Algrain boss denies indebtedness to banks, demands N20b damages

Chairman/Chief Executive Officer, Algrain Foods Limited , Chief Anthony Obidulu , has told a Lagos High Court in Osborne, that First City Monument Bank never advanced any loan to him.

Obidulu maintained that the money in question was a N100 million Small and Medium Enterprises Credit Guarantee Scheme facility granted his company by the Federal Government, of which FCMB acted as an agent, as required by Central Bank of Nigeria guidelines. The defendants are FCMB Plc and Emmanuel Adeyeye Oyebanji, named as first and second defendants, respectively.

He maintained that if they needed the document, they could ask from the bank. He also said the money he collected was guaranteed by the CBN 80per cent, with seven years tenure from draw down.The claimant also demanded a yearly rent of N29 million for the 1,200 square meters on the premises leased to Mathan Nigeria Limited and six years rent totalling N174 million.Before flagging, please keep in mind that Disqus does not moderate communities.

Lagos State Government has kicked off a free medical outreach aimed at providing essential healthcare services to 25,000 residents across 24 locations in the state.

Source: Law Daily Report (lawdailyreport.net)

Chief Anthony Obidulu Fcmb

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Enugu govt targets N20b land use charge in .8 million propertiesA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Nigerian govt kept my husband in prison with Boko Haram members – Wife of detained Binance ExecutiveYuki Gambaryan, the wife of the detained Binance Holdings Limited executive, Tigran Gambaryan, hass told the US Parliament that the Nigerian Government kept his husband, Tigran Gambaryan, in Kuje prison together with Boko Haram terrorists and bandits.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Interpol: process to extradite fleeing Binance executive Anjarwalla ongoingThe Nation Newspaper Interpol: process to extradite fleeing Binance executive Anjarwalla ongoing
Source: TheNationNews - 🏆 6. / 69 Read more »

High cost of drugs: ASPHDA executive secretary asks FG to encourage research into local medicinesNigeria's independent online newspaper
Source: thecableng - 🏆 2. / 80 Read more »

Executive, National Assembly do clash over policies, Tinubu saysPresident Bola Tinubu has hinted that the relationship between his government and National Assembly members is not always rosy, noting that there were times when the executive and legislative prerogatives collided.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Nigeria must reduce dependence on imported drugs, says PMG executive secretaryFrank Muonemeh, executive secretary of the Pharmaceutical Manufacturers Group of MAN, says the country should reduce its dependence on
Source: thecableng - 🏆 2. / 80 Read more »