19 Gold Field Investment Limited loses millions of naira worth investment

An Abuja-based Investment Company, 19 Gold Field Investment Limited, has reportedly lost millions of naira worth of investment over alleged breach of agreement.

The Managing Director of the Company, Engr. Oladapo Adesina, made the disclosure while speaking with journalists.

He said there was a contractual agreement with Unique El-Mao Nigeria Limited on the mining activities at a location in Minna, Niger State which has been allegedly breached without recourse to the conditions stated in the Memorandum of Understanding.

Adesina added that there was a bilateral agreement as detailed in the Memorandum of Understanding and Non Disclosure of Agreement between the two companies.

He stated further that instead of honouring the agreement the Managing Director of Unique El-Mao Nigeria Limited, Hon. Mohammed Oghosi Onawo, allegedly resulted to all manners of names callings.

According to him, “The parties entered into a Memorandum of Understanding dated 7th December, 2016 for mining exploration at a location in Shiroro local government area, Niger State.

“It was stated in the agreement that 19 Gold will be entitled to 22 per cent of proceed from the mining activities at the operation site.”

However, rather than being paid the said amount, Adesina claimed to have been alleged of theft.

He said the matter was reported to several security agencies including the Police and the Economic and Financial Crimes Commission, (EFCC).

This development according to him has made it impossible for 19 Gold to offset the bank loan as well payment of salaries of its workers.

He added that his lawyers have written several letters to Unique El-Mao Nigeria Limited but of no effect.