BREAKING: Union Bank
Takes Over Dangote’s
Company Over Unpaid N4b
Loan


Sani Dangote, the younger brother of
the world’s richest black person, Aliko
Dangote, appears to have run into a
major business crisis as Union Bank has
taken steps to seize his Dansa Foods
Limited.
The latest development follows the
inability of Sani to pay back a loan of
N4billion he obtained from the bank
seven years ago, following which the
bank appointed Lagos lawyer,
Chukwudi Enebeli as Receiver/
Manager.


Dansa Foods claims Mr. Enebeli cannot
represent Union Bank as he is a party
to the suit.
Mr. Enebeli was appointed under the
deed of debenture to take over all the
assets of Dansa Foods, which has its
registered office at 1, Dansa Drive, off
the Badagry Expressway in Lagos.
The debenture appointing Mr. Enebeli
has been filed and registered with the
Corporate Affairs Commission in Abuja,
and it claims that the balance of the
loan secured have become payable as
Dansa Foods has failed or neglected to
meet its obligations despite the bank’s
repeated demands.


In a subsequent development, the
attorney and Union Bank have sued
Sani Dangote and other Directors of the
company at the Federal High Court in
Lagos, citing “obstinacy and resistance”
to his performance of his
responsibilities as Receiver/Manager
The directors are Alhaji Abdulkaarim
Lawal Kaita and Alhaji Ahmed Shehu
Yakasai.


The suit is seeking the following orders
of the court:

(1) A declaration that upon the
appointment of Mr Chukwudi Enebeli
as Receiver/Manager over Dansa Foods
Limited the respondents who are
Directors and shareholders of the
company have no power or control
over the company or any of its assets;

(2) A declaration that by virtue of
clauses 8 and 9 of the Deed of
Debenture dated 29th of May 2009 in
favour of Mr. Chukwudi Enebeli the
Receiver/Manager appointed by Union
bank of Nigeria Plc is entitled to
perform all functions specified in the
deed of all assets Debenture.

(3) An order directing all creditors of
Dansa Foods Limited to pay and
domicile all monies due, incomes, or
receivables accruing to or due to the
company into the receivership account
opened by the Receiver/Manager in
Union Bank Plc.

(4)A order of the court directing the
Receiver/Manager in exercise and
discharge of his function to take such
steps as may be necessary and exercise
such powers including the powers to
take over and apply in realization of
the company’s debt to Union Bank Plc
all monies due to the company.

(5) An order restraining all the
respondents and their agents from
disturbing the Receiver/Manager from
exercising. Powers vested in him
whether by himself or his agents.

(6) An order directing all Police Officers
of the Federal Republic of Nigeria or
other officers concerned with security
and enforcement of order to with “The
Inspector General of Police, Assistant.
Inspector General of Police and other
Police officers so instructed by the
Receiver/Manager to assist him in the
performance of his duties.
An affidavit sworn to by Mrs.
Olorunfunmilola Ayoola, the head of
the Food team of Union bank, averred
that the bank granted Dansa Foods
Limited in 2008 the loan amounting to
N5,200,000,000

According to her, it comprised:
(1)Overdraft – N500million
(2)Short term loan for advertisement –
N500million
(3)Equipment lease- US$2,500,000
(N300million)
(4)Equipment lease (sale and lease
back) – US$2,500,000 (N300milion)
(5)Import Finance – US$30,000,000
(3,600,000,000)

She averred that the loan was
disbursed to Dansa Foods company
and fully utilized by the company. The
company duly executed a deed of all
assets debenture in favour of Union
bank.
Mrs Ayoola averred further that the
loans granted to the company are
depositors’ funds and if not recovered
through the Receiver/Manager, the
survival of the bank will be jeopardized
in view of the amount of the
indebtedness. She consequently urged
the court to grant the prayers of the
bank so as to prevent the respondents
who are directors and shareholders of
the company from dissipating the
assets of the company and for the
effective discharge of the powers of the
Receiver/Manager.


In a preliminary objection the
respondents urged the court to strike
out the suit on the ground that Mr.
Enebeli, being a party in the suit, lacks
the capacity to act as counsel for
parties in the suit.
They also contended that the court
processes were signed by Mr. Enebeli
as counsel acting for Union bank plc
and Dansa Foods Limited in
receivership.

The presiding judge, Mohammed
Yunusa, will deliver judgement in the
matter on October 19.



http://247nigerianewsupdate.co/breaking-union-bank-takes-over-dangotes-company-over-unpaid-n4b-loan/

So?

APC and lies.

This is paradoxical to the truth