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APT Securities counter-claims against bank, demands N141m

By Innocent Anaba
APT Securities and Funds Ltd, has counter-claimed against Ariel Investment Management Ltd, Aims Achievers Consulting Ltd and Wema Bank Plc, over the suits against, it in respect of the Food Concepts and Entertainment Ltd shares it instructed the two firms to purchase for it.

It is claiming in the two suits, against Ariel Investment and Wema bank, the sum of N141m and interest rate at the rate of 20% per annum from May 1, 2008 until payment and the sum of N106.88m against Aims Achievers and Wema bank and interest rate at the rate of 20% per annum from May 1, 2008 until payment.

The two firms, Ariel Investment and Aims Achievers Consulting had in the original suits, dragged Wema Bank, APT Securities and Mr Nathaniel, praying the court to restrain the bank from repaying the monies to the counter-claimants (APT Securities and Mr Nathaniel) after they had petitioned the Central Bank of Nigeria, which it was gathered, ordered Wema bank to repay the monies.

APT Securities and its Managing Director, Mr Solomon Nathaniel, both counter claimants in the two suits by Ariel Investment and Aims Achievers, are contending that they separately in March 2008, approached the two firms to help them purchase shares in the private placement of Food Concepts and Ariel Investment, was given N135million for 30million unit of shares of Food Concepts and an additional N6m for charges, while for Aims Achievers Consulting, they paid N99.255m for 25,450,000 shares and N7.635 for charges.

Mr Wale Adesokan, counsel to the counter-claimants, is contending that after issuing the cheques, in accordance with the terms of the offer, that is, in favour of the offer account, which were handed over to the claimant for payment directly into the Offer Account the two firms, for N135million for 30million unit of shares of Food Concepts to Ariel Investment and to Aims Achievers Consulting, N99.255m for 25,450,000, the firms, who had said they had enough contacts to ensure the purchase of the said shares, promised to buy the shares.

He meanwhile, want the court to declare that the clearance of the cheque issued by his clients in the name of Food Concept and FBN Capitals Ltd by Wema bank, without his clients consent was wrongful, and amounted to a conversion of the value thereof.

According to Adesokan, the said cheques issues in the name of Food Concept and FBN Capitals Ltd, was allowed by Wema Bank to be paid into the respective personal accounts of the firms, and it was in the course of the various conversations that Ariel Investment dropped the story that it had been able to secure only 5,120,000 units out of the 30,000,000 units paid for and that money for the unallotod shares will be returned forthwith, that they (counter-claimants) began to worry, when the refund was not forthcoming and therefore began to make discreet enquiries to verify the information they had received from the claimant from other sources.


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