Monday, October 19, 2015 5:11 pm
A Federal high court sitting in Lagos south west Nigerian, today adjourned till 1 December judgment in an objection filed by Sani Dangote and his company, Dansa Foods Limited against Union Bank’s deed of debenture to take over the company over its inability to pay a debt of N4billion.
Sani Dangote, the junior brother of Africa’s richest man,Alhaji Aliko Dangote ran into trouble waters after Union Bank plc appointed a Lagos Lawyer,Barrister Chukwudi Enebeli as Receiver/Manager over his company Dansa Foods Limited
Enebeli was appointed under the deed of Debenture to take over all assets of Dansa Foods Limited. The Deed has been filed and registered with Corporate Affairs Commission at Abuja.
Sani Dangote and three other Directors of the company Alhaji Abdulkaarim Lawal Kaita,Alhaji Ahmed Shehu Yakasai and Alhaji Mohammed Sani Dangote are challenging the action of Union Bank, following the bank’s bid to execute the debenture deed.
In an affidavit by Mrs Olorunfunmilola Ayoola, head Food team of Union Bank the bank said it granted loan of N5,200,000,000 to Dansa Foods, in the following manner:
(2)Short term loan for advertisement- N500million
(4)Equipment lease(sale and lease back)-US$2,500,000(N300milion)
Union Bank claimed Dansa Foods has has failed to liquidate its indebtedness, despite several demand letters by the bank and its solicitors on the company.
However in a preliminary objection filed before the court by Mr Ricky Tarfa SAN on behalf of the respondents,he urged the court to strike out the suit on the ground that Mr Chukwudi Enebeli being a party in the suit,lacks the capacity to act as counsel for Union Bank.
Mr Segun Odubela from the law firm of Ricky Tarfa contended that the court processes were signed by Chukwudi Enebeli as counsel acting for Union Bank plc and Dansa Foods Limited in receivership.
Consequently the presiding Judge Mohammed Yunusa adjourned till today for judgement to be delivered.
But when the matter was mentioned it was further adjourned till 1st of December, 2015 as the judgement was not ready.