In its heydays, the company transported passengers and goods nationwide. The company was founded in 1955 by Augustine Ilodibe. The founder of the company died in 2007 and his son, Chukwunonso Ilodibe, took over as CEO.
This agreement was reached after both parties closed its case and agreed to an out of court settlement. “The agreed full and final settlement of N50million naira shall be issued in favour of Chidozie Kennedy Ojoro, the counsel to the claimants in the agreed instalment payments. ” The workers claimed that “on the 17th of November 2009, the 2nd defendant moved N37.7 million from the 1st defendant account to his own UBA Prestige account.
They also accused him of “unilaterally selling 44 trucks belonging to the 1st defendant bought using a N450 million bank loan in 2004 and kept proceeds from the sale.” “Loads come to transport companies, and when you move, you make money but if you now form a company within a company competing with the transport company. So, when loads come, instead of going to the transport company, it goes to the logistics company and the income that would have come to the company will be moved to your company, it makes it impossible for the company to pay.
Please the enforcement should be facilitated.
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