Precious Ugwuzor
Chief Anthony Obidulu, the Chief Executive Officer of Algrain Foods Limited, has raised alarm over what he described as the deliberate destruction of his company by commercial banks.
In a press conference held in Lagos recently, Obidulu appealed to prominent figures including President Bola Tinubu, the Senate President, and Lagos State Governor, Babajide Sanwo-Olu to intervene and save indigenous entrepreneurs from the manipulation and deceit of commercial banks.
Algrain Foods Limited, a renowned Lagos-based food company, had been flourishing with about 300 direct employees and over 2800 indirect personnel before falling victim to what Obidulu alleged was a “criminally orchestrated seizure” by the First City Monument Bank (FCMB) and its collaborators.
Obidulu disclosed that the company’s assets worth over N20 billion had been unlawfully seized and carted away by agents of FCMB under the guise of a court judgment obtained through dubious means.
He lamented that despite being a beneficiary of the Federal Government’s intervention loans, his company was targeted and destroyed by the banks.
According to Obidulu, the FCMB allegedly misrepresented the company’s financial status, falsely claiming that Algrain Foods owed approximately N350 million, which was used as a basis to obtain a court order to take over the company, leading to the illegal seizure of assets valued at billions of Naira.
Obidulu clarified that the company had only utilized the Federal Government’s intervention fund, not the bank’s money, and had adhered to the repayment terms. However, FCMB’s actions and manipulation of the legal system resulted in the unjust seizure of the company’s assets.
The industrialist expressed dismay at the collusion between FCMB and other banks, such as First Bank of Nigeria, in their relentless pursuit to destroy Algrain Foods Limited. He accused the banks of engaging in fraudulent practices and called for thorough investigations into their actions.
Furthermore, Obidulu appealed to the Inspector General of Police to intervene in the matter and hold accountable those responsible for the illegal seizure and sale of the company’s assets. He emphasized the need for justice and restitution for the losses incurred by Algrain Foods Limited due to the banks’ actions.
As the company continues its legal battle to reclaim its assets and seek redress for the injustice suffered, Obidulu urged prominent leaders and authorities to intervene and ensure that indigenous entrepreneurs are protected from the predatory practices of commercial banks.
