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ZENITH BANK PLC IN OIL BLOCK FRAUD … DRAGS NNPC TO COURT

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Zenith bank is a Public Limited Financial institution licensed by the Central Bank of Nigeria for the provision of banking services and having its registered office at Plot 87, Ajose Adeogun Street, Victoria Island Lagos, Nigeria while Minister of Petroleum Resources is an officer of the Federal Government of Nigeria who is responsible for the Ministry of Petroleum resources which is saddled with the responsibilities of licensing of all petroleum and gas operations and activities including concession policies in the oil and gas sector of the Nigerian economy and ensuring compliance with regulations and processing of application for licenses, leases and permits in the petroleum and gas industry of Nigeria.

Nigerian National Petroleum Corporation (NNPC) is located at NNPC Towers, Central Business District, Herbert Macaulay Way, Garki, Abuja. NNPC is an agency of the Federal Government of Nigeria established to engage in all commercial activities relating to the Petroleum industry and to enforce all regulatory measures relating to the general control of the Petroleum sector through its petroleum inspectorate department. Meanwhile, Nigdel United Oil Company Ltd, situated at 20, Elias Close, Victoria Island, Lagos, registered in Nigeria under the Companies and Allied Matters Act.

However, Nigdel United Oil Company Ltd (NUOCL) is a customer of Zenith and has maintained banker/customer relationship.  NUOCL applied to Minister of Petroleum Resource (MPR) and Nigeria National Petroleum Corporation (NNPC) to own a bid for an oil prospecting license (OPL 233) in Nigeria 2006 Mini Round Bidding for Oil Blocks.

Under the terms and conditions of the grant of the Oil Block, NUOCL was to pay a total signature bonus commitment of the sum of $11,000,000,00 (Eleven Million US Dollars) to the MPR and NNPC respectively.

In pursuance of the banker/customer relationship existing between NUOCL and Zenith bank, NUOCL approached his bank (Zenith Bank) for credit facilities in the sum of $11,000,000,00 (Eleven Million US Dollar) to be utilized for the payment of the signature bonus in respect of OPL 233 to be allocated to NUOCL by MPR and NNPC.

zenith bank building
Nigeria United Oil Company Ltd’s application to Zenith bank for credit facility and for the relationship between them, Zenith bank grant the credit facilities in two tranches in the total sum of $11,000,000.00 US Dollar to enable NUOCL finance the payment of the signature bonus for OPL 233 it won from NNPL and MPR

That pursuant to the bank’s offer letter which was duly accepted the NUOCL, Zenith Bank granted NUOCL a short term loan in the sum of $2,750,000,00 (two million, seven hundred and fifty thousand dollar) for a tenor of ninety (90) days to finance payment of signature bonus commitment in respect of OPL 233 Oil block to be allocated to NUOCL by Minister of Petroleum Resources and NNPC. In furtherance of NUOCL’s acceptance of the credit facility, NUOCL forwarded to Zenith board resolution accepting the said facility.

It is the terms of the agreement between Zenith bank and NUOCL as contained in the Zenith bank credit facility $2,750,000,00 shall be secured by NUOCL assigning 25% of its interest in the Oil Block allocated to her by NNPL and MPR in favour of Zenith bank.

By the agreement between Zenith Bank and NUOCL, NUOCL was obligated to execute an irrevocable assigning 25% right in respect of the Oil Block to Zenith but NUOCL failed and refused to do so.

Also, Zenith bank granted another credit facility in the sum of $8,250,000,00 to NUOCL vide an offer letter which was duly accepted by Zenith Bank. In accepting the said credit facility, NUOCL forwarded its board resolution to Zenith Bank.

The said credit facility in the sum of $8,250,000,000 was for a tenor of twelve months and it was granted to enable NUOCL finance the payment of the 75% balance of the signature bonus commitment payment in respect of OPL 233 Oil Block to be allocated by NNPC and MPR respectively.

The aforesaid credit facilities of $11,000,000,00 was secured by NUOCL was of assignment of 100% of its right in the OPL 233 Oil Block allocated to NUOCL by NNPC and MPR

By the terms of the letter dated 11th Sept., NUOCL was obligated to execute an irrevocable mandate assigning 100% of its rights in the OPL 233 OIL Block allocated to by NNPC and MPR in favour of Zenith bank.

However, Zenith Bank, following the terms of the credit facilities advance to the NUOCL prepared an irrevocable mandate assigning 100% of the NUOCL’s interest in the OPL 233 to Zenith bank to serve as security for the credit facilities Zenith Bank advanced to the NUOCL, but NUOCL refused to execute the said irrevocable mandate.

Zenith bank management revealed that the credit facility in the sum of $2,000,000,00 granted to NUOCL vide offer letter dated 14th August, matured on 17th November, which the credit facility in the sum of $8,250,000,00 granted to NUOCL vide Zenith bank offer letter dated 11th September, ever since the maturity of the aforesaid facilities, NUOCL was wilfully and persistently refused and failed to liquidate same Oil Block.

