Business
Otudeko Sues Zain’s Directors Over Lease Of $27m Property
The Chairman of First Bank of Nigeria Plc, Mr Oba Otudeko, on Thursday filed a suit against some directors of Zain Nigeria over the lease of a $27 million property as the company’s headquarters.
The property is situated on Banana Island, Ikoyi, according to Otudeko.
The defendants are Messrs Gamaliel Onosode, Moez Daya, Sam Deeb, Haitham Al-Khaled, Salah Al-Fouzan and Paul Usoro as well as Ms Tsega Gebreyes.
In the suit before Justice Okechukwu Okeke of the Federal High Court, Lagos, Otudeko, a shareholder in Zain, is challenging the legality of the directors’ decision.
Otudeko filed the suit along with his firm — Broad Communications.
The plaintiffs said the leasehold was over-valued at $27 million for a five-year tenure, arguing that the decision was not in the interest of Zain and its shareholders.
The plaintiffs contended that the decision of the directors was unfair and prejudicial.
They added that the defendants failed to exercise reasonable skills legally required in the discharge of their duties.
They are praying the court to direct the defendants to reverse the leasehold transaction.
Otukedo and his firm also want the court to declare that the defendants breached their legal duties by entering into the leasehold at such a cost.
The plaintiffs alleged that the defendants connived to nullify the statutory function of the board in order to enter into the leasehold transaction.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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