The lingering issue between ISAMATA the apex umbrella association of traders in Imo State and a foremost investor and Developer of Orie Okporo market, Valentino Da Vinci Nig Ltd, has finally been resolved at the instance of the former who after reconciling their records, approached Valentino for out of court settlement which he magnanimously accepted in the spirit of patriotism and in the overall interest of the state and the parties involved.
It would be recalled that Chief Valentine Ugballa, C.E.O of Valentino Da Vinci Nig Ltd, a frontline investor, philanthropist and community leader, who felt that he had been short changed by officials of ISAMATA, approached the court to seek redress. The matter with charge No FHC/OW/10961/2020 instituted at the Federal High Court, Owerri, being a criminal matter involved the Inspector General of Police and led to the arraignment of some of the officials involved.
It was gathered that in the course of proceedings, ISAMATA opted to reconcile their records and settle out of court.
A source who declined to disclose terms of the out of court settlement said, “Valentino as a peace loving and patriotic person exhibited maturity by forfeiting some of his entitlements because what is important to his company is the comprehensive development of Imo State. That is why he has always been willing to partner with government to ensure the socio-economic development of the state”.
The Director of Information of Valentino Da Vinci Nig Ltd, Mr Cliff Chukwu in a chat with this reporter, said, what is of paramount interest to the company is to remodel and bring the market to international standard. He expressed delight that at last, all aggrieved parties have settled their differences with a view to working in synergy, contrary to speculations that Valentino Da Vinci Nig Ltd, was peddling falsehood.
He further stated that, the C.E.O of Valentino Da Vinci as a reputable business man presiding over the affairs of an equally reputable company with a verifiable track record of quality service delivery will not leave any stone unturned in his effort and determination to protect the interest of all stakeholders and carry them along. “For him, no sacrifice is too much in assisting government to develop, nurture and enhance the growth and development of the private sector”.
It will be recalled that ISAMATA had supervised and superintended over the development of markets in the state during the tenure of the past administration, when private investors were involved in developing markets in the state.
“Velentino was among those who answered the clarion call by not only getting involved but also paid the necessary fees, got Certificates of Occupancy among other commitments. But somewhere along the line, problem arose which led to the verbal revocation of the contractual agreement through mere radio and television announcements by the Commissioner for Commerce and Industry without recourse to the well articulated terms of agreement and Memorandum of Understanding, that were revalidated and given seals of approval by courts of competent jurisdiction”.
“This further worsened and aggravated the situation. But, finally a truce has been reached, as ISAMATA has finally been able to reconcile their differences in the interest of peace, justice and fairness”.
With this development, the parties will now officially notify the Court of the recent development and thereafter withdraw all pending suits”.