Connect with us
Advertisment

Business

UNION BANK TAKES OVER SANI DANGOTE’S DANSA FOODS OVER N4 BILLION DEBT

Published

on

uniondansa-foods

Advertisment

This is not the best of times for Dana Foods boss, Sani Dangote who is  the junior brother of one of
the Nigeria foremost Industrialist, Alhaji Aliko Dangote.

He is reported to have run into trouble waters as a commercial bank in Nigeria Union bank plc has appointed a Lagos Lawyer, Barrister Chukwudi Enebeli of Pinheiro and company as Receiver/Manager over his company Dansa foods limited.
The takeover of Dansa foods limited was as a result of inability of Alhaji Sani Dangote to pay back a loan of N4 billion he obtained from the bank.
Mr Chukwudi Enebeli was appointed under the deed of Denture to take over all assets of Dansa Foods limited a company incorporated in Nigeria and having its registered office at 1, Dansa Drive off
Badagry Expressway, Abule Oshun Lagos as a charge was created in favour of Union bank
over all fixed and floating assets of the company to secure the monies expressly borrowed.
By virtue of the said of the ALL ASSETS DEBENTURE, the balance of an outstanding sums thereby secured have become payable and the company has failed or neglected to pay the sums due in spite of repeated demands by the bank.
Consequently, further to the power set out in ALL ASSETS DEBENTURE the bank then exercise its power to appoint a receiver as set down in the said ALL ASSETS DEBENTUURE The Deed of Debenture appointing Mr Chukwudi Enebeli of Pinheiro and company 8A Taiwo Koya street. Ilupeju Bye- Pass Lagos has been filed and registered with Corporate Affair Commission at Abuja.

Advertisment

Meanwhile, due to the obstinacy and resistance of the Directors of Dansa foods company to allow the Receiver/Manager to perform his duty of running the company smoothly, the Receiver/Manager Barrister Chukuwudi Enebeli alongside Union bank of Nigeria Plc and Dansa Foods limited in Receivership have dragged Alhaji Sani Dangote and three other Directors of the company Alhaji Abdulkaarim Lawal Kaita, Alhaji Ahmed Shehu Yakasai and Alhaji Mohammed Sani Dangote before a Federal high court in Lagos,seeking the following orders of the court:
(1) A Declaration that upon the
appointment of Mr chukwudi Enebeli as
Receiver/Manager over Dansa foods Limited
the respondents who are Directors and
shareholders of the company have no power
or control over the company or any of its
assets.
(2) A Declaration that by virtue of
clauses 8 and 9 of the Deed of Debenture
dated 29th of May,2009 in favour of Mr
chukwudi Enebeli the Receiver/Manager
appointed by Union bank of Nigeria Plc is
entitled to perform all functions
specified in the deed of all assets
Debenture.
(3) An order directing all creditors of
Dansa foods Limited to pay and domicile
all monies due, incomes,or receivables
accruing to or due to the company into the
receivership account opened by the
Receive/Manager in Union bank Plc.
(4)A order of the court directing the
Receiver/Manager in exercise and discharge
of his function to take such steps as may
necessary and exercise such powers
including the powers to take over and
apply in realization of the company’s debt
to Union bank Plc all monies due to the
company
(5) An order restraining all the
respondents and their agents from
disturbing the Receiver/Manager from
exercising. Powers vested in him whether
by himself or his agents
(6) An order directing all Police Officers
of the Federal Republic of Nigeria or
other officers concerned with security and
enforcement of order to with “The
Inspector General of Police, Assistant.
Inspector General of Police and other
Police officers so instructed by the
Receiver/Manager to assist him in
performance of his duutes
In an affidavit sworn to by Mrs Olorunfunmilola Ayoola,head Food team of Union bank ,filed and argued before the court by Mr Kemi Pinheiro SAN,the Deponent averred that sometimes in 2008 Dansa Foods Limited was at its request granted loan of N5,200,000,000 by Union bank plc
The loan comprises of the following:
(1)Overdraft-N500million
(2)Short term loan for advertisement-
N500million
(3)Equipment lease-US$2,500,000,
(N300million)
(4)Equipment lease(sale and lease back)-US
$2,500,000(N300milion)
(5)Import Finance-US
$30,000,000(3,600,000,000)
The loan was disbursed to Dansa Foods company and fully utilized by the company.
The company duly executed a deed of all assets debenture in favour of Union bank
However, the company has failed to liquidate its indebtedness to the bank despite the services of several demand letters by the bank and its solicitors on the company.
Consequent upon the default of the company, the bank in exercise of its power under the clauses 8 and 9 of the all assets debenture appointed Mr Chukuwudi Enebeli as Receiver/Manager over the company,subsequently the said deed of appointment was filed at the Corporate Affairs Commission and a certificate of such filling accordingly issued.
Mrs Ayoola averred further that the loans granted the company are depositors funds and if same is not recover through the Receiver/Manager,the survival of the bank will jeopardized in view of the amount of the indebtedness consequently urged the court to grant the prayers sought by the bank so as to prevent the respondents who are directors and shareholder of the company from dissipating the assets of the company and for the effective discharge of the powers of the Receiver/Manager.
However, in a preliminary objection filed before the court by Mr Rickey Tarfa SAN on behalf of the respondents,he urged the court to strick out the suit on the ground that Mr ckuwudi Enebeli being a party in the suit,lacks the capacity to act as counsel for parties in the suit of the
instant application,in addition 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.
The presiding Judge Mohammed Yunusa has adjourned till 19th October, when
judgement will be delivered.

