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Stanbic IBTC In Trouble As Supreme Court Orders Bank To Pay Customer ₦2.5Billion

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The Supreme Court of Nigeria on Wednesday upheld the judgement of a federal high court in the case between the bank and a customer, Mr Patrick Akinkuotu earlier upheld by the court of appeal and ordered Stanbic IBTC Bank to pay N2.5 billion in damages for breach of contract.

This brings to a close a long-running court battle between Stanbic IBTC and Mr Akinkuotu and his company, Long Term Global Capital Ltd who had sued the bank for contractual breaches relating to the repayment of overdraft facilities granted by the bank to Long Term Capital Ltd.

The bank had approached the Supreme Court in hopes of overturning the verdict of the federal high court in Lagos which had ruled that the bank erred in disposing of 28,745,400 units of GTB PLC shares held by Mr Akinkuotu and his company at the sum of N267,775,799.21. The shares had been used in securing the merged overdraft facilities of ₦1.25 billion granted at various points between April and July 2007.

The plaintiffs, who were being represented by Chief Felix Fagbohungbe SAN and Barrister Abayomi Adeniran had contended that the bank’s action to sell those shares based on an unsigned email purportedly from Mr Akinkuotu while ignoring the specific terms of the official sale mandate was tantamount to unprofessional conduct. They also accused the bank of deliberately undervaluing the shares and selling them significantly below market rates.

The trial court after listening to the arguments of both sides had opined that “The law stipulates that court should discountenance an unsigned document as its contents cannot override a duly executed mandate in the circumstances.”

Consequently, it entered judgment in favor of the plaintiffs and awarded ₦2.5 billion in damages against Stanbic IBTC Bank. The bank had swiftly appealed the judgement only to suffer a setback at the court of appeal which upheld the verdict of the lower court.

In a final roll of the dice, the bank took its case to the Supreme Court, asking it to overturn the judgement of the lower court. The five-member panel hearing the case has however dismissed the bank’s appeal for lacking merit and ordered it to comply with the judgement of the federal high court.

News and Report

The Words Of ANFASSC President, Prince Abayomi Ogunjimi On Sports Minister, Sunday Dare

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The President of Authentic Nigeria Football And Allied Sports Supporters Club, ANFASSC, Prince Abayomi Ogunjimi has hailed Sports minister, Sunday Dare and congratulated him on the success of the 20th National Sports Festival which recently came to a climax in Edo State.

Prince Ogunjimi noted that the minister showed class and quality by ensuring that the multi sports event will go ahead despite the situation of the world at a time that the Covid-19 pandemic is still at its place.

Twice, the Sports festival was postponed, but it was achieved at the end of the day with team Delta defending the crown they won in 2018.

The ANFASSC President said ” I specially congratulate the Minister for this feat, the festival could have been cancelled but he showed that the athletes and officials whose futures are attached to the event are major priority”.

“Unfortunately we at ANFASSC could not be there, but then, the success alone is enough to celebrate the sports custodian and I believe the next edition will be bigger and better”.

Delta State have been given the rights for the 2022 edition where they would want to make it a hat trick of wins

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Shoprite to sell Nigerian business to Persianas

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One of Nigeria’s biggest retail store, Shoprite is planning to sell its Nigerian Business to Persianas Group Nigeria, according to reports. The company in August last year classified its Nigerian business as a discontinued operation; after it was approached by potential investors willing to take over its Nigerian operations.

Reuters quoted a source who said the store was waiting for regulatory approval; to sell the business to a Nigerian real estate investment company, Persianas.

It claimed three bank sources confirmed the sale to Persianas Retail which operates autonomously from Persianas Group.

Shoprite owned by South African billionaire Mr. Christo Wiese as well as over 2,300 stores across Africa had decried that in 2018; revenue from other countries with the exemption of Nigeria only accounted for 11.6 per cent of sales; while South African operations contributed 78 per cent of overall sales.

By the second half of 2020, Shoprite said it lost 8.1 per cent of its sales to the September xenophobic reprisal attacks on South African owned firms in Nigeria in 2019.

Prior to the announcement of its planned divestment, the retail supermarket had operated in the country for 15 years.

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FIRSTBANK HOSTS WEBINAR TO SENSITISE INDIVIDUALS AND BUSINESSES ON STAYING PROTECTED IN THE INFORMATION AGE

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First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. 

 

The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg 

 

Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities. 

 

However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks.

 

Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event.

 

Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”.

He further noted that, “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’

In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.

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