Source have it that Zenith bank revealed that NUOCL, from onset had the intention not to pay the credit facilities to the bank and that was why it failed/refused to execute the irrevocable mandate assigning its 100% interest in the OPL 233 as security for the loan.

The two parties agreed on interest rate payable in respect of the facilities Zenith Bank granted NUOCL was 25% per annum.

Zenith Bank aver that, the sum of $15,900,089,99 was outstanding in the account of NUOCL with the bank being the unpaid credit facilities the bank availed NUOCL plus interest. With this claims and intentions, Zenith Bank Plc as dragged NNPC, MPR and NUOCL to court.

NNPC claims that this is a fraudulent act/move by Zenith Bank as NNPC has never part of any agreement made by either party.

However, all the claims by Zenith are not acceptable by NNPC as a defence statement was issued.

NNPC as hereinafter expressly denies each and every averment of facts contained in the statement of claims as if same has been set down and denied seriatim.

NNPC is not in a position to admit to most of the claims mentioned by Zenith Bank but however admits that NUOCL is a customer of Zenith Bank and also won the bid for an oil prospecting License (OPL 233) and was also awarded license thereto after fulfilling all the requirement of the law.

We gathered that, Zenith bank should have encourage its client in every way to pay up instead of dragging them to court.

Moreso, NNPC revealed that, was not a part to any agreement entered between Zenith Bank and NUOCL. There exists no privy of contract between NNPC and either Zenith Bank or NUOCL in respect of any loan facility or any transfer of any interest in license issued.

NNPC is not aware of any of such agreement entered between Zenith and NUOCL.

NNPC cannot be bound by any agreement which he was not a party to.

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Rotary International District 9112 launches its coastal restoration initiative by planting 1,000 coconut trees in Lagos

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In a bid to promote its mission of improving the environment, Rotary international District 9112 on Sunday kicked off an environment-saving intervention tagged: Coastal Restoration Initiative at Westside Beach, Okun, Ajah, Lagos, where 1000 coconut trees were planted along the coastal shores of the Atlantic Ocean.

 

Speaking at the event, the Governor of Rotary International, District 9112 Rotarian Femi Adenekan said the “initiative is conceived to save the environment as well as reduce the adverse effect of the climate change.”

 

According to him; “the environment is one of the main focus areas of Rotary International. We need to consciously come to the realization that we need to save our environment. We need to save ourselves. So that in the future, those that will come after us will have life.”

“People assume that the world belongs to them. They have forgotten that they are just tenants on the surface of the earth. If you try to change nature, nature will react, which is the reason we are having a lot of environmental damage in the world. Some of wrong human activities, such as throwing plastics and other items into water or where it ought not to be is causing us environmental challenges. If we don’t take care of our environment, the environment will react and take us out of the surface of the earth,” He said.

 

 

The chairman of the District 9112 Tree Planting Committee, Rtn. Gboyega Bada recommended the adoption of an “Every Rotarian Plant a Tree Every Year” policy and also indicated plans for Rotary International District 9112 to propose a Private Bill to the Lagos State House of Assembly to enable all Lagos Residents plant a tree every year for the next five years to address the challenges of climate change.

 

Rtn Bada stated that the vision of Rotary District 9112 on Tree Planting is to achieve a safer and cleaner environment by planting 10,000 seedlings of Coconut, Mango, Breadfruit, Avocado and other ralated crops that have economic, health and environmental benefits.

 

The event was well attended by Stakeholders in the Private and Public Sectors. Pan African Towers Ltd, Tolaram Group, Azeez Amida Foundation, Telenoetica Ltd, amongst others were well represented. Past District Governor Tunji Funsho led other Rotary Leaders to give their support. The DG’s wife Rtn Tayo Adenekan, the District Governor elect Rtn Lanre Adedoyin, General Manager of Lagos State Coconut Development Authority, Dapo Olakulehim and Lagos State Parks and Gardens Agency, Club Presidents and Rotarians from the 73 Clubs graced the occasion.

 

 

Also speaking at the event, one of the Guest Speakers, the world acclaimed horticulturist, Mr. Andrew Vale of Tolaram Group and The Lagos Free Zone, highlighted the importance of trees, saying; “planting trees improves air quality, reduces air pollution, and illnesses from air pollution. More so, plants produce oxygen and provide shelter, medicine, and many more.”

 

In his own special remarks, Chairman, LUFASI Park and DG Coconut Naija, Dr. Desmond Majekodunmi, said; “the basic fact about the environment is that whatever you sow, you shall reap. The environment will always treat you, the way you treat it.”

 

It is of note that the vision of District 9112 on tree planting for this year is to achieve a safer and cleaner environment through the planting of 10,000 seedlings of coconut, mango, breadfruit, avocado and other related crops that have economic, health and environmental benefits.