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Dana Airline: How Long Should We Pamper Death? …Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

Published

on

Dana Airline: How Long Should We Pamper Death? ...Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

Dana Airline: How Long Should We Pamper Death?
…Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

 

Advertisment

 

Every means of transportation poses its own risk and hazards, however, some pose graver risk, especially when the right steps are not taken in the right direction. The fear and the attendant disaster that comes with air crashes are graver than one could imagine. This is why all must be adequately put in place, to avoid unnecessary distrust.

Advertisment

 

Dana Airline: How Long Should We Pamper Death?
...Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

It is no longer news that Dana Airlines experienced yet another flight mishap recently, when one of its aircrafts; with registration number 5N BKI skidded off the runway, at the Murtala Muhammed International airport in Lagos, on Tuesday 23rd of April, 2024, after reportedly returning from Abuja that fateful morning. To say that, the incident was a serious safety concern and threat; that requires swift response, is to say the least.

Advertisement

One must commend the Honourable Minister Of Aviation and Aerospace Development, for his promptness in grounding all Dana Air’s operations within the country. Such should be the alacrity of nations, who have zest and intelligence for the safety of her citizens.

Without much ado, Many Nigerians must have come to a point where they doubt the integrity and technological reliability of Dana Airlines. This is not farfetched from the lackadaisical attitude of the air operator, and certain antecedents that say no otherwise.

Let me take you just a little down the memory lane! Bethnews Media can still recall very vividly, how Dana Airlines wrecked a gruesome havoc on my neighbourhood some 13 years ago,when one of its aircrafts crashed, around Toyin/Balogun Iju-Road claiming the lives of One Hundred And Fifty-nine (159) persons and destroying several persons homes and means of livelihood.

On that fateful Sunday afternoon of June 3, 2012, at about 2:00pm. Publiser of BethNews Media, Oluwaseun Fabiyi had just returned from church, and because of the hot weather, I sat at the balcony after my meal, only to see an aircraft that swung across my rooftop, as if to perch on it. Gripped with fear, since we had never seen a plane flown so low in our area, we decided to follow up.

Myself and others understood that, all was not well the the aircraft that just past, especially seeing it with that very black fume, and preceded by a very scary screeching and deadly roar. Before we could say Jack Robinson, it happened, a Dana Airlines aircraft had just crashed! Everywhere around Toyin Balogun street, off Iju Ishaga road, was already in disarray. Everyone scampered for safety in the unfortunate community.

When an occurrence of this magnitude occurs, sometimes it is excusable to attribute it unforeseen hitch(es), however, such excuses are hardly tenable in airspace operations, since most of the flight activities are strictly monitored via utmost sophistication and near-perfect technical accuracy.

Few months after the Lagos state government had organised a mass burial for the victims of the unfortunate controversial Dana air mishap,the operator was suspended, and directed to show kind gestures to families and businesses affected.

