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THE NATION WEDNESDAY, JANUARY 30, 2013
NEWS Shareholders fault Ibrahim on Newswatch
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OME shareholders of Newswatch magazine have faulted the claim by businessman Jimoh Ibrahim that he legitimately acquired 51 per cent majority share holding in the company. Nuhu Aruwa and Prof. Jibril Aminu argued that contrary to Ibrahim’s claim that he paid N510million for the shares, as required under the Share Purchase Agreement (SPA) of May 2011, he actually paid a fraction of the amount. They alleged that rather than pay the required amount into any of the company’s four accounts maintained in four banks, Ibrahim paid the N510million into a separate account, to which he was the sole signatory. Ibrahim was said to have paid the money through another of his companies -NICON Investment Limited - (which was not a party to the SPA) into the separate account and later withdrew about half of it. Aruwa and Aminu’s lawyer Adekunle Oyesanya (SAN) said this yesterday when arguing against the preliminary objection filed against a suit by his clients. By the SPA between Newswatch and Ibrahim’s company - Global Mirror Media Limited (GMML) and on which basis Ibrahim purportedly assumed majority shareholding and became the company’s chairman, GMML was to pay N510million as purchase price on or before May 5, 2011 and an additional N500million within 90 days of its takeover of the company. Aruwa and Aminu argued in their suit that GMML did not meet the conditions. They are seeking among others, an order setting aside the SPA on the grounds that Ibrahim allegedly assumed control of Newswatch fraudulently and is running it in a manner detrimental to the interest of other shareholders. Oyesanya urged the court to ignore Ibrahim’s argument that the suit should be dismissed because it was an abuse of court process. Relying on the provision of Section 311 of the Companies and Allied Matters Act (CAMA) under which the suit was filed, Oyesanya argued that the plaintiffs, as minority shareholders in Newswatch, had legitimate right to complain if their company was being badly run. “It is the highest form of injustice if this minority shareholders are denied this right to ventilate that right. The minority share holders can not be shut out,” he said. Oyesanya faulted Ibrahim’s argument that the suit was similar to an earlier one he (Ibrahim) filed against four pioneer directors of Newswatch. He argued that both cases were not the same because parties and issues for determination were different. On Ibrahim’s argument that the court lacked jurisdiction to hear the case, Oyesanya countered that since the cause of action was about the purchase of shares and running of a company, the Federal High Court was empowered under Section 312 of CAMA and the Constitution to hear such cases. He said the court, having been empowered under the Constitution to hear the case, Ibrahim’s claim that the SPA had provided that any dispute over the agreement should be directed to the Lagos High Court, could not hold.
•Ibrahim By Eric Ikhilae
Oyesanya urged the court to dismiss Ibrahim’s objection and assume jurisdiction over the case. Ibrahim’s lawyer, Bolaji Ayorinde (SAN), while arguing the objection, prayed the court to dismiss the suit on the grounds that it constituted an abuse of court process and that the court lacked the jurisdiction to hear it. He argued that the suit was similar to the one earlier filed by his client and in which he (Ibrahim) sought to restrain the company’s pioneer directors from further acting in that capacity on the grounds that they purportedly resigned. Ayorinde contended that although parties were different, the SPA was the issue in question in both cases. He urged the court to avoid creating an “absurd situation,” which could arise should the two courts give contrary decisions in both suits. Ayorinde enjoined the court to dismiss the suit so that the plaintiffs can join in the earlier suit and raise any issue they desire. He queried the right of the plaintiffs to sue, arguing that the wrong alleged by them was against the company and so, the company, under CAMA, is the only one that can complain about the issues raised in relation to the SPA. He argued that the appropriate court that can hear the case is the High Court of Lagos, as provided on Page 9 of the SPA, and under the heading: ‘Dispute’. Ayorinde denied the plaintiffs’ claim that his client fraudulently assumed control of the company. He said his client met the conditions set out in the SPA before assuming control. He said his client met the company comatose, bought into it and paid the required funds. He added that it was amazing that those whose shares were bought and paid for by his client want to return after Ibrahim had revived the company. Justice Ibrahim Buba adjourned ruling till January 31.
