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$1.5m debt: Court freezes billionaire, Muhammadu Indimi’s Oriental Energy bank accounts

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A Federal High Court in Lagos has restrained Oriental Energy Resources Limited owned by billionaire, Alhaji Muhammadu Indimi, from withdrawing, transferring, removing any funds, properties, or assets, outside the jurisdiction of Nigeria or encumbering any funds belonging to or held to the account of the company with the 12 commercial banks except for payments of salaries.

Justice Chukwujekwu Aneke made the order in an exparte application filed and argued by Mr. Uchechukwu Obi (SAN), on behalf of a limited liability company, Uniterm Nigeria Limited, who alleged that Oriental Energy Resources Nigeria Limited owes it the sum of $1,453,356,76.

The court also restrained Oriental Energy Resource Limited, an oil exploration and production company, either acting alone or in concert with the Central Bank of Nigeria, and the Nigeria Petroleum Development Company, from exporting, transferring or removing from the jurisdiction of the court any asset, crude oil or gas due to the company from Ebok Marginal Field or any other oil block, pending hearing and determination of the motion on notice.

Investors lose N312bn as stocks’ bearish position persists

The court also granted an interim order attaching and taking legal possession of all funds, deposits, credit, and receivables belonging to or due to the company with or in the custody of the 12 banks listed before the court.

The banks are, First City Monumental Bank Plc, Access Bank Plc., Ecobank Plc, Fidelity Bank, First Bank Plc, Guarantee Trust Bank, United Bank for Africa, Zenith bank Plc, Standard Chartered Bank, Stanbic IBTC Bank, Polaris Bank Plc, Union Bank Plc.

Besides, the court directed all the banks listed, to within seven days from the day of service of the orders file an affidavit disclosing the respective balances, funds, deposits, credit, and receivables, held in or the accounts of the company at the date of the order supported by a certified print out of the statements of accounts covering three months, pending the hearing and determination of the motion on notice.

In a 63-paragraph affidavit in support of the application, sworn to by the General Manager, Finance of Uniterm Nigeria Limited Company, Adekunle Okunnowo, it was alleged that Oriental Energy Resources Limited, was desirous of engaging a consortium comprising a local and foreign contractor to provide it with a Rig, specialized drilling unit, local and foreign personnel, and catering services required in the Well Drilling project for Ebok Field located within OML 67.

He averred that Oriental Energy Resources Limited contacted Borr International Operations Incorporated, a company engaged in the business of providing drilling services, and one existing under the laws of Marshall Island and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.

He further averred that the petitioner was to provide local personnel and catering and incidental services on the rig location; while Borr was to provide the Rig, drilling unit, and expatriate personnel for the project comprised in the contract.

The petitioner, Borr, and the respondent as separate juristic entities fully aware of their roles, rights, and obligations, entered into a business relationship in May 2021.

According to the deponent, the drilling operations and other contractual services commenced in May 2021 and ended in October 2021.

He stated that the Petitioner had submitted a total number of 61 invoices totalling $2,232,638.67 and N104,120,896.20.

The deponent added that all of these duly issued invoices were sent directly by the Petitioner to the Respondent in accordance with the Ordering and Invoicing process and most of them were allegedly received and honoured by the Respondent.

He stated that the Respondent, however, failed to pay six outstanding invoices all of which amount to the $1,453, 356.76 VAT inclusive.

He stated that sometime in October 2021 the Respondent alleged that Borr supplied Rig that malfunctioned thereby leading to temporary stoppage of work within the period resulting in non-productive time (NPT) and consequential spread cost losses.

In the light of this, the Respondent had sent a letter to Borr on 14th October 2021, informing Borr that they were disputing the service rates on Borr’s specific invoices dated 6th September 15th September 2021 in view of the non-productive time (NPT) and spread cost losses.

The letter was addressed to Borr, which was simply copied to the petitioner.

However, the Respondent never disputed the invoices submitted by the Petitioner for the local personnel supply and catering services rendered by it or queried any aspect of the services rendered by the Petitioner in accordance with the OERL Ordering and Invoicing Process,

He stated that the Respondent struggled throughout the contract tenure to comply with the contractual payment terms of 30 days from final invoices submission dates as agreed, instead payments were mostly delayed and irregular and some remained outstanding till date.

He stated that due to the persistent refusal of the Respondent to make payments to the Petitioner, on the six outstanding invoices, the Petitioner wrote a letter to the Respondent dated 14th March 2022 and 5th April 2022, demanding payment of the outstanding debt of $1,453,356.76 VAT inclusive.

By the terms of the contract, the Petitioner is also entitled to interests on the invoices as provided for in the contract. This is because the 30-day period stipulated in the contract has elapsed since the invoices were raised and submitted.

In his ruling, Justice Aneke granted the restraining order.

The suit has been adjourned till September 26, 2022, for a hearing, and it is expected that the defendants would have filed their defence.

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UBA Announces Appointment of Henrietta Ugboh as Non-Executive Director 

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As Owanari Duke Retires from Group Board

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ngozi Ugboh as a Non-Executive Director on the Group’s Board.

