Traumatic Times

Anosike

Finally, the men behind Folio Communications, Fidelis and Noel Anosike, are arraigned in court by the federal government, for asset-stripping Daily Times of Nigeria Plc
By Bayo Amodu
Trouble is far from being over for the Anosike Brothers over the battle for possession of Daily Times of Nigeria Plc, Nigeria’s troubled oldest newspaper group. This time around, however, the authorities has, in a new development slammed a 21-count charge of conspiracy and stealing of over three billion naira worth of properties belonging to the Daily Times of Nigeria Plc on Fidelis Anosike and his brother, Noel, at the Federal High Court in Lagos.
Also to stand trial with the duo are their company, Folio Communications Ltd and two of their associates, Nicholas Okoye and Gogo Kurubo. The accused persons who were slated to be arraigned last Monday, August 2, 2010, however, failed to appear in court because of the failure of the prosecution to produce them. Consequently, the court directed that hearing notices be served on them so they will be arraigned in court on the next hearing date of September 27, 2010.
According to the charge sheet marked FHC/L1274/10, and signed by one E.K Ugwu, an Assistant Chief State Counsel on behalf of the country’s Attorney-General and Minister of Justice, Mohammed Adoke, Folio Communications Ltd, Fidelis and Noel Anosike were said to have sometimes in June 2004 conspired among themselves to obtain about 140,252,900 units of shares, which comprised about 56 per cent out of a total of 233,754,840 shares of Daily Times of Nigeria Plc valued at the sum of N750 million from the Bureau for. Public Enterprises (BPE) by false pretence, and with representation of possessing the means to pay for the acquisition of same with fresh funds, which they did not possess; thus imbued with intent to defraud the federal government.
They were alleged to have acquired the said shares from the BPE by mortgaging the assets and selling off properties belonging to Daily Times of Nigeria Plc to realise the acquisition of the said shares. Count three of the charge also accused the trio of stealing the sum of N500 million, property of the Daily Times of Nigeria Plc, being part of the proceeds from the sale of the company’s 60 per cent stake in Naira Properties Ltd., owners of the Nigeria Stock Exchange Building in Lagos.
They were further accused of stealing, between March and May 2005, N180 million belonging to Daily Times of Nigeria Plc, which sum was part of the total of N900 million that formed part of the proceeds of Daily Times Plc shares- holding stake in Naira properties Limited, which they allegedly shared among themselves by converting same to their personal use.
The government further accused the Anosike Brothers and their co-accused of stealing various sums of money from the sale of other properties belonging to Daily Times. The accused persons also allegedly stole N240 million obtained by the Daily Times of Nigeria Plc from Afrinvest West Africa Limited, out of which the sum of N135 million was used to pay for their personal loans to the Nigeria Deposit Insurance Corporation (NDIC) on behalf of Hallmark Bank in- liquidation while the balance of N105 million was converted to their personal use.
They were further alleged to have obtained 19 vehicles valued at N28 million from an auto firm, Ineh Mic Auto Co. Limited under false pretence of supplying same to the Daily Times of Nigeria Plc for operational use, but never paid up since 2004. The vehicles were allegedly diverted to their personal use.
The government also accused them of obtaining N100 million from Corporate Properties Limited and Senator Ikechukwu Obiora, by falsely representing that they have a printing factory at Lugbe, Abuja when in fact they do not have such thing to sell to Daily Times Plc, Abuja, thereby inducing the said company and Senator Obiora to pay the said sum in lieu of a non-existent factory being traded for the Daily Times.
They were also alleged to have dismantled and stolen 61 machines belonging to Daily Times Plc. The charge sheet also contained allegations to the effect that the accused persons stole N156 million being the proceeds from the sale of Daily Times of Nigeria Plc realestate at 9, Wuraola Close, off Adeniyi Jones, Ikeja, which sum was allegedly changed into foreign currency and converted to personal use.