Ogun PDP asks court to jail Oyinlola
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HE Ogun State Executive Committee of the Peoples Democratic Party (PDP) has asked a Federal High Court, Abuja, to jail former Osun State Governor, Prince Olagunsoye Oyinlola, for alleged contempt of court. In the suit by its Chairman, Adebayo Dayo and Alhaji Semiu Sodipo (Secretary) for and on behalf of other state’s officers, they want the court to jail the sacked National Secretary of the party for one year. The matter would be heard today. The motion was brought pursuant to Order 35 of the Federal High Court (Civil Procedure) Rules 2009 and the inherent jurisdiction of the court. The defendants are Oyinlola, the PDP and the Independent
From Kamarudeen Ogundele, Abuja
National Electoral Commission (INEC). The applicants had obtained a judgment of the Federal High Court, Abuja, delivered by Justice Abdu Kafarati, which sacked Oyinlola as the National Secretary of the party. The applicants are praying for: “An order of this Honorable Court committing the contemnor to prison for a term of one year or as the court may otherwise determine for reason of the contempt committed by the contemnor as held by this honourable court in its judgment of 11th January 2013 in this action. “An order of this Honourable Court directing the Peoples Democratic Party
Dud cheque: EFCC arraigns House committee chair
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HE Economic and Financial Crimes Commission (EFCC) yesterday arraigned the Chairman, House Committee on Internal Security, Aliyu Gebi, for allegedly issuing dud cheques of about N120.5million to his lender. The lawmaker is representing Bauchi Federal Constituency on the platform of the Congress for Progressive Change (CPC) in the House of Representatives. Gebi was arraigned on a 13-count charge before Justice Abba Bello Muhammad of the Federal Capital Territory High Court sitting in Apo, Abuja. The anti-graft agency accused him of issuing 13 dud cheques in favour of the complainant, Musty Petroleum Ltd, an offence contrary to and punishable under Section l(b) (i) of the Dishonoured Cheque (offences) Act, 2004 Laws of the Federation of Nigeria. The accused allegedly issued the complainant post-dated cheques from his United Bank for Africa (UBA) personal account and a company account, named Craft Technology Ltd with value of dates on January 13, 2012 and January 12, 2012. The cheques were reportedly issued to cover an interest-free loan of N125, 000, 000 repayable within 60 days, which the company lent him. Upon lodging them into the UBA account of Musty Petroleum Ltd on February 1, 2012, the cheques were said to have been returned unpaid due to insufficient funds in the drawer’s account Moving the bail application, the defence counsel, Babatunde Oyefeso, prayed the court to grant him bail on self recognisance. He told the court that the accused had been enjoying the administrative bail granted him by the anti-graft agency. The prosecution counsel, Mohammed Bello, did not oppose the bail. Confirming that the accused had deposited his diplomatic passport with the commission, he urged
•Gebi ...yesterday From Kamarudeen Ogundele, Abuja
the court to note the gravity of the offence by imposing a condition that would make the accused to attend trial. Ruling, Justice Muhammad said: “Bail is granted based on the previous terms as granted by the commission. He is to deposit his diplomatic passport with the EFCC.” The matter was adjourned till February 19 for hearing.
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ties should maintain status quo pending the hearing and determination of the Motion on Notice filed by the Applicants. *Despite the order of this Honourable Court of 6th of March 2012 in Suit No. FHC/ L/CS/282/2012 - DAYO SOREMI & 3 ORS V. PDP & 5 ORS, the 3rd Respondent in the said suit (Alhaji Tajudeen Oladipo) conducted Southwest Zonal Congresses of the PDP on the 21st of March 2012 in flagrant disobedience to the Court’s order. The applicants in the suit therefore urged the court to nullify the Southwest Zonal Congress of the PDP conducted by the respondents in contravention of the order of this Honourable Court of 6th of March 2012.
‘Expect more hot weather’
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OGI State Government has told the indigenes to prepare for more hot weather this year. The Special Adviser to Governor Idris Wada on Environment and Physical Development, Mrs. Ladi Ahmed Jatto, alerted the public to climatic changes, effects and implications on health. In a statement, Mrs. Jatto referred to the flood that ravaged some parts of the country last year, including nine local governments in the state. She described the flood as a disaster, assuring that such would never happen again as government was on the alert and proactive to nip it in the bud. According to her, the provision of preventive advice has become a health protection measure against climatic change in line with the global practices in environmental protection. Mrs. Jatto drew the attention of the Kogi State people to the likely hot weather in the coming months, which might result in heat-related illnesses, particularly among children and the elderly. She urged them to avoid stuffy and overcrowded places, stay in well-ventilated or cool environment and avoid leaving children in poorly-ventilated areas to avoid the outbreak of meningitis.
