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 :: Cover Story...

Friday, November 14, 2014.


Semenitari Led Unity Bank Battles Origin Boss Samuel Joseph For Demolishing N500m Property In Acquisition Turned Sour
...accuses him of stealing cars, dredging machine.

Financial Institution led by James Semenitari, Unity Bank plc is at the centre of raging battle.

The financial institution is at war with Samuel Joseph Samuel, the managing director of company churning out hugely popular drink on the streets, Origin.

The cause of disaffection that has forced the bank to officially request police to investigate Joseph Samuel is confirmed as a N500m property acquisition gone sour.

Semenitari


Information sourced from thisday revealed the bank officially petitioned the office of the Deputy Inspector General of Police Force, Criminal Investigation Department (CID) over the development.

According to the report, the bank amongst other things alleged Joseph Samule 'demolished one of the bank's properties bank’s properties situated at Ikeja, Lagos, worth over N500 million.

And that 'the incident also saw the bank’s property such as a massive dredging machine and two of its cars parked on the site allegedly taken away by Samuel.'.


Here is a break down of the unfolding battle as sourced

...Genesis Of The Brouhaha

'Sometime in December, 2012, the bank agreed to sell its property to Origin Group Limited on the condition that full payment of the agreed amount of N400 million is made within a specified period.

According to the petition, only an initial deposit of N100 million was made out of the agreed amount between December 2012 and 30th May 2014 and no further payment was made apart from the initial deposit of N100 million despite several promises by Origin Group Limited to complete the payment.

“Consequently, the board decided and cancelled the sale transaction on the grounds of the inability of the Origin Group Limited to adhere to the terms and conditions of the sale transaction and accordingly informed the Managing Director in our letter dated 30th May, 2014 and the initial deposit of N100 million was reversed into the initial account from where the payment was received.

“Surprisingly however, early October 2014, we received information that Origin Group had illegally, and unlawfully entered into our property and demolished six blocks of three bedroom flat, an eight room boys-quarter, six lock up shops and a gate house on the site and erecting new structures. They went further to partition the land into plots for sale,” Unity Bank said.

...Confirmation Of Origin Boss' Deed.

'the Zonal Security Officer in Lagos and some staff of its administration and legal service department went to the site and confirmed the incident to be true.

“In the light of the above, Origin Group took laws into their hands by unlawfully entering the bank’s property and demolished same. If the company is aggrieved by the termination of the transaction, they have recourse to the court to seek redress and not to take laws into their hands,” '

...Semenitari's Unity Bank's Prayers.

'to arrest  the unlawful act committed by the Group Managing Director, Origin Group Limited, Mr. Samuel Joseph Samuel

....appealed to the General of Police to conduct. Investigation into the case with a view to bringing the criminal act to book.

...Popular Drink Manufacturer Undeterred By Efforts At Stopping Him

'We sincerely believe in the capacity of your office to deliver justice. While thanking you in anticipation of your prompt and early action as the company is said to be carrying out development on the site day and night,” the petition added.

...Thisday.

NB: Some online news spotters pick and use our stories down to the dot of 'Ts' and 'Is'  without recourse to credit. We demand that this anormaly is corrected. Plagliarism is a crime.

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