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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.

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Ebenezer Onyeagwu: Zenith Bank GMD Preaches increased impact investment for Africa at global summit

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Group Managing Director/Chief Executive of Zenith Bank plc, Mr. Ebenezer Onyeagwu, has called for increased impact investing in Africa to enable it attain its full potential. He made the call during his keynote address at the Africa Investment Risk & Compliance Summit 2021 organised by the Emerging Business Intelligence & Innovation (EBII) Group which held at the prestigious University of Oxford, United Kingdom, at the weekend.

Onyeagwu delivered his keynote address after the special keynote address by President Nana Addo Dankwa Akufo-Addo, who was Special Guest of Honour.

Also at the event was Dr Amani ABOU-ZEID, African Union Commissioner in charge of Infrastructure and Energy, who delivered a keynote address at the Summit.

Delivering the keynote address with the theme “Leveraging Impact Investment Opportunities for Growth in Africa”, Onyeagwu described impact investing as an investment that yields optimal returns for investors, value for all stakeholders, and guarantees continued sustenance and existence of humanity. He decried the shallowness of Africa’s financial market as reflected in the fact that no African exchange is among the Morgan Stanley developed markets index, with only two African exchanges (Egypt and South Africa) in the MSCI Emerging Markets Index, and just six African exchanges in the MSCI Frontier Market Index.

He noted that although the International Finance Corporation (IFC) estimates that the global investors’ appetite for impact investing could total as much as $26 trillion, only approximately 8percent of the assets of impact intent funds are focused on Africa. According to him, this is not significant enough, and Africa appears to be in the room but not on the table, considering that the continent is in dire need of investment with its estimated 1.3 billion people represent about 17percent of the global population of about 7.8 billion.

Citing the immense opportunities in Africa that represent enormous investment proposition for discerning investors, including the huge population, large market and active labour force, and the rich natural endowment, Onyeagwu described Africa as “the new frontier” for global growth. He made a case for increased impact investment in in the continent noting that investment opportunities cut across agriculture, healthcare, housing, infrastructure, electricity, and the creative sectors.

Onyeagwu expressed optimism on the coming into effect of the African Continental Free Trade Area (AfCFTA) initiative, targeting to create a single, continent-wide market for goods and services, business and investment that grants investors access to the entire continent. He also called on investors’ attention to Africa’s rich natural endowment, which includes 60percent of the world’s uncultivated arable land and 9 percent of the world’s freshwater bodies, noting that Africa holds enormous potential for organic food production. He, therefore implored investors in the agribusiness value chain to focus attention in Africa for organic food production instead of genetically modified food in other climes.

Onyeagwu also noted that as a socially responsible organisation, Zenith Bank would continue to promote impact investment in Africa, stressing that the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of “Inside Africa” on CNN for 16 consecutive years, which is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment opportunities on the African continent. He also said that the bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures. According to him, the bank has been on a steady Environment, Social and Governance (ESG) investment journey, which started with ESG integration as a business strategy as well as being a signatory to the Nigerian Principles for Sustainable Banking and the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking.

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EFCC arraigns four for N900 million POS fraud

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The anti-graft agency says the prime suspect connived with some staff members of First Bank to defraud customers using a POS terminal allocated to him.

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned four defendants for fraud involving over N900 million Point of Sale (POS) transactions.

A statement by the commission said Naankang Dawan was arraigned along with his companies – Taen Nigeria Ltd, Lataen Engineering Ltd – and Moruf Tunji Olukanmi, at the Federal High Court in Jos, Plateau State.

Wilson Uwujaren, EFCC’s spokesperson, who signed the statement, said the defendants were arraigned on 31 counts of “conspiracy, money laundering and obtaining N908, 108, 974.52 by false pretence.”

The commission alleged that Mr Dawan who inherited some companies including a petrol station from his family, connived with some staff members of First Bank, including Moruf Tunji Olukanmi (fourth defendant), to defraud customers using a POS terminal allocated to him.

