, Threatens Arrest

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As this year’s Unified Tertiary Matriculation Examination (UTME) begins on Friday, the Joint Admissions and Matriculation Board (JAMB) has vowed to arrest parents found near any Computer-Based Test (CBT) centre during the 2024 UTME exercise.

The directive was issued at the final briefing of the CBT centre owners, which was held virtually on Wednesday, 17th April, 2024.

The spokesman for JAMB, Fabian Benjamin, said this directive became necessary following the intrusive disposition of some parents during the Board’s previous exercises.

Benjamin, who quoted JAMB Registrar Prof. Is-haq Oloyede, said any parent, who disobeys the order would not only be arrested but his ward would also be disqualified from sitting for the examination.

Oloyede explained that this measure became necessary as it has been discovered over time that many of these intruding parents are facilitators of examination infractions while others have, by their actions, disrupted the Board’s examinations in the past.

He added that some miscreants also disguise as parents to infiltrate the centres to perpetrate all forms of infractions.

“The Board’s helmsman noted that going by the extant national policy on education, a candidate for the examination must have attained the age of 17 years.

“Therefore, it is evident that these parents had not allowed their wards to pass through the classes as defined in the document, hence the desperation to follow their wards to the examination venue with the aim of compromising examination officials.

“At any rate, it is clear to any discerning observer that these parents deserve to be sanctioned as they had obviously ‘smuggled’ underage children into the ranks of those scheduled to sit the examination,” the Board note through a statement.

Furthermore, the Registrar said all arrangements have been concluded for the conduct of the 2024 UTME, which will be held in over 700 CBT centres across the nation.

He disclosed that the Board expects a seamless exercise but it has nevertheless made adequate provision to tackle any technical glitch that might occur in the course of the examination.

He, however, warned that if a session experienced any technical challenge, candidates in subsequent sessions would be allowed to sit their examination as scheduled while the candidates in the challenged session would be rescheduled for the last session for the day or the following day or even further depending on the centre schedules.

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Oyo Govt Demolishes Operational Base of Yoruba Nation Agitators

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The Oyo State government, on Wednesday, demolished a building serving as the operational base of the Yoruba Nation agitators led by Modupe Onitiri-Abiola, in Ibadan.

Onitiri-Abiola, one of the widows of late Bashorun M.KO Abiola, had declared the creation of the so-called Yoruba Nation in a video posted online, which has been widely condemned.

Last Saturday, some armed men in military uniforms invaded the Oyo State Secretariat, with the motive to forcefully take over the State House of Assembly, before they were dislodged by the combined efforts of police and troops for the Nigeria Army 2 Division..

Mr. Fatai Owoseni, Special Adviser on Security Matters to Governor Seyi Makinde, confirmed the demolition of the house located at Toye Oyesola Street in Ibadan South West Local Government Area.

Already, no fewer than 29 suspects – including a lecturer – arrested in connection with the foiled armed invasion were on Wednesday arraigned by the police before a Chief Magistrates’ Court in Ibadan.

In a case with charge number Mi/520c/2024 between the Commissioner of Police and the 29 suspects, they were accused of a seven-count charge of treasonable felony, unlawful society, illegal possession of firearms, and conduct likely to cause breach of peace.

Inspector Bakare Rasaq, the Investigative Police Officer (IPO) at the State Criminal Investigation Department, Iyaganku, Ibadan, said the offence contravenes, and is punishable under Section 516 of the Criminal Code, Cap 38, Vol. II, Laws of Oyo State of Nigeria, 2000.

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