₦airaland Forum

At issue was the failure of the federal government to honour the first tranche of $159 million promissory note due for payment on October 15, 2022.

ADEFEMOLA AKINTADE


A U.S.-based Nigerian businessman, Ted Iseghohi-Edwards, is initiating legal steps to seize Nigerian assets in America after the federal government reneged on its agreement to pay a $159 million debt, Peoples Gazette can report based on court filings.

Nigeria’s government, attorney-general and minister of justice, and Debt Management Office (DMO) were listed as the first, second and third defendants in the suit filed at the United District Court for the District of Columbia on April 24.

At issue was the failure of the federal government to honour the first tranche of $159 million promissory note due for payment on October 15, 2022.

Although the plaintiff said the debt was money owed him for “legal fees”, it is unclear what type of legal services he rendered to the federal government to have amassed such humongous debt of $159 million payable every October 15 from 2022 through to 2031.

On September 21, 2021, the debt management office issued 10 promissory notes to Mr Iseghohi-Edwards with a face value of $159 million each at six per cent interest rate, bringing the total debt to $164 million.

The first promissory note was due for maturity on October 15, 2022, according to a statement of claim made by the plaintiff.

“The Government of the Federal Republic of Nigeria by this Promissory Note, which is governed by the laws of the Federal Republic of Nigeria, hereby unconditionally and irrevocably promises to pay to the order of TED ISEGHOHI EDWARDS the sum of FIFTEEN MILLION. NINE HUNDRED THOUSAND DOLLARS ONLY on the 15th day of October 20 (Maturity Date”),” reads the note signed by finance minister and referenced FGN/PN/JD/C.A/FX/2021/05A on September 21, 2021.

“This Promissory Note is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria,” the note added.

As it stands, the plaintiff has the right to go after Nigeria’s assets in the U.S. based on the clause that says the promissory note is “charged upon the general assets of Nigeria.”

In another letter signed by Oladele Afolabi, director, portfolio management department of the debt office, on October 5, 2022, Mr Iseghohi-Edwards was asked to tender the original copy of the promissory note for redemption and payment.

But despite submitting all the required documents nine months ago, the debt office has neither paid the debt nor given any explanation for the non-payment.

The plaintiff’s complaints run counter to the DMO’s boasts that it has built a solid reputation for upholding all of its financial commitments and isn’t known for backing out of its pledges after the debt office redeemed a $500 million Eurobond last month.

Chinenye Onu, DMO spokesperson, did not immediately respond to enquiry for comments on the matter.

https://gazettengr.com/businessman-ted-iseghohi-edwards-sues-to-seize-nigerian-assets-in-u-s-over-159-million-debt/

The troubles never ends

This dated back to the time of GEJ when bazaar contract reigns


For those babies in my mention,

Commenting without knowledge make you look like a teenage fool

https://lettersblogatory.com/2019/01/07/case-of-the-day-edwards-v-nigeria/

Na wa oooh

Malami’s boys Fleecing naija since 2015

This lady that won award days ago for helping Nigeria to save money where is she....

She should be deployed asap to that spot...

We need all the money we can get now....

So those small small properties that Nigeria government leased or own in the US will now belong to Ted Iseghohi-Edwards?

Cleaning up Buhari’s mess will definitely take a long while

Na wah

Corruption is too much

tttt

Just 159m usd debt? This is quite embarrassing. It's high time our politicians cut down on their allocations, especially the national assembly and focus on removing all these embarrassing debts from the face of Nigeria worldwide. Amazingly,they're the beneficiaries of all these nonsense when they were governors of their respective states. They continued when they became senators and reps members.

Cefa which we used to exchange for a huge amount of naira (1000 naira used to be exchanged for over 10,000 cefa as of 2015) has now overtaken naira in value. From this simple analogy, only sensible Nigerians could imagine how badly managed our economy had been in 8 years.

Firstly, they cited low crude sales as the reason for the drop in naira value. Later they said they now had enough crude to sell but the price was very low per barrel. But now, they realise both huge sales and good price per barrel. They only make noise when the opposite is the case. Despite enjoying the good side of the crude sales and making huge amount of money daily in USD, naira still keeps dropping value. Its only the debt owed they've not cited as a reason for the free fall of the naira then Nigerians would be asking them if the previous administrations too didn't borrow.

This is expected when you put a square peg in a round hole. Sadly, the same people praising buhari and defending him when he took office in 2015 are already at it again. The moment buhari left, they changed their tunes and began to condemn him as if they weren't his fans anymore. Something is really wrong with nigerians

And it's another one, when will Nigeria ever escape the shackles of opportunists.

What tha outer space is this?

I need that Last Last clip of Yemi Osinbajo.

if you don't understand gather here

Tinubu should just increase price of fuel. By so doing within 6 months we will be able to clear all debts owed by previous administration. This will also allow him free hand to looting his own.

Just pay him his damn money

Wahala no dey finish

Da just started..., ....

What a country

Nawa

I guess the T in Tinubu stands for trouble. Trouble don trouble this man too much for these past two months.

Whalis:
Tinubu should just increase price of fuel. By so doing within 6 months we will be able to clear all debts owed by previous administration. This will also allow him free hand to looting his own.

You should sell your father house... ...
And pay the mortgage payment 😁


Y not sell southwest and thug as slave to pay back the money

Nigeria dey owe Nigerian money!

This matter no just clear at all.

How Nigeria take owe Mr. Ted? Which legal illegality he legalize for we country?
Abeg who dey Government when dem do that deal?

Questions dey ooo, make Mr. Ted show face.

CJStarz:
I guess the T in Tinubu stands for trouble. Trouble don trouble this man too much for these past two months.

🎖️Military 🎖️ should go to WAR get back the train

Buhari messed up this country big time.
The idiot was just a figure head.
I suppose malami should be questioned.