The Federal Government has filed a charge against Fidelis Anosike and Noel Anosike and their firm, Folio Communications Limited, accusing them of fraudulently acquiring the Daily Times of Nigeria (DTN).

The management of Folio Communication has however accused the lawyer, who filed the charge, Festus Keyamo (SAN) and Senator Ikechukwu Obiorah of mocking the Judiciary by allegedly engaging in forum shopping.
The defendants were charged with conspiracy, criminal breach of trust, criminal misappropriation, cheating and theft of property belonging to the DTN.

In the charge, it was alleged that pursuant to the Federal Government’s privatisation programme in 2004, its 96.05% shares in the DTN were put for sale by the Bureau of Public Enterprise (BPE), bid for which Folio Communications emerged the highest with a bid of N1.250 billion, but had no money to pay.

It was alleged that what Folio did in the circumstances was to obtain a co-investment of N500, 000,000.00 from DSV Ltd (owned by Senator Ikechukwu Obiorah in exchange of 40% of the said shares. DSV paid the sum of N500m directly to BPE.

They were also accused, among others, of converting N500,000,000.00 belonging to DTN (realised from sale of DTN’s interest in Stock Exchange Building, Lagos) in defraying part of the N950,000,000.00 leaving outstanding the sum of N450,000,000.00.

Folio, in its statement, signed by the Managing Editor of Daily Times newspaper, Bonaventure Melah, said the current case filed by the Police and on which ground the fake news was being bandied around, is about the 15th of its kind that Ikechukwu Obiorah had instigated the Police to initiate against Folio and its management, all of which he said fell flat on their belly before the courts because they are not only baseless but also lack merit.

•Excerpted from The Nation