POLITICSNIGERIA.COM

A prolonged legal dispute between Dangote Farms and a global cotton company, Plexus Cotton Limited, regarding non-payment of an arbitral sum may result in the closure of Dangote Farms, a subsidiary of the Dangote Group.

Plexus, headquartered in England, entered into a cotton supply contract with Dangote Farms in 1996.However, Dangote Farms reportedly breached the agreement by delivering only 1,450 metric tonnes of raw cotton instead of the agreed 3,700 metric tonnes.

Consequently, Plexus initiated arbitration proceedings against Dangote in Liverpool, resulting in an arbitral award issued against Dangote in 1998.

The tribunal, led by the President of the Liverpool Cotton Association, found Dangote in breach of the contract and awarded $431,000 in favour of Plexus, equivalent to the unfulfilled supply plus an 8% interest rate.

Despite Dangote’s attempts to overturn the arbitral award in England and Nigeria, Court documents made available to POLITICS NIGERIA revealed their efforts proved futile. For instance, Dangote’s initial appeal before the Federal High Court in Lagos, claiming lack of awareness of the arbitration, was dismissed as incompetent.

"The fact and evidence of the Defendant outweigh the mere assertion made by the Claimant that it had no knowledge of the arbitrator or that it was denied the right to appoint its own arbitrator,” the presiding judge, Justice DT Okuwobi ruled in 2015."

"A court has no jurisdiction to award interest on an arbitral award or to otherwise interfere with the award. The counterclaim now found incompetent is hereby struck out.”

Similarly, a three-man panel at the Court of Appeal in Lagos affirmed Justice Okuwobi’s ruling in 2018.

According to the presiding judge, Justice Biobele Georgewill, Dangote cannot contest the outcome of the “arbitration it had neglected, boycotted and or failed to participate in”.

Award Value rises to $2.4 Million

With the arbitral sum unpaid for over 25 years, it has accrued to $2.45 million, according to a recent filing by Plexus at the Federal High Court in Lagos. The British company is now seeking a winding-up order against Dangote Farms to enable liquidation of the company’s assets.

“Your Petitioner therefore humbly prays that: Dangote Farms Limited be wound up by the Court under the provisions of the Companies and Allied Matters Act, 2020 for its inability to pay and satisfy its liquidated money sum owed by the Respondent to Your Petitioner and established by copies of the attached notices and orders of court.

"The Respondent's refusal to liquidate its aforesaid indebtedness to Your Petitioner has occasioned serious financial hardship and unnecessary expenses to Your Petitioner and ought to be wound up to prevent its future indebtedness to other commercial entities."

"The Respondent is, by its own admission, unable to pay its established debt to the Petitioner and the sum owed by the Respondent is increasing daily owing to the interest element, and in the circumstances it is just and equitable that the Respondent be wound-up. As of November 30, 2023, the sum had become $2,452,695.44,” the court documents filed in December read in parts.

The Case is up for hearing on March 19th

.

See COURT DOCUMENTS HERE : https://politicsnigeria.com/wp-content/uploads/2024/03/DANGOPLEX-WAT.pdf

https://politicsnigeria.com/exclusive-dangote-farms-on-verge-of-liquidation-for-defaulting-on-multi-million-dollar-arbitral-award/

Dangote this, Dangote that, Naija is sinking.

Always making his monies from fraud.

otokzmail:
Always making his monies from fraud.

Hope you're not hating on Dangote

aminulive:
POLITICSNIGERIA.COM

A prolonged legal dispute between Dangote Farms and a global cotton company, Plexus Cotton Limited, regarding non-payment of an arbitral sum may result in the closure of Dangote Farms, a subsidiary of the Dangote Group.

Plexus, headquartered in England, entered into a cotton supply contract with Dangote Farms in 1996.However, Dangote Farms reportedly breached the agreement by delivering only 1,450 metric tonnes of raw cotton instead of the agreed 3,700 metric tonnes.

Consequently, Plexus initiated arbitration proceedings against Dangote in Liverpool, resulting in an arbitral award issued against Dangote in 1998.

The tribunal, led by the President of the Liverpool Cotton Association, found Dangote in breach of the contract and awarded $431,000 in favour of Plexus, equivalent to the unfulfilled supply plus an 8% interest rate.

Despite Dangote’s attempts to overturn the arbitral award in England and Nigeria, Court documents made available to POLITICS NIGERIA revealed their efforts proved futile. For instance, Dangote’s initial appeal before the Federal High Court in Lagos, claiming lack of awareness of the arbitration, was dismissed as incompetent.

"The fact and evidence of the Defendant outweigh the mere assertion made by the Claimant that it had no knowledge of the arbitrator or that it was denied the right to appoint its own arbitrator,” the presiding judge, Justice DT Okuwobi ruled in 2015."

"A court has no jurisdiction to award interest on an arbitral award or to otherwise interfere with the award. The counterclaim now found incompetent is hereby struck out.”

Similarly, a three-man panel at the Court of Appeal in Lagos affirmed Justice Okuwobi’s ruling in 2018.

According to the presiding judge, Justice Biobele Georgewill, Dangote cannot contest the outcome of the “arbitration it had neglected, boycotted and or failed to participate in”.