They pleaded not guilty to the charges when read to them before the trial judge, D. V Agishi, the statement said.

READ FULL STATEMENT

EFCC Press Release

EFCC Arraigns Four for N900m POS Fraud in Jos

The Economic and Financial Crimes Commission, EFCC, today July 12, 2021 arraigned Naankang Dawan, his companies: Taen Nigeria Ltd, Lataen Engineering Ltd alongside Moruf Tunji Olukanmi before Justice D. V Agishi of the Federal High Court, Jos, Plateau State on a 31-count charge bordering on conspiracy, money laundering and obtaining N908, 108, 974.52 (Nine Hundred and Eight Million, One Hundred and Eight Thousand, Nine Hundred and Seventy Four Naira and Fifty Two Kobo) by false pretence.

Naankang Dawan (first defendant), who allegedly inherited some companies including a petrol station from his family, connived with some staff of First Bank, including Moruf Tunji Olukanmi (fourth defendant), to defraud costumers using a Point of Sale (POS) terminal allocated to him.

Count two of the charge reads, “That you, Naankang Dawan being the Managing Director and Chief Executive Officer of Taen Nigeria Limited, Taen Nigeria Limited, Doyin Adesanya (at Large), Samuel Temitope Falese (at large), Ebenezer Oni Kehinde (at large) and Mariam Babatunde Olabisi (at large) between October 2017 to November 2017 within the jurisdiction of this Honorable Court, with intent to defraud, manipulated First Bank of Nigeria Plc Point of Sale (POS) terminal issued to Taen Nigeria Limited and by so doing fraudulently credited Tean Nigeria Limited account Number: 2025956973 domiciled with First Bank Nigeria Plc with the sum of N908,108,974.52 (Nine Hundred and Eight Million, One Hundred and Eight Thousand , Nine Hundred and Seventy Four Naira and Fifty Two kobo) only and thereby committed an offense contrary to Section 30(1) of the Cybercrime (Prohibition, Prevention, Etc.) Act, 2015”.

The defendants pleaded not guilty to all charges.

Based on their pleas, prosecution counsel Benjamin Manji asked for a trial date and that the suspects be remanded at the Correctional Centre pending trial.

But defence counsel, A.G Yirvoms informed the Court of a pending application for the bail of his clients.

Justice Agishi adjourned the case till July 26, 2021 for consideration of bail application and October 6, 2021 for trial.

Wilson Uwujaren

Head, Media & Publicity

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ALAT to reward customers with cash prizes for Referrals throughout 2021.

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ALAT users nationwide with active accounts who have done at least three transactions in the last six months as well as referring other users are to be rewarded with cash prizes and may also win one of the three star prizes in the ongoing earn on the go campaign.

At the beginning of this year, ALAT, Wema Bank’s revolutionary digital banking app, launched its earn on the go campaign, allowing members of its Trybe to not only earn money on the app but also stand a chance to win one of the three grand prizes at the end of the year.

For the duration of this campaign, all ALAT users with an active account, who have carried out at least 3 transactions in the last 6 months will be given a unique referral code.

“This code is used to track the number of referrals made from a single account, whereby a customer receives one thousand Naira for every successful invitation to join the ALAT Trybe.

“While referrals are ongoing, we will be tracking all our users’ progress and by December reward the top three referrers with prizes worth our one hundred thousand Naira”, the bank said in a sattement..

The first-place winner will receive the grand prize worth N350,000, while the second place and first runner up, will get a prize worth N200,000.00, and finally in the user that makes it to third place will be giving a prize worth N150,000.00.

To reward the efforts of all participating users, a quarterly raffle draw will be held twice in the year, where twenty people from the list of top hundred referrers will stand a chance to win Ten thousand Naira each.

Founded in 2018, Alat by Wema is the first fully Digital Bank in Nigeria, providing banking services through the bank’s Andriod, iOS, and Web apps to over a hundred thousand users in Nigeria.

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