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Donald Trump Visits Queen Elizabeth II on Friday the 13th For Traditional English Tea But London Residents Are Out To Chase Him Back To The United States #TambuwalisRightStopKillings #BOSH2018 #FraudulentDailyTimes https://t.co/4L7Qs8fFSg
According to a charge against the defendants before the High Court of the Federal Capital Territory with number; CR/222/18, the Prosecution Counsel, Festus Keyamo (SAN), who is standing for the Nigeria Police #FraudulentDailyTimes
F Keyamo explained that it was a case of conspiracy, criminal breach of trust, criminal misappropriation, cheating and theft of property belonging to the DTN. #FraudulentDailyTimes
This is the bid for which Folio Communications emerged the highest with a bid of N1.250 billion, but had no money to pay. #FraudulentDailyTimes
The charge document also detailed how pursuant to the Federal Governmentโs privatisation programme in 2004, its 96.05% shares in the DTN were put for sale by the Bureau of Public Enterprise (BPE), #FraudulentDailyTimes
โInstead of using their own money to pay the N950,000,000.00 as mandated by the consent judgement, the defendants (Fidelis Anosike, Noel Anosike and Folio Communications Ltd) once again resorted to DTNโs assets as follows: #FraudulentDailyTimes
They took the sum of N135,000,000.00 directly from DTNโS account with Afribank PLC vide a bank certified cheque which they paid to Hallmark Bank-in-Liquidation leaving a balance of N315,000,000.00 #FraudulentDailyTimes
The charge paper reads; โWhat Folio did in the circumstances was to obtain a co-investment of N500,000,000.00 from DSV Ltd (owned by Senator Ikechukwu Obiorah in exchange of 40% of the said shares. DSV paid the sum of N500m directly to BPE. #FraudulentDailyTimes
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Thus the defendants completed the repayment of the N950m to Hallmark Bank -in-Liquidqtion without putting even a farthing of their own money, using only resources belonging to DTN. #FraudulentDailyTimes
To repay the remaining N315,000,000.00, they applied for a loan in the name of DTN mortgaging DTNโS Corporate Headquarters at Agidingbi-Ikeja, Lagos as collateral and converted the sum of N315,000,000.00 #FraudulentDailyTimes
โFolio was unable to repay Hallmark Bank. The Bank obtained a Court Order appointing a a receiver/manager over DTN. This precipitated law suits culminating in the consent judgment entered by the Federal High Court #FraudulentDailyTimes
They converted N500,000,000.00 belonging to DTN (realised from sale of DTNโs interest in Stock Exchange Building, Lagos) in defraying part of the N950,000,000.00 leaving outstanding the sum of N450,000,000.00. #FraudulentDailyTimes
In Suit No. FHC/L.CP/594/2005 wherein Folio was ordered to pay Hallmark Bank the sum of N950m consisting of the original N750,000,000.00 and accumulated interest. #FraudulentDailyTimes
(However, the Senator Ikechukwu Obiorah led shareholders raised fresh shareholder-fund towards repaying this loan). #FraudulentDailyTimes
โ In order to raise the remaining N750,000,000.00, Folio resorted to the following; It illegally created fixed and floating debentures over the assets of DTN in favour of Hallmark Bank and collected N750,000,000 from the Bank. #FraudulentDailyTimes
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