AU members increase support for Mali mission to $456m
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EMBER nations have so far contributed $456 million to support the African-led International Support Mission in Mali (AFISMA), The AU Commissioner for Peace and Security, Ramtane Lamamre, said this at the end of a pledging conference on Mali, aimed at generating a proposed $50 million for AFISMA at the AU Commission headquarters in Addis Ababa, Ethiopia.
•Nigeria’s commitment to Mali above $45m From Augustine Ehikioya, Abuja
The conference was organised by the AU, ECOWAS, the European Union and the United Nations towards mobilising financial resources in support of the Malian Defence and Security Forces and AFISMA. Speaking at the pledging conference, President Goodluck
Internal crisis: We remain indivisible, says CAN HE Christian Association of Nigeria (CAN) yesterday said that no amount of internal crisis could split the association. CAN also said it has put in place appropriate mechanisms for the resolution of the issues in contention. In its first major reaction to the alleged plan by the Catholic block to pull out of its fold, the leadership of CAN in a communiqué read to reporters in Abuja by the General Secretary, Dr. Musa Asaka, after a meeting of its President-inCouncil (PIC), comprising all
(PDP) to retract in writing and to dissociate itself from the letters written by the contemnor to various institutions which sought to over-rule the decisions of the Federal High Court in Suits Nos. FHC/L/CS/1248/ 2011 and FHC/L/CS/347/2012. “And for such further, consequential or ancillary orders as may be required to enforce the courts committal proceedings and order.” The applicants stated the grounds for the application as follows: *On the 6th of March 2012, this Honourable Court, sitting at the Lagos Division per Honourable Justice O. E. Abang in Suit No. FHC/L/CS/282/ 2012 - DAYO SOREMI & 3 ORS V. PDP & 5 ORS, made an order by consent of parties that par-
From: Gbenga Omokhunu, Abuja
the blocks, appealed to the media to exhibit social responsibility for which they have been known in reporting the seeming crisis. Against the backdrop of criticisms against CAN President, Pastor Ayo Oritsejafor, over his alleged romance with the ruling government, the PIC reaffirmed its implicit and explicit confidence in its leadership. The communiqué was signed by CAN’s Vice President/Head, Organisation of African Insti-
tuted Churches, Most Rev. Daniel Okoh; Head, Christian Council of Nigeria, Most Rev. Emmanuel Udofia; Head, “Tarayar Ekklisiyar Kristi A Nijeriya”, a conglomeration of 13 church groups in CAN/ ECWA Fellowship, Most Rev. Emmanuel Dziggau and Head, Christian Pentecostal Fellowship of Nigeria/Pentecostal Fellowship of Nigeria. It reads: “That CAN is a family; as a family, it has its own internal mechanisms for resolving its issues. CAN has therefore set in motion the processes for resolving these issues.”
Jonathan said the Federal Government has made more than $45 million commitment, including monetary and material support, in its efforts to restore peace and security to Mali. President Jonathan donated $5 million on behalf of Nigeria, explaining that the amount so far spent by the country since the crisis started in Mali excluded the deployment of 900 combat soldiers and 300 Air Force personnel. He said the funds realised at the conference should be used not only for defence and security purposes, but also for humanitarian support in Mali, stressing that Nigeria believed that the resolution of the Malian crisis rested on the implementation of the ECOWAS peace plan, which provided for the restoration of constitutional order and promotion of democracy in the country. Said Jonathan: “From the beginning of the Malian crisis, Nigeria has taken a number of steps to express our solidarity with our brothers and sisters in
Mali and in response to the actions taken by our sub-regional body, ECOWAS. “Nigeria has begun the deployment of 900 combat soldiers and 300 Air Force personnel to Mali as part of the AFISMA. Nigeria has provided about $32 million for the immediate deployment and logistic support for the troops. Prior to this, Nigeria despatched relief and humanitarian supplies amounting to $2 million. “Nigeria has undertaken the reconstruction and refurbishment of a number of clinics in the military barracks of some of the Malian Defence and Security Forces as part of the Security Sector Reform (SSR) intervention, to the tune of $5.5 million.” According to him, Nigeria has made contributions since the inception of the Malian crisis towards realising the ECOWAS two-pronged strategy of dialogue and military action, which have been endorsed by the AU and the United Nations through its resolution 2085 adopted by the Security Council on December 20, 2012.