 

The event was witnessed and supported by main stakeholders in the industry, agencies and partners which included, Mr Dapo Olakulehin, General Manager, Lagos State Coconut Development Authority (LASCODA), Mr Andrew Vale of Tolaram Group, Channel Scott from Pan African Towers, Azeez Amida Foundation, Telenoetica, The Legend Lifeskills Foundation, Etam Avitat, Lagos State Parks and Gardens Agency (LASPARK) , presidents and members of various Rotary Clubs in District 9112 amongst others.

 

Rotary leaders who witnessed the event are PDG Tunji Funsho, PDG Kamoru Omotosho, PDG Omotunde Lawson amongst others.

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Ohanaeze President-General, Chief Emmanuel Iwuanyanwu, Is Dead

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The President-General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu is dead.

 

The Publicity Secretary of Ohanaeze Ndigbo, Dr Alex Ogbonnia confirmed the death to the News Agency of Nigeria (NAN) on Thursday in Enugu.

 

“Today is a bad day for Ndigbo. It’s true! Ahaeji aga Mba is gone.

 

“Ohaneze is yet to issue an official statement on the demise of our President General, Chief Iwuanyanwu, but he is gone.

 

Aged 82, Iwuanyanwu was elected the President General of the apex Igbo cultural organisation on April 20, 2023 following the sudden death of his predecessor, Prof George Obiozor.

 

An unconfirmed report said that the octogenarian died in the Federal Capital Territory, FCT, Abuja on Thursday, July 25.

 

NAN reports that Iwuanyanwu is the second President General of Ohanaeze Ndigbo to die in office after his predecessor, Prof. George Obiozor, who also died in office.

 

Chief Emmanuel Iwuanyanwu is a prominent Nigerian businessman, politician, and philanthropist known for his significant contributions to various sectors, particularly in the Igbo community

and beyond. (NAN)

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How Top Immigration Officer, Akomolafe Gbenga Michael, Was Arrested, Arraigned For Alleged Drug Trafficking

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Few years after a top police officer, Abba Kyari, was arrested for alleged drug deals, another top uniform man, Akomolafe Gbenga Michael

has been arrested and charged for alleged drug trafficking.

 

Akomolafe, an Immigration officer serving at the Murtala Muhammad International Airport, Ikeja in Lagos was arraigned alongside three others before Justice Daniel Osiagor of the Federal High Court sitting in Lagos on a nine-count charge of alleged conspiracy, unlawful possession, import, and dealing in the prohibited substances.

 

He was specifically alleged to have been involved in trafficking eight kilograms of Methamphetamine and 7.60 kilograms of Cannabis Sativa, also known as marijuana.

 

Others arraigned on the alleged offences alongside the Immigration officer are; Babatunde Micheal Olufemi said to be a staff of the Federal Airport Authority of Nigeria (FAAN), Nwadozie Chris Amaechi, and Nwosu Chinedu Cyril.

 

The prosecutor, Abu Ibrahim, told the court that the four who belonged to a hard drug syndicate were arrested on May 21, 2024, while attempting to smuggle the prohibited substances out of the Murtala Muhammad International Airport Ikeja, Lagos.

 

Ibrahim also told the court that the four men conspired to commit the alleged crimes alongside the duo of Nwadozie Sunday and Echezona Nwosu, based in South Africa.

 

Specifically, the Immigration officer, Akomolafe was slammed with a six-count charge of conspiracy, unlawful import, unlawful possession, and trafficking in the banned substances while the trio of Olufemi said to be a staff of FAAN, Nwadozie, and Nwosu, was slammed with three counts of conspiracy and unlawful importation and possession of the banned drugs.

 

The prosecutor told the court that the alleged criminal act of the four men contravened sections 14 (b), 21 (2)(d), and 20 (1)(c) punishable under sections 11(b) and 20 (2)(b) of the National Drug Law Enforcement Agency Act Cap. N30, Laws of the Federation of Nigeria, 2004.

 

However, while the other three members of the gang pleaded guilty to the charges, the Immigration officer denied the offences and pleaded not guilty to all the counts of the charge.

 

Based on the not-guilty plea of the Immigration officer, his lawyer, Benson Ndakara, pleaded with the court to admit him to bail in the most liberal terms.

 

In his ruling, Justice Osiagor admitted Akomolafe to bail in the sum of N10 million with one surety.

 

The judge also ordered that the surety must be a civil servant of an assistant director cadre in the employment of Lagos State or the Federal Government.

 

The trial was then adjourned to November 7, 2024. Based on their guilty plea, the court convicted and sentenced the trio of Babatunde Micheal Olufemi, Nwadozie Chris Amaechi, and Nwosu Chinedu Cyril, to four years on each count. The sentence is to run concurrently.

 

The three convicts were also given the option of paying a fine of N2 million each on each count.

 

In a related development, The Nigeria Immigration Service (NIS) has suspended Akomolafe over his alleged involvement in multiple drug trafficking offences and his arraignment before a Federal High Court in Lagos.

 

A press statement on Wednesday by the spokesperson of NIS, Kenneth Udo, said the suspension was imposed on the erring officer as the Service awaited the judgement

of the court for further action..

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