Award Value rises to $2.4 Million

With the arbitral sum unpaid for over 25 years, it has accrued to $2.45 million, according to a recent filing by Plexus at the Federal High Court in Lagos. The British company is now seeking a winding-up order against Dangote Farms to enable liquidation of the company’s assets.

“Your Petitioner therefore humbly prays that: Dangote Farms Limited be wound up by the Court under the provisions of the Companies and Allied Matters Act, 2020 for its inability to pay and satisfy its liquidated money sum owed by the Respondent to Your Petitioner and established by copies of the attached notices and orders of court.

"The Respondent's refusal to liquidate its aforesaid indebtedness to Your Petitioner has occasioned serious financial hardship and unnecessary expenses to Your Petitioner and ought to be wound up to prevent its future indebtedness to other commercial entities."

"The Respondent is, by its own admission, unable to pay its established debt to the Petitioner and the sum owed by the Respondent is increasing daily owing to the interest element, and in the circumstances it is just and equitable that the Respondent be wound-up. As of November 30, 2023, the sum had become $2,452,695.44,” the court documents filed in December read in parts.

The Case is up for hearing on March 19th.

See COURT DOCUMENTS HERE : https://politicsnigeria.com/wp-content/uploads/2024/03/DANGOPLEX-WAT.pdf

https://politicsnigeria.com/exclusive-dangote-farms-on-verge-of-liquidation-for-defaulting-on-multi-million-dollar-arbitral-award/

Thank God it's not exceeded $2.4m. By this, he will just negotiate and start paying or rebuild the business relationship on a better footing he can better supervise.

Haha..Dangote sef dey farm...
Weytin this man no dey do


https://www.youtube.com/watch?v=J2latQF4I7w

Ok

One of the greatest problems of Nigeria that no one is talking about.

Iam waiting for idiots to attribute this to tinubu adminstration.

I just hope this man's refinery can refine crude that won't be dangerous to our cars, generators etc.

Some of his products like the noodles were not of decent quality

Until you buy dangote spaghetti you go know sey dangote products are of low quality

Oga dangote why skeleton too full for your cupboards

Na till 2026 una go see dangote refinery fuel buy for Nigeria, the premium fuel will exported then Nigeria can manage the bottom pot portion.

In dangote books there's nothing like loss what he knows is profits at all costs

Dangote trailer go jam person kill am no compensation nothing nothing na why people dey always burn him trailer anytime e do accidents

immortalcrown:
Dangote this, Dangote that.

Immortal🤡

Since 1998?? He should have just settled it since then

For say I get money anything wey I wan buy for nigeria na American law office I go dey use buy am,if lagos government demolish finish America or Britain go seize lagos their assets for uk or US take pay me damages ,na oyibo fit nigeria government

So Dangote can't pay ordinary 2 million dollars

E go touch everybody. Tinubu is a curse to Nigeria and APC is a calamity.

The awarded sum is a pittance to the Billionaire... He should pay up.

Dirty man

FreeStuffsNG:


Thank God it's not exceeded $2.4m. By this, he will just negotiate and start paying or rebuild the business relationship on a better footing he can better supervise.

Liked, Shared And Followed.

You are sensible.


Not Every Business Deal Yields Profit.

You Win Some, You Lose Some. The Idea is To DIVERSIFY.

d Owner of Nigeria

2mil is something dangote can pay from his personal pocket
Why's he stingy to his subsidiaries

Face up or face down

Businesses both big médium and small scale business are folding up

I'm not sure if this man knws the effects of he's policies in few years to come
I'm not sure

Men dey parra ooo

Yesterday a banker asked me for garri(bachelor oo) to soak,i was just like
Wtf?
Based on austerity measure
I measure to few cups give am
The happiness in he's face was like dt of who won world cup
My wife said to me
Babe hunger ooo
I dey feel am ooo
But this one fear me

maxiuc:


Until you buy dangote spaghetti you go know sey dangote products are of low quality

Oga dangote why skeleton too full for your cupboards

Na till 2026 una go see dangote refinery fuel buy for Nigeria, the premium fuel will exported then Nigeria can manage the bottom pot portion.

In dangote books there's nothing like loss what he knows is profits at all costs

Dangote trailer go jam person kill am no compensation nothing nothing na why people dey always burn him trailer anytime e do accidents

Maximum bad belle.

Ok

Never you giveup...
This men has come too far and that's why they dominant

maxiuc:


Dangote trailer go jam person kill am no compensation nothing nothing na why people dey always burn him trailer anytime e do accidents

the trailer one dey vex me, cold hearted modafuka

OmoOshodi:
Dirty man

To make major bread and sustain ur position at the top spot u need to be dirty and ruthless sometimes

But you don't go to arbitration alone na .....both parties obviously have to giving opportunity to present their case ... But the burden of proof of non awareness of the arbitration still lies on Messr Dangote ...... I think they can still settle out of the arbitration Judgement by reaching a Voluntary Agreement...that is a Win Win for both parties... Although everybody eyes still dey red ...

Typical Nigerian business man mentality abi our Guy dey do Yahoo yahoo things

DaddyRochie1642:



Hope you're not hating on Dangote

He stated the obvious fact. Not hates here. Dangote doesn't do a straightforward deal. This case is one

Ok