 

 

The appointment has been duly approved by the relevant regulatory bodies including the Central Bank of Nigeria (CBN) whose approval was granted last Friday.

 

 

 

UBA’s Group Chairman, Tony Elumelu, who commented on the appointment, said, “Henrietta Ngozi Ugboh exemplifies the qualities of a seasoned banker and professional, with decades in her banking career.”

 

 

 

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Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School. She has over 30 years experience in banking and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).

 

 

 

Elumelu added that with her considerable experience and expertise which spans Commercial Banking, Credit, and Risk Management, amongst others, the Board is excited about the positive accomplishment she will bring to the bank, adding, “We look forward to her invaluable contributions to the Group.”

 

 

 

The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.

 

 

 

During her tenure, Mrs. Owanari Duke provided distinguished leadership, serving on numerous Committees of the Bank such as the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.

 

 

 

On behalf of the board, Elumelu expressed deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.

 

 

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services

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Kano Socialite, Hafsat Gold In Trouble As EFCC Invites Her Niger Republic In-laws For Abusing Naira Notes.

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The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to a viral video where the nation’s currency, Naira, was freely sprayed at a wedding ceremony in Kano, Kano State on Friday, October 24, 2024.

 

 

Allegations of the abuse of the Naira were imputed to Mrs Fauziya Danjuma Goje, daughter of Senator Danjuma Goje, by Nigerians from all walks of life, including an Editorial by a leading and respected National Newspaper.

 

As a responsible and accountable anti-corruption agency campaigning against currency mutilation and dollarization of the economy, the EFCC swung into action by analysing the video and findings showed that the alleged naira abuse actually happened but not at the wedding of Goje’s daughter but at the wedding dinner of Amina Babagana Zannah held on the afore-mentioned date.

 

 

Zannah is the daughter of Hajara Seidu Haruna (a.ka. Hafsat Gold Nigeria) who is the Chief Executive Officer of Hafsat Jewellery Enterprise with offices in Abuja, Kano and Dubai (United Arab Emirate).

 

Haruna confirmed the viral video. She admitted that the alleged naira abuse took place at the wedding dinner of her daughter on October 24, 2024. The bridegroom, Ibrahim Mohammad hails from Niger Republic and those that allegedly sprayed naira notes and dollar bills were from the groom’s family in Niger Republic.

 

The Commission has invited the Nigerien groom, Mohammad, to report at its national headquarters in Abuja, with everyone that sprayed naira notes at his wedding with Zannah.

 

 

While the EFCC appreciates the consciousness its campaigns against naira abuse is building across the country, it will not move against anyone wrongly accused of an alleged crime. The Commission remains steadfast in this crusade and would spare no offender , no matter how highly placed.

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Godwin Obaseki inherited N55 billion debt in 2016, leaving N410 billion in 2024: Transition Report…..

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The Transition Committee of the All Progressives Congress has recommended a probe into more than N410 billion in local and foreign debts allegedly owed by the Edo government.

 

 

The committee made the recommendation on Monday in its report presented to Monday Okpebholo ahead of his inauguration on Tuesday as Edo’s fifth democratically elected governor.

 

Presenting the document, Pius Odubu, the chairman of the committee, said the committee was presented with N410 billion in debts as against the N55 billion inherited by the outgoing government in 2016.

 

“For those of you who have the capability to fact-check, you will find out that the indebtedness today is much more. It is over N500billion,” he said.

 

 

Mr Odubu, an erstwhile deputy governor, said the committee also recommended a review of memoranda of understanding on the management of Central and Stella Obasanjo hospitals.

 

“All employment carried out in the recent past should be cancelled, while the governor should investigate the true ownership of the Ossiomo power plant and Radisson Blu Hotel.

 

“The same with the Museum of West Africa Arts-MOWAA. We deserve to know the state’s equity in these companies as the outgoing government went blank on these enquiries.

 

“We also demanded a comprehensive review of the World Bank-funded EdoBest programme, and a probe should be instituted to uncover its rather opaque operations,” Mr Odubu explained.

 

 

“Mr Odubu added, “All major contracts issued by the state government under the Ministry of Roads and Bridges should be reviewed as they appear not to have followed due process, including the payment advance awarded to the contractors.

 

“The procurement agency indicted the government in its own report to the transition committee. Hence, we have advised the incoming governor to take a critical review.”

 

 

The committee chairman also called for streamlining the ICT ecosystem in the state, which he said appeared to be a duplication of duties.

 

“The outgoing government didn’t provide audited financial statements published or unpublished. Hence, the committee is advising the government to institute an inquiry into this.

 

 

“The government couldn’t account for the number of teachers in the state. Hence, we demand a proper teacher headcount,” Mr Odubu said.

 

The committee chairman said the document, comprised of a 24-page report and 800 annexures, was a product of three weeks of rigorous assignments, meetings, interactions, engagements and analyses of the documents presented to the committee.

 

(NAN)

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