CEO Of Algrain Foods Ltd Appears In Court, Debunks Collecting Loan From FCMB


Chief Anthony Obidulu, the Chairman and Chief Executive Officer, Algrain Foods Limited, remained steadfast in his assertion that First City Monument Bank (FCMB), never gave him a loan at an appearance before a Lagos High Court in Osborne.

Instead, the funds concerned the N100 million Small and Medium Enterprises Credit Guarantee Scheme loan that his company received from the Federal Government, for which FCMB served as an agent in accordance with CBN requirements.

Following the local brand news, while being led in evidence by his attorney, Chief Aloy C. Ezenduka, he further informed the court chaired by Honourable Justice (Dr.) R.O. Olukolu that the money under dispute was not simply deposited into his accounts but was paid upon request.

Algrain Foods Limited, along with Anthony Obidulu, its Chief Executive Officer, filed a lawsuit against the Bank and Mr. Emmanuel Adeyeye, Oyebanji, SAN, the Receiver. The lawsuit included claims that the Receiver had trespassed on Chief Obidulu’s property, which was not included in the All Assets Debenture (Plant & Machinery) that the Bank had pledged to secure the facility in accordance with CBN guidelines. Additionally, the lawsuit against the Bank involved the sum of N20 billion.

First City Monument Bank Plc and Mr. Emmanuel Adeyeye Oyebanji are the first and second defendants, respectively, in this case.

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Furthermore, he informed the court that since the conflict, he had not been allowed access to his property.

Obidulu disclosed that his personal belongings and the company’s property are not the same thing. asserting that the company’s sole possessions are its equipment and plant.

According to him, customers can always ask the bank for the document if they require it.