Guess what! Dana Airlines is alleged to have refused, to show concerns, nor put any mechanism in place, to alleviate the sufferings of those who lost lives, properties and millions to the crash. Rather, they clamoured to resume operations.

Surprisingly but not strangely, Nigeria Civil Aviation Authority (NCAA) heeded Dana Airlines’ plea,to resume operations. Nigerians must understand and also remember that, the Dana air crash of 3rd June, 2012 remains the deadliest; after that of 1973,where 193 died in Kano.

Imagine what would have happened again, if the last incident resulted in a crash aground or mid air. God forbids, like we always say in Nigeria’s parlance! However, the reality is that, God wouldn’t forbid, if we leave what God has given us abilities to avert back to God. It doesn’t work that way!

As a matter of urgency, Dana Airline needs to be completely ban from flights operations, since crashes and air mishaps are becoming regular and normal occurrence in their services to Nigerians. We can’t continue to handle the safety of the populace with laxity and levity.

As far as I and many Nigerians are concerned,if the authorities involved continue to play politics, Dana Airline would continue to underestimate Nigerians for long, and the outside world wouldn’t take us seriously.

Advertisment
Continue Reading

brands/telecom

Dana Airline’s Troubled History of Scandals and Safety Concerns

Published

on

Dana Airline’s Troubled History of Scandals and Safety Concerns

 

Advertisment

 

In the turbulent skies of Nigeria’s aviation industry, Dana Airline has become synonymous with controversy and scandal. From regulatory violations to financial mismanagement, the airline’s history is marred by a litany of transgressions that have raised serious questions about its commitment to safety and integrity.

Advertisment

One of the most alarming issues plaguing Dana Airline is the recurrent violation of flight crew duty regulations. Reports have surfaced indicating pilots flying over their allowed hours, raising concerns about fatigue and compromised safety standards. Such breaches not only endanger passengers but also erode trust in the airline’s operational integrity.

Financial misconduct further tarnishes Dana Airline’s reputation, with instances of fake telexes being sent to suppliers and staff to deceive them into making payments. In one egregious case, an engine was reclaimed by a lessor due to non-payment, only for Dana Airline to find the supplier bankrupt upon attempting to settle the freight costs. This pattern of defaulting on payments extends across all suppliers and includes the non-payment of staff salaries, painting a picture of financial instability and irresponsibility.

Safety is paramount in aviation, yet Dana Airline’s management has been accused of prioritizing profit over passenger welfare. Instances where the Managing Director overrules safety protocols set by management, coupled with weight and balance miscalculations due to cargo and excess baggage fraud, underscore a disturbing trend of negligence.

Advertisement

Moreover, the airline’s questionable practices extend to its maintenance operations, where falsified records and quick fixes by Indonesian personnel have compromised safety standards. The turnover of directors in the maintenance department reflects the dire financial constraints preventing proper maintenance procedures.

The lack of proper financial management and qualified personnel exacerbates Dana Airline’s woes, with the Chief Financial Officer’s association with Dana Group, under scrutiny for financial fraud, raising further red flags. Suppliers coerced into lying about amounts due during audits and the circumvention of regulatory payments only add to the company’s litany of transgressions.

Despite previous groundings and regulatory scrutiny, Dana Airline has persistently managed to evade accountability, with reports of political influence being used to circumvent regulatory actions. However, a thorough financial audit, if conducted, would likely reveal the airline’s precarious financial position, potentially rendering it unfit to operate.

In conclusion, Dana Airline’s track record of scandals and safety breaches raises serious doubts about its commitment to passenger safety and regulatory compliance. Unless substantive changes are made to address the underlying issues plaguing the airline, its continued operation poses a significant risk to the flying public.

 

Dana Airline's Troubled History of Scandals and Safety Concerns

Advertisment
Continue Reading

Business

Fidelity Bank Commends Air Peace’s Performance

Published

on

Fidelity Bank Commends Air Peace’s Performance

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

. Celebrates Airline For The Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

Advertisement

She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream.

 

 

 

 

 

 

 

 

 

Advertisment
Continue Reading

Cover Of The Week

Trending