Breaking
Court Orders Stanbic IBTC To Return Petrol Station In Lagos To Ascon Oil
Ascon Oil Ltd has recovered a petrol retail station at Block 36, Admiralty Way, Lekki Phase 1, Lagos purportedly sold by Stanbic IBTC Bank.
The development followed a recent ruling by Justice Mohammed Liman of the Federal High Court, Lagos.
The suit marked FHC/L/CS/567/2020, arose following a N1.7bn loan facility.
It was gathered that the property with a market value of N2.5bn was undersold at N1.53bn through Stanbic IBTC’s receiver to one of its customers, Rainoil Ltd.
Rainoil is one of Ascon’s competitors in the downstream sector and in 2019 while Stanbic IBTC was its banker, made a bid to acquire controlling shares in Ascon Oil.
The property had been in the receiver’s possession following a May 15, 2020 ex-parte ruling by the same court authorising the takeover of the property and restrain Ascon from interfering with the receiver’s discharge of his functions.
But on July 24, 2020, Justice Liman vacated that order after Ascon alleged non-disclosure and material misrepresentation of facts against Stanbic IBTC.
Before the July 24 ruling and in seeking to recover its property, Ascon had written to Stanbic IBTC through its Managing Director, Demola Shogunle, stating that its outstanding indebtedness was now available and that it was ready to make the payment subject to an audit of its account.
But the bank, it was learnt, declined, stating that the property had been sold.
It also declined Ascon’s requests for details of the expedited process of the transaction or evidence of any cash movement by which the property was purportedly conveyed to Rainoil.
On May 27, 2020, Ascon approached the court to set aside its earlier orders and nullify all steps taken pursuant to the orders.
It argued that since the company was not initially allowed to make its own case, this meant it was denied the right to fair hearing.
Justice Liman agreed that the receiver was wrong in law to have brought his application for the orders, ex-parte and that Ascon should have been put on notice.
Consequently, the order preventing Ascon from resisting the activities of the receiver was vacated.
Ascon had alleged in its motion on notice that the purported Deed of Legal Mortgage dated June 5, 2019 through which Stanbic IBTC derived its right or power to either appoint a receiver or sell the property was forged.
“At the time the Deed of Legal Mortgage was purportedly executed, Ascon had by letters of 28th and 31st May 2018 protested the inclusion of the property for perfection. Thus, Ascon could not have executed a Deed of Legal Mortgage over the same property,” the document stated.
Ascon also alleged that forensic analysis of the purported Deed of Legal Mortgage revealed significant inconsistencies as two supposed signatures were materially different from their regular signatures and the signature page of the purported Deed of Legal Mortgage was a counterpart copy of previously executed versions.
It was learnt further that prior to the extant issues, Ascon in May 2019 paid N500m out of its outstanding indebtedness.
It also requested for a restructuring of the loan facility to enable it to meet the escalating repayment obligations on it following fresh terms/conditions by the bank.
The firm made an offer to the bank requesting to pay a lump sum of N500m on or before December 31, 2019, with outstanding balance spread over 24 months and suspension of further interest charges, which the bank declined.
The company revealed that it had paid about N800m out of the term loan till date.
In 2017, the oil firm requested additional trading facilities to assist it in trading and thereby make monies that will be used to offset the existing term loan.
The securities listed to secure the term loan are property at Plot 27, Balarabe Musa Crescent, Victoria Island; Lagos, lube plant located along Lagos-Ibadan Expressway, Magboro; petrol station at Osolo Way, Isolo; and petrol station at Gbagada-Oshodi Expressway, Lagos.
However, the latest ruling by the Federal High Court, Lagos, has changed the complexion of the tussle as it has ordered the return of the petrol station in Lekki to Ascon.
Breaking
Senator Ifeanyi Ubah dies at 52
The Senator representing Anambra South in the National Assembly, Ifeanyi Ubah, is dead.
Ubah, who was the Chief Executive Officer of Capital Oil, was said to have died in a hotel in London, the United Kingdom, on Saturday.
He would have been 53 on September 3.
Senate spokesperson, Yemi Adaramodu, confirmed Ubah’s death to our correspondent on Saturday.
He said, “It’s confirmed, but I am sending an official statement soon.”
Ubah, who was re-elected into the 10th Senate under the Young Peoples Party, had last year defected to the All Progressive Congress.
In September 2022, Ubah escaped assassination when he was attacked by gunmen on his way to Nnewi in Enugwu-Ukwu in Anambra State.
Breaking
JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu
The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.
The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.
Breaking
JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81
The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.
He joined his ancestors at the age of 81.
It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.
Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.
According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.
The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.
His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.
He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.
The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.
The late Olubadan is survived by wives, children and grandchildren.
Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.
He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.
Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.
“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.
“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.
“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.
“It is my prayer that God grants repose to the soul of our late monarch.”
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