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Alleged N42b debt: AMCON Moves Against Firm’s MD, Directors

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The Asset Management Corporation of Nigeria, AMCON, has initiated bankruptcy proceedings against the Chairman of Milan Industries Limited, Milan Nigeria Ltd and Milan Beverages Ltd, Rajesh Valecha and four other directors of the companies over their alleged inability to repay a N42billion debt.

The other directors, named in five petitions, now pending before two judges of the Federal High Court in Lagos, are: Ramesh Valechha, Vikram Valechha, Odunlami Bayo and Akin Femiwa Akinsola.

In the petitions filed by its lawyer, Kunle Ogunba, SAN, AMCON stated that the debt, which now stands at N41,511,758,031.14 arose from several loan facilities obtained from Skye Bank (now Polaris Bank) between 2010 and 2012 by Milan Industries Ltd and Milan Nigeria Ltd, for which the directors are now liable.

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Stating that it has since acquired the debt from the bank, AMCON added that the debtor companies applied majority of the loan facilities to the construction of a 361-room hotel facility at 52 Kofo Abayomi Street, Victoria Island, Lagos, formally known as Intercontinental Hotel (now Lagos Continental Hotel).

AMCON is praying the court for among others, an order appointing a trustee against the estate, funds, investment, shares or other interest of the directors, “principally as they may be vested, constituted or evinced in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held either directly or through the said Milan Industries Limited and/or in any other company within and outside Nigeria.

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“AMCON is equally seeking consequential order empowering it to sell the directors’ properties (be it landed or chattels) where – ever situate and/or found including but not limited to his shares principally in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held directly or through the said Milan Industries Limited either by private treaty or by public auction which occasion shall be published in two widely read and circulated national daily newspapers in Nigeria.

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“Also, AMCON wants an order granting it leave to appropriate or otherwise utilize the investments, shares or other interests of the directors in the companies and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due, as the case may be.

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“On March 21 Justice Daniel Osiagor granted AMCON leave to effect substituted service of relevant court documents, including the petitions on Ramesh Valechha and Vikram Valechha. Similar orders for substituted service were earlier made in the petitions against the other three directors.”

While Justice Osiagor is hearing three of the petitions (filed against Ramesh Valechha, Vikram Valechha and Akin Femiwa Akinsola), Justice Yelim Bogoro is handling two (filed against Rajesh Valecha and Odunlami Bayo).

Both judges had, in earlier rulings, issued ex-parte injunctions restraining the directors from tampering with their assets and ordering banks to provide information about their financial standing.

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Grassroots To Global Podium: Edo Sports Commission Marks Enabulele’s First Year In Office

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The Indoor Sports Hall in Benin City came alive on Wednesday as the Edo State Sports Commission rolled out the drums to celebrate the first anniversary in office of its Executive Chairman, Hon. Amadin Desmond Enabulele. Management, staff, coaches and athletes gathered in an atmosphere charged with pride, reflection and optimism.

The colourful ceremony drew executives and members of various sports associations, officials of the Sports Writers Association of Nigeria (SWAN), coaches, athletes and other key stakeholders in Edo sports.

In her welcome address, the Acting Permanent Secretary of the Commission, Mrs. A. P. Amenze, praised Hon. Enabulele for what she described as focused and purposeful leadership. She said the past year had seen renewed confidence, discipline and energy return to the state’s sports ecosystem.

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Adding excitement to the event were exhibition bouts and demonstrations by the Kung Fu, Karate, Taekwondo and Judo associations, staged in honour of the Executive Chairman.

READ ALSO:2025 NYG: Enabulele Charges Edo Coaches On Performance

Speaking for SWAN Edo State, Chairman Comrade Kehinde Osagiede commended Hon. Enabulele’s open-door leadership style and consistent support for sports development. He noted that the Commission had effectively driven Governor Monday Okpebholo’s “Catch Them Young” policy through practical grassroots programmes that identify and groom young talents across the state.

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In recognition of his contributions to sports development and media relations, Comrade Osagiede conferred the Patronship of SWAN Edo State on Hon. Enabulele and presented him with a special anniversary card.

