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Chief Ben Okoye Founder Northgate,exonerated By The Efcc And Lagos High Court by oseehys(m): 6:21pm On Jun 26, 2015 |
Senator Obiora in N80m bounced check scandal Source: huhuonline.com Previous | Next “Upon reading the application ex-parte and the accompanying affidavit of Paul M. Ayam and upon hearing Dr. Alex A. Izinyon, SAN praying this Honorable Court for the following Orders:- leave to prefer criminal charge by way of direct compliant of the criminal procedure code. It is hereby ordered as follows:- The Court hereby direct that the Inspector General of Police should investigate this matter and report back to this court within 14days from today.” – stated the Court of the Federal Capital Territory in the Federal territory judicial division holden at Abuja on the 1st day of February, 2010 before the honorable Chief Judge, Justice L. H. Gummi . With the Order, the High Court in Abuja ordered the Inspector General of Police [IGP], Onovo to commence criminal investigation on Senator Ikechukkwu Obiorah over bounced checks issued by him to Folio Communications Limited. The Senator had under a previous court arraignment been directed to pay N80million to Folio Communications Limited in exchange for assets in Daily Times Nigeria. As agreed, he issued four checks for N20million each [see copies of checks] dated December 20, 2005 through one of his companies by the name Harlesden Engineering Limited drawn on a Zenith Bank account housed in Nnamdi Azikiwe Avenue in Awka, Anambra. The checks which were numbered from 10208049 to 10208052 bounced upon deposit in Folio Communication's Diamond Bank account housed at Victoria Island, Lagos. The checks were re-deposited a month later [January 20th 2006] and all four checks bounced again The genesis of Senator Ikechukwu Obiorah's folly dates back to the purchase of Daily Times of Nigeria by Folio Communication Limited [FCL] through Bureau of Public Enterprise [BPE] for N1.25billion for the acquisition 96.05% share capital of Daily Times Nigeria. To make the purchase, FCL partnered with a Lagos based Communication Company by the name DSV limited owned by the oil mogul from Nnewi, Anambra by the name Ben Okoye. The agreement was that DSV held 40% of FCL's 99.05% of the total issued share capital of Daily Times Nigeria. Roughly a year in to the agreement between purchasing partners, Ben Okoye opted to sell his DSV stake to Senator Ikechukwu Obiorah. This was reflected in a letter to the managing director of Folio Communications Limited dated December 15th 2005 signed by Chief Ben Okoye stating that “we wish to inform you that we have divested our interest in DSV Limited, which interest has now been transferred to the new owners, Penthurst Media Limited represented by Mr. Ikechukwu Obiorah.” The letter injected Senator Ikechukwu Obiorah into picture . With Senator Obiorah at the realm of affairs at the DSV, new terms of agreement had to be drawn between FCL and DSV. But the process of reaching agreement proved tumultuous. Senator Ikechukwu Obiorah was said to be pulling his weight as a Senator and FCL. He wanted more out of the agreement terms than FCL was willing or able to part with. And as a result, the matter quickly became a litigant's affair. A total of eight lawsuits were filed between the two parties and pending in court until a group of prominent Nigerians intervened. The group consisting of Chief Anthony Idigbe, Mrs Onyiuke-Okereke and Nduka Obaigbena facilitated of a settlement agreement outside of Court that was later rectified by Court. The terms of settlement was made on November 18th 2005 at the Federal High Court of Nigeria Holden at Lagos under Suit No: FHC/L/CP/594/05. The terms of settlement was signed by Senator Obiorah and the management of FCL in the presence of Chudi Offodile, a legal practitioner . One of the essential points of the terms of settlement called for the parties to immediately withdraw all cases pending in court and to desist from taking further legal actions against each other. It was agreed that Board appointments into Daily Times Nigeria shall be in the ratio of 60% for FCL and 40% for DSV. It was also mutually agreed between the parties for Senator Ikechukwu Obiorah to remit N160million to FCL as being part of the purchase price of some of the properties acquired by FCL as a result of the purchase of Daily Times Nigeria. The Senator, through his Corporate Ideals Properties Limited paid the N160million through an Intercontinental Bank check for N100million dated November 28th 2005 with check number 00000095, another Intercontinental Bank check for N40million dated November 18th 2005 with check number 00000096, and an Intercontinental Bank certified check for N19million dated November 18th 2005 with check number 00007554. The remainder of N1million was brought in as cash.Trouble began as the management of FCL received supposed payments from Senator Obiorah as part of the terms of settlement. This was as the FCL management team brought to the attention of Senator Obiorah of the bounced checks in written form on August 7th 2006. It was indicated in the letter that if the dud checks were not rectified, the team will take further legal steps. The Senator failed to respond to the August 2006 letter and so the team at FCL filed their complaints officially to the police but the Senator pulled all available strings and his weight to block all the complaints made to the Nigeria Police from seeing the light of the day. The Senator then reacted further in a show of strength to have the Economic and Financial Crimes Commission [EFCC] pick up the FCL team in June 2007. To cap it, the Senator in a brazen and puzzling move descended on the team of FCL in to take over control of the Daily Times Nigeria. The move was halted by Justice Binta Nyako of the Federal High Court sitting in Lagos. The Judge restrained Senator Obiorah from taking steps or any step or action injurious to the privatized Daily Times. The Court Order was handed on February 11, 2010. Meanwhile the office of the IGP is expected to submit its findings from the criminal investigation of Senator Ikechukwu Obiorah on February 17, 2010 as directed by Chief Judge, Justice L. H. Gummi view documents: please copy and paste into your browser or just click http://www.huhuonline.com/huhudocuments/obiora/ |
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