An Abuja-based investment company, 19 Gold Field Investment Limited, has reportedly lost millions of naira following an alleged breach of contractual agreement by its business partner, El-Mao Nigeria Limited.
The Managing Director of 19 Gold Field, Engr. Oladapo Adesina, disclosed this in an interview with journalists, alleging that El-Mao Nigeria Limited violated the terms of a Memorandum of Understanding (MoU) signed on December 7, 2016, regarding mining operations in Suleja, Niger State.
According to Adesina, the MoU and a Non-Disclosure Agreement (NDA) between both companies outlined a clear profit-sharing formula of 70:30 percent. He claimed that instead of honouring the agreement, the Managing Director of El-Mao, Hon. Oghosi Onaoro, resorted to blackmail and false accusations.
“The agreement specified that 19 Gold would be entitled to 22 percent of proceeds from the mining site operations in Shiroro Local Government Area,” Adesina said. “But rather than fulfil the terms, Hon. Onaoro published false claims accusing me of theft, forgetting I was brought in to provide technical support.”
He noted that the situation has led to severe financial strain on his company, making it difficult to repay bank loans and pay workers’ salaries. Despite reporting the matter to the Police and the Economic and Financial Crimes Commission (EFCC), Adesina claimed that Onaoro has continued to act with impunity.
“My lawyers have written several letters to him, but there has been no response,” he added.
Efforts to reach El-Mao Nigeria Limited for comments were unsuccessful as of press time.
