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1st Bank Battles Omokore, Aluko Over $1.7bn Fraud of Loot




A Federal High Court, Lagos, has adjourned till September 29, 2017 to decide either to stay proceeding or not in a suit filed by the Federal Republic of Nigerian and two of its agencies against, two oil companies Atlantic Energy Drilling concepts Nigeria Limited (AEDC) and Atlantic Energy Brass Development Limited (AEBD),in order to recover the sum of $1, 762, 338, 184.40 billion.

Joined as co -defendants in the suit are; two Nigerian businessmen Olajide Omokore and Kolawole Aluko who are both Chairman and Director of the two companies respectively.
    
Apart from pending application filed before the court by Omokore and Aluko urging the court to stay proceeding of the suit on the ground that they have filed an Appeal against the ruling of the court, there is another pending application filed by a limited liability company, Virtual Properties and Investment Limited as an intervener, urging the court to discharge or varying its order, as it relate to Marion Apartments, on the ground that the property known as Marion Apartments located at Block 8 Plots 4&5 Onikoyi Estate, Banana Island, Ikoyi consists of 56 apartments owned and developed by the intervener by virtue of two separate deeds of sublease the intervener conveyed its interest in 43 out the 56 apartments to Realblanc Energy Engineering limited, an affiliate company of the defendants.

The intervener still retains ownership of the 13 out of the 56 apartments in Marion Apartments, therefore the order of the court is prejudicial to its interest and interferes with its right ownership over these flats.

It would be recalled that the Federal government of Nigeria had sometimes last year Federal Republic, alongside,  igerian Petroleum Development company Limited (NPDC ), and Nigeria Petroleum corporation (NNPC) have dragged Atlantic Energy Drilling Concepts Nigeria Limited, Atlantic Energy Brass Development limited and two of their Directors Olajide Omokore and Kolawole Aluko before the court, urging the court to restrain the defendants and their agents, and however called within and outside Nigeria from giving instructions, demanding, accepting or receiving payment from 19 commercial bank in Nigeria, 8 offshore banks, and 8 other companies listed before the court.
      
The applicants in an affidavit sworn to by a legal practitioner Oginni Isaac Kehinde, of Federal ministry of Justice Abuja, and filed before Justice Oluremi Oguntoyinbo by a Lagos lawyer Oladipo Okpeseyi (SAN), the deponent averred that Olajide Omokore, Kolawole Aluko and their two companies are indebted to the Federal Republic of Nigeria in the sum of $1, 762, 338, 284.40 billion, on account of crude oil lifting under Strategic Alliance Agreements (SAT) between them and Federal Government
   
Ogini averred that the defendants by virtue of the agreement was granted lincense to lift crude oil and other associated products in Nigeria for sale and for parties to share the profits in agreed terms. The defendants indeed lifted and sold the crude oil and have been paid but bluntly and deliberately refused to pay the Federal Government, rather they unlawfully  diverted and converted the profits share due to the Federal Government in the sum of $1 ,762, 338, 184.40 billion  to their private use.
     
The deponet listed the particular of diversion, as follows: Several vehicles with combined value of over N800 million were purchased by the defendants and donated to Peoples Democratic Party (PDP) through its National chairman Prince Seconds.
    
Additional vehicles valued at over N130million were purchased by the defendants and distributed to former minister of Petroleum Mrs Dieziani Alison Maduekwe and some other managerial staff of Nigerian Petroleum Development Company (NPDC).
   
He also stated that the sums of $18,548,619.99  million, and N1,070 million were paid to FBN Mortgages limited by Kolawole Aluko as part payment for block A consisting of 26 Flats at 46 Gerrard Road Ikoyi Lagos purchased at a total cost of N5, 210, 520,315 billion.
    
The deponent also atated that payment of a total sum of $25, 839, 606. 77 million, and N95 million, were made to Real Bank for the purpose of part financing the acquisition of the Atlantic Energy Drilling concepts Nigeria limited (AEDC) and Atlantic Energy Brass Development limited (AEBD) companies property as well as renovation of aome properties.
 
Parts of the properties includes: Mason apartments situated at 6 Gerrard Road Ikoyi Lagos comprising 60 units of 3 bedrooms apartment valued at $78 million; Marion apartments Block 8 located at 4&5,Onikoyi Estate, Banana Island, ikoyi, Lagos consisting of 43 units of apartments valued at $76,160 million; Renovation of apartments block at 33A Cooper Road Ikoyi, Lagos at a total cost of $4,937,750 million; and Renovation of the Admiralty Towers at 8 Gerrard road Ikoyi, Lagos.
    
He also stated that the defendants made additional funds transfers among others to the tune of $69,912,981.15 million, were made to several companies namely; Mia Hotels limited, First Motors limited,; V.I.Petrochemicals, Evergreen Reality & Management, WIz Trade limited, DE First Union Integrated Services and Amity Plus limited.
      
Ogini also averred that Kolawole Aluko literally took residence outside the shores of Nigeria in order to facilitate the diversion of the proceeds of the crude Oil lifted
    
The venture which includes physical assets, cash in the bank and shares as  at 2014 are as follows: Grove End Road, London; 755 Sarbone Road, Los Angeles; 952 North Alpine drive Los Angeles; 815Cima Del Mundo, Los Angeles; 807 Coma Del Mundo (Land); 1049 Fifth Avenue, New York; 1948&1952 Tolls Avenue, Santa Baraba; 157 West 57th St, New York 4100 Let Revenge, Dubai.

Others includes; resdences in Nigeria; Avenue Towers, Lagos Nigeria; land in Mont Tremblat, Canada; Colina D'oro Montagnola, Switzerland, while cash in bank accounts are as follows: LDT Switzerland -$25milion; Corner Bank, Lugano, Switzerland -$1 million; Deutsche Bank, Geneva -$40million; HSBC London $175,000.

While investiment in shares are as follows; 75% shareholding in Atlantic Energy Drilling concepts  Nigeria and Atlantic Energy Brass Development; 10% Shareholding in Seven Energy.

Other Holdings includes: Galactica Star; 20 Year Berth Lease -Barcelona; watch Collection; Car Collections (58 Vehicles);  Aeroplane-Global Express S5-GMG; Aeroplane-Bombardier Global 6000 9H-OPE; Aeroplane Bombardier.
    
The deponent consequently urged the court, as a matter of utmost urgency and public interest, in aid of administration of Justice to issue a  worldwide Mareva Order, restraining the defendants from dissipating all known assets directly or indirectly by the defendants including but not limited to assets listed on the face of the motion paper filed before the court.
    
After hearing to the submission of the counsel to the Federal Government, Oladipo Okpeseyi (SAN), justive Oluremi Oguntoyinbo issue an order restraining the defendants and their agents from demanding, receiving, transacting, mortgaging or whatsoever dealing in any manners with the assets of the defendants in banks, houses, land and shares in Nigeria and others located outside Nigeria, while the Nigerian banks listed in the motion papers were ordered to within 7days to sequestrate all money and negotiable instruments standing to the credit of the defendants in the sum of $1,762,338,184.40 billion, and keep same in an interest yielding account in the name of the Chief Registrar of the court as trustee of same pending the determination of the motion on notice.

The court also ordered that the order of the court should be served on the affected parties by way of  advertisement in Newspapers circulating within and outside the Federal Republic of Nigeria.

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