The Source’s further investigations revealed that the Anosikes also sold the Editors Quarters of the company situated at Ashogbon Close, off Adeniyi Jones Avenue, Ikeja to Mikano Nigeria Ltd for a staggering N600 million. The property consists of three blocks and has 24 flats. Mikano intends to remodel the apartment block into a swanky residential abode for its expatriate staff. This is despite a subsisting court order barring the Anosikes from disposing the assets of the Daily Times group. The Source further gathered that Anosike has so far sold off over nine prime real estate assets belonging to the company without recourse to other stakeholders in the company. The money, as was in other similar cases, were said to have been diverted by the Anosikes to their personal use while creditors and staff of the company continue to wallow in lack.
According to an insider in Folio Communications Ltd who pleaded anonymity, when Anosike sold off the company’s 60 per cent holding in the Nigerian Stock Exchange building for N700 million–with N500 million deposited in an escrow account which was later seized by the NDIC to offset his personal loan from the distressed Hallmark Bank Plc– the remaining N200 million, he said, was squandered by Anosike.
Described as sharp-witted and friendly, The Source learnt that nobody took Anosike serious, especially those who know him intimately, when he announced his bid for the Daily Times Group. He was said to have been a laughing stock in many quarters. Perhaps, Anosike saw more than a dead publishing giant that would require a miracle to revive but, in addition, the over N30 billion in prime real estate owned by the company may have been his major attraction.
The Source gathered that to raise the N1.2 billion shelf price placed on the company by the BPE, Fidelis Anosike took the biggest gamble of his life by going cap in hand to his kinsman, the boisterous moneyman of yesterday, Marc Wagbara who ran the now distressed Hallmark Bank for a personal loan of N500 million and another N700 million from Dr. Ben Obi.
But for several years now, the Daily Times has not been on the newstands for lack of funds to finance production and pay the staff. The Source learnt that new management under Anosike had announced that it was jettisoning terminal benefits and the funding of the workers insurance welfare scheme which had been an agelong tradition. The battle for the ‘soul’ of Daily Times of Nigeria has, instructively, been long drawn and bloody. Workers and ex -staffers and other concerned stakeholders who felt aggrieved have ever since taken Anosike on, challenging his assets stripping binge in several courts.
On May 4, 2010, a Federal High Court in Lagos had restrained Fidelis Anosike, his brothers, Noel and Charles and their company, Folio Communications Limited, including their agents, from running, operating or carrying on business in the name of 1st October and Times Press Limited, pending the hearing and determination of the motion on notice for interlocutory injunction. The court, presided over by Justice Charles Archibong, also restrained two commercial banks, Diamond Bank Plc and Union Bank Plc who are the 11th and 12th defendants, respectively in the suit, and their agents from recognising, accepting or honouring cheques or other financial instruments signed or executed on behalf of 1st October and Times Press Limited by the Anosike Brothers and Folio Communications Ltd.
The Source’s investigations show that not a few concerned ex-staffers of DTN have levelled various allegations of fraudulent activities against the Anosikes and their company. Said one of them: “All the buzz words used such as reviving, rebuilding, resuscitate are all merely words used in a game to bring the best master- minds together to make it look like they are actually trying to do something but all the while are only interested in robbery.
“The Daily Times of Nigeria has only been used as a mask by Folio Communications to defraud innocent people who want to make a better change to the face of journalism in Nigeria. What further saddens me is the fact that we all seem to be sitting back and watching all of this happen in silence,” said the distraught ex-staffer who does not want name in print.
Some other allegations by the ex-staffers of DTN is that having bought The Daily Times of Nigeria (DTN) five years ago, they have the followings to show: six Managing Directors in five years; Non-payment of salaries; using the DTN to take over N700 million in bank loans under the false pretence of paying salaries. But this money, The Source learnt, was never used for the benefit of DTN; using a publication called 1st October to collect large sums of money from state governments and the private sector, and not honouring any of its agreements to the states or its executives and journalists; lack of governance structure, lack of financial transparency and absence of corporate structure, among others.
Debunking the allegations levelled against him, however, Anosike said he was not aware of the charges and wondered why years after he acquired Daily Times, “frivolous charges” were being brought against him.
Meanwhile, the arraignment of Anosike and the other accused persons is to come up before Justice Pat Ajoku, next month.