Court Bars Foreign Company, Edmark, Distributors From Importing, Selling Products In Nigeria | Sahara Reporters

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The battle between shareholders of top multi-level marketing company, Edmark Direct Marketing Limited has taken on a new twist as a Federal High Court sitting in Lagos State issued a further interim order reaffirming the appointment of a Nigerian lawyer as a Receiver/Manager. According to the order, the company, its distributors or any other person cannot import or sell Edmark-branded products except through a Receiver/Manager, Mr. Seyi Akinwunmi.

November 3, 2022The court ordered the Nigerian Customs Service and the Nigerian police to assist Akinwunmi in prohibiting the directors of Edmark Direct Marketing Ltd and their agents

In addition, the court ordered the Nigerian Customs Service and the Nigerian police to assist Akinwunmi in prohibiting the directors of Edmark Direct Marketing Ltd and their agents from circumventing him in importing, marketing, selling and/or distributing any products. Furthermore, it directed all banks to attach the accounts of two Edmark officials/ employees: Batusin Rey Cudeira and Abubakar Abass for receiving cash sales in circumvention of the court appointed Receiver/Manager.

This latest order may be a good news for the Nigerian minority shareholder, Mr. Etim who had dragged the Foreign majority shareholder, Low Ban Chai to court for arranging a forgery of his signature to appoint more directors in effort to edge him out of the company, amongst other actions of oppressive, unfair and prejudicial breached against the Nigerian minority.

“FURTHER TO THE ORDERS made on 24 May 2022, a further interim order directing all banks to attach the bank accounts of following officials/employees of the 1" Respondent for receiving proceeds of cash sales of the 1 Respondent's products into their accounts, in circumvention of the Court Appointed Receiver/Manager, pending the hearing and determination of the Motion on Notice dated 30 September,...

 

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