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First Bank Drowns In $4.4million Exploitation Lawsuit…………

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First Bank Nigerian Plc, one of Nigeria’s leading banks is currently enmeshed in a 700 million naira (over four million dollars) copyright infringement and exploitation law suit filed by Copyright Society of Nigeria (COSON).

First Bank has been accused of not applying for or secure a license or any authorization whatsoever before exploiting, communicating to the public, publishing and deploying the musical works and sound recordings of its members and assignors as included in, reproduced and contained in the Sights and Sounds of Carnival Calabar and deployed by First Bank Plc in its marketing, promotion and advertising.

In a sitting held at the Federal High Court, suit No. FHC/CS/L/530/2014 filed on behalf of COSON by Lagos IP lawyer, Mr. Justin Ige of Creative Legal, Seun Omotoba & Co, COSON asked for the award of seven hundred million naira in unpaid royalties and damages against First Bank Plc for copyright infringement with respect to the unauthorized use of several musical works and sound recordings communicated to the public, deployed and exploited as marketing, promotional and advertising materials by First Bank Plc and contained in Sights and Sounds of Carnival Calabar.

Speaking on the development, COSON Chairman, Chief Tony Okoroji said, ‘Let it be heard loud and clear, that COSON is determined to sanitize the copyright environment in Nigeria. No one is too big or too small to abide by the law. A lot of young Nigerians are investing their talents, time and money in creating the music which is making Nigeria famous across the world and they deserve to be respected. For anyone to exploit their creative ingenuity, the person must get appropriate permission. If a musician takes a loan from a bank without paying back, the bank will chase the musician to the ends of the world to recover the loan. What right does a bank have to use the property of the musician without payment or authorization?’’

Also reacting on the development, COSON General Manager, Mr. Chinedu Chukwuji, said, “Is it not hard to imagine why after being aware of the appropriate steps to take in the public communication of music, some people just find a way to kick against the law? Music is an investment and nobody treats lightly his investment. COSON will continue to ensure that the music industry in Nigeria is beneficial to all investors, foreign or local. We will see to it that the music pays no matter what tactics some music users may try to deploy in evading their obligations”.

Information reaching us, further reveal that First Bank Nigeria Plc prior to the court proceedings ignored COSON’s attempt to get their attention and resolve the issue. The bank is alleged to have handled the Copyright organisation like a dog without teeth, which further infuriated them.

All efforts to speak with the Head of Corporate Communications, First Bank proved abortive as the numbers were not reachable.

– Society Reel

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House Of Representatives Issues Warrant Of Arrest On Central Bank Governor, Cardoso, Accountant-General, 17 Others

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The House of Representatives’ Committee on Public Petitions has asked for a warrant of arrest to be issued on the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, the Accountant-General of the Federation (AGF), Oluwatoyin Madein, and 17 others over refusal to appear before it to answer questions on their operations.

It was gathered that the issuance of the arrest warrant was sequel to the adoption of a motion moved by Fred Agbedi, representing Ekeremo/Sagbama Federal Constituency of Bayelsa State on the platform of the Peoples Democratic Party (PDP) at the committee’s hearing on Tuesday.

Agbedi, while moving the motion, said that the arrest warrant had become imperative following the attitude of the invitees, adding that the parliament worked with time and the CEOs had been invited four times but failed to respond to the invitations.

Agbedi said that the CBN Governor, the AGF and the rest of the invitees should be brought to appear before the committee by the Inspector General of Police through a warrant of arrest after due diligence by the House Speaker, Rep Tajudeen Abbas.

The Chairman of the Committee, Micheal Irom (APC-Cross River), in his ruling said that the Inspector-General of Police should ensure the invitees were brought before the committee on December 14.
It was gathered that the petitioner, Fidelis Uzowanem, had earlier said that the petition was anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 report.

Irom said, “We took up the challenge to examine the report and discovered that what NEITI put together as a report is only consolidation of fraud that has been going on in the oil and gas industry.

“It dates back to 2016 because we have been following and we put up a petition to this committee to examine what has happened.

“The 2024 budget of 27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report.

“It is basically a concealment of illegal transactions that took place in NNPCL; they have been in a sink with some oil companies where some companies that did not produce crude were paid cash core, an amount paid for crude oil production.”

 

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FCTA uncovers illegal oil refining warehouse in Abuja

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In continuation of the city cleaning exercise, Authorities of the Federal Capital Territory Administration (FCTA) with operatives of security personnel have uncovered an illegal oil refining warehouse in Mabushi, opposite Mobile filling station on Ahmadu Bello way in Abuja.

 

The Director, Department of Development Control, FCTA, Mukhtar Galadima after the operation on Thursday, said the illegal refining site was discovered during the continuation of the city cleaning exercise.

 

According to him, about three to four plot of lands designated for commercial purposes have been converted to an area where oil and diesel are being adulterated and circulated to other parts of the city.

 

Galadima explained that the city sanitation task force will look into the provision of the law and make necessary recommendations to the FCT Administration for further actions on the plots used for the activity.

 

He said there was no arrest but the items used in carrying out the illegal refining have been impounded.

 

Galadima said, “During the continuation of our city sanitation exercise in Mabushi opposite Mobile filling station on Ahmadu way, we discovered an illegal refining site where oil and diesel are being adulterated, we have done the needful by moving the items to Nigerian Security and Civil Defence Corps.

 

“From what we have seen so far, about three or four pilot of lands designated for commercial purposes have been converted to unapproved activities, which we believe the owners are fully aware, there will be consequences.

 

“We are going to look at the provision of the law and make necessary recommendations to the FCT Administration”

 

He said the administration will continue to go tough on activities being carried out without government approval,  especially revocation of the titles.

 

Collaborating, Head, operations FCT Directorate of Road Traffic Service (DRTS), Deborah Osho said the city management team during the exercise also discovered that most of the areas in the Nation’s capital have been converted to illegal car mart and motor parks.

 

She disclosed that fifteen vehicles have so far been impounded since the operation commenced about two days.

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Central Bank To Freeze Accounts Without BVN, NIN From April 2024

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The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.

More details later….

 

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