Goodwill messages followed from Executive Directors of the Commission, including Hon. Frank Ilaboya (Edo North), Coach Baldwin Bazuaye, MON (Edo South), Barr. Anthony Ikuenobe (Edo Central), and Mrs. Sabrina Chikere, Executive Director, Sports Development and Operations. Representatives of coaches, athletes and sports associations also took turns to acknowledge the progress recorded under the current leadership.

In his stewardship address, Hon. Enabulele expressed gratitude to Governor Monday Okpebholo and Deputy Governor Rt. Hon. Dennis Idahosa for the trust placed in him, noting that their backing and shared vision had driven the Commission’s achievements.

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READ ALSO:Enabulele Lauds Okpehbolo For Creating Enabling Environment For Football To Thrive

He highlighted Team Edo’s third-place finish at the 9th National Youth Games in Asaba, where the state recorded its best-ever outing with 79 medals—33 gold, 18 silver and 28 bronze—reinforcing Edo’s reputation as a national sports powerhouse.

The Chairman also pointed to the impact of inclusive and grassroots sports programmes, citing Favour Ojeabu, a visually impaired para-cyclist who won three gold medals to emerge Africa’s champion at the African Track Para-Cycling Championship in Egypt.

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Other milestones listed included outstanding performances by Edo para powerlifters on the international stage, historic achievements in cricket, weightlifting, cycling, judo and deaf athletics, as well as structural reforms such as the repositioning of Bendel Insurance FC and deeper investment in grassroots sports development.

Cultural performances added colour and tradition to the celebration, as stakeholders closed the event united in their assessment of the past year as a truly transformative period for sports development in Edo State.

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Otuaro Tasks Media On Objective Reportage

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The Administrator, Presidential Amnesty Programme (PAP) Dr. Dennis Otuaro has charged media practitioners particularly members of the Ijaw Publishers’ Forum to promote ethical journalism through their reportage.

He gave the charge in Warri on Wednesday during the 2nd Annual Ijaw Media Conference organised by the Ijaw Publishers’ Forum (IPF).

Represented by Princewill Binebai, spokesman, Ijaw Youth Council (IYC) Worldwide, Otuaro while stating that the Niger Delta stories have been told in such a way that is quite different from what is obtainable in the real sense, said this, IPF must do everything possible to correct.

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The administrator added: “I am happy that Ijaw journalists have boldly come out together to champion the Ijaw struggle in a very dynamic perspective”.

READ ALSO:IPF Hosts Media Conference, Seeks Protection For N’Delta Environment

“The Ijaw story was misrepresented over the years, but IPF’s emergence had corrected this error and the story is gradually changing for better.”

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Otuaro, however, challenged Ijaw media practitioners to be objective, truthful, accurate and fearless in their reportage to correct many years anomalies of the Ijaw struggle.

He admonished members of IPF to see themselves as brothers and love one another in the discharge of their activities to achieve a common goal.

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Police Confirm Edo Tanker Explosion, say No Casualty

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The Edo State Police Command has confirmed tanker explosions that rocked Auchi, the administrative headquarters of Etsako West Local Government Area of the state.

The Command’s Police Publice Relations Officer, Eno Ikoedem, who confirmed the incident via the phone, said the explosion occurred at about 6:30 p.m. following the fall of a fuel tanker along the road.

Ikoedem said the incident occurred on Wednesday evening at about 6:30 p.m. following the fall of a fuel tanker along the road.

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READ ALSO:Edo SSG Calls On Media To Support Govt Policies, Assures Better Welfare

She explained that spilled fuel seeped into underground tunnels, which later ignited and caused three explosions in different parts of the Auchi community.

According to her, officers from the Auchi Divisional Police Headquarters and the Area Command were mobilised to the affected areas and successfully cordoned them off to prevent loss of lives.

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She added: “No casualty was recorded. Our men on ground were able to cordoned the affected areas.”

READ ALSO:Edo Assembly Declares Okpebholo’s Projects Unprecedented

It was gathered that three separate explosions rocked the town simultaneously in different parts, which led to properties worth millions of naira destroyed.

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A resident who does not want his name in print said via the telephone that the blasts occurred along Igbei Road, Igbo Shade, and along the Auchi–Okene Road, close to Winners Junction.

The resident, who alleged the explosions appeared to have been coordinated, called for a thorough investigation into the incident to prevent future occurrences.

Calls put across to Mr. Monday Edogiawere, Chairman, Red Cross, Edo State, were not picked.

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