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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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Ago Palace on fire as pregnant mother, two children killed

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Crisis has erupted in the Ago Palace Way area of Lagos after a vehicle being chased by an official of the Lagos State Traffic Management Authority, LASTMA, rammed into a tricycle, killing a pregnant woman and her two children.

 

The tricycle operator was also killed in the accident which occurred on Tuesday morning.

 

Eyewitnesses alleged that one of the LASTMA officials at Okota Roundabout was trying to take over the steering of a Toyota Sienna vehicle from the driver while in motion.

 

 

It was alleged that the driver had violated traffic rules.

 

In the process, the vehicle lost control and rammed into a tricycle on Bayo Oyewale Street.

 

The pregnant woman was said to be taking her children to school when tragedy struck.

 

The incident sparked a protest, as an irate mob descended on the LASTMA official.

 

 

However, the timely intervention of a team of policemen saved the official from being lynched, as the officers fired tear gas cannisters to disperse the mob.

 

The policemen also cleared the barricade mounted on the road by the protesters, as they whisked the LASTMA official away.

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TINGO MEDIA BOSS, EBUWA MARTINS BURIES MUM IN PORTHARCOURT, RIVERS STATE.

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•Details Of The 2-Day Event

 

It was a life well spent for late Princess Karina Namikpoh who passed on at the age of 68 a few weeks back. A grand burial was staged for her by her children led by the only son, Ebuwa Martins along with his elder sister, Madam Blessing E. Agbonwaneten all together gave mama a befitting burial.
It was a collage of top celebrities from the entertainment industry and socialites who stormed the wake keep, funeral service and grand reception in honor of late Princess Karina. Ebuwa Martins pulled a big one as many important personalities honored him by giving his mum a grand burial. The burial rites started with a wake-keep service at The Azny Place, Louise Drive, New GRA Port Harcourt, Rivers State while the funeral service took place at The church followed by a grand reception which was held at The Palacio Events center, Woji Road, Phase 2 Port Harcourt.
On the band to thrill guests was the popular Groove Guys, alongside with one of Port Harcourt finest Dj DSA. While many professional vendors were in charge of the surplus foods and expensive drinks. SOCIETY REPORTERS captured how the party went.

 

LATE PRINCESS KARINA NAMIKPOH LIVED A GOOD LIFE

For Mama when she was alive, she enjoyed the fruits of her labor. She was described as a caring and compassionate woman who looked after her children. She was a woman with a large heart who embraced everyone she came across. She was known to be a giver and no wonder, many testified to her generous nature. She died fulfilled shortly after she turned 68.

 

EBUWA MARTINS THE PERFECT HOST

Mama’s popular son, Ebuwa Martins, who is also mama’s only son, was up and about at the event. He was seen mostly around all the tables making sure every guest at the party was well catered for. He was indeed the perfect host who shouldered the Mama’s boy mantle for his sister and made sure everyone was fine. He was seen decked in a beautiful blue color complete buba and sokoto for the reception proper. He is well-loved by all and no wonder many celebrities, and many of his class mates (IMMACULATE CONCEPTION COLLEGE OLD BOYS ASSOCIATION ) all came out to celebrate with him as he buried his mum.

 

THE BOND BETWEEN EBUWA MARTINS AND HIS MUM

If you are close to Ebuwa, you will notice he does not joke with his mum. He loved his mum dearly and was always in close communication with her most time. Though Ebuwa was not by her side when she passed on, but he was one of the last to speak with her before she passed on. And in his amazing tribute, he eulogized his late mum who instilled many life lessons in him. While giving the vote of thanks at the wake keeping he said, “Tribute to my Dearest Mother* That you are no longer with us is yet to fully dawn on me. It was indeed a great privilege and honour to have such an alluring, enchanting and assiduous woman as my mother. You woke up early in the morning to pray for me after not sleeping all night due to prayers and praise worships. We talked on the phone almost everyday; We gisted about your joys: past, present, and the future.

Mummy, you were truly One in a million. You were a strong woman, a caring and generous mother. A warm and God-fearing woman. Your caring nature was displayed in the way you would call to check up on us when you had not heard from my sister or myself in a while. Certainly, I will miss the manner you called to check on me. You made it a point of duty to call and pray for each and every one every first day of the month. My mother was a very warm, compassionate and vibrant woman, who always went out of her way to help others. You were always willing to give so much of yours to others and I have tried to emulate that act of generosity myself.
The emotional Ebuwa Martins also talk about how he procrastinated to have seen his mum before she passed on, In his words; ” I am sorry for procrastinating many times to come and see you mummy, I will always postpone seeing you to another time in as much as we talk often but it is so unfortunate that my visit was to see your corpse.”
Speaking further he admitted that his late mum lived a very good life and will never be forgotten in a hurry. “You lived a good life and we will not forget you in a hurry”.
Children learn different things, either positive or negative, from their parents. However, the lesson learnt from Mama’s life has been a tremendous blessing for me. My mother impacted my life in such a way that words are inadequate to describe my feelings. Certainly, you cared so much for your children, grandchildren and for those who are not yours, especially your tenants. Mother was virtuous, elegant, circumspect, and intelligent. Now that you have transited, rest in paradise, my adorable mother, as you join the band of celestial angels. Enjoy your deserved peace with the Lord, and may your kind-hearted soul continue to rest in the bosom of the Lord Jesus Christ.

 

ABOUT EBUWA MARTINS’S ONLY SISTER

To give Mama a befitting burial was also Ebuwa Martins’s sister who also supported him from beginning to the end. She stood out and made sure the programme went as planned. Mama was survived by two successful children. Mama’s only son is Ebuwa Martins, a top Lagos businessman and CEO of Tingo Mobile a fintech company, and his elder sister Madam Blessing E. Agbonwaneten, they all looked good for the event.

 

AGN PRESIDENT SIR EMEKA ROLLAS, NOLLYWOOD STARS TAKE THE FRONT SEAT

It will be surprising not to see celebrities from the entertainment industry at the event because Ebuwa Martins shared a very robust relationship with the industry cutting across music and Nollywood sector. In fact many people always see him as an entertainer and this is also very obvious because of his support for the entertainment industry in diverse ways..
They have a business relationship and also storm social events together, they are always like 5 and 6. It was payback time for Ebuwa MArtins as the Nollywood’s finest stood solidly behind him, and for many hours, dined and wined before they took their leave. They were seated at the front table.
Among those who graced the event was the President of Actors Guild Of Nigeria, Sir Emeka Rollas (MON), Sir Victor Osuagwu, Steve Eboh, Tony Nnaji, Ify Eze, Kelvin Uvoh..
Others are; Segun Arinze, Collins Ejike, Sarah Sweet, Chioma Emenike, Tracy Edwin, Dera Content amongst many others.

 

OVATION BOSS, BASHORUN DELE MOMODU’S BRIEF APPEARANCE

For Bashorun Dele Momodu, society is his life, he is very popular within the social milieu and also very well connected. He pulled a big one at the party as he flew into Port Harcourt at the early hours of the day. Give it to the impresario himself, hardly will you see any A-class gathering that Bashorun Dele Momodu does not fit in. He is very relevant. He also shares a very close brotherly friendship with Ebuwa Martins. He was one of the first callers at the event.

 

IMMACULATE CONCEPTION COLLEGE OLD BOYS ASSOCIATION BENIN CITY STOOD BY HIM

Highly and fully represented were the popular Immaculate conception college old boys association Benin city. They outdid themselves at the party. They were over 30 in number who all came to honor one of their own. They were conspicuously seen everywhere around the hall. making sure Ebuwa Martins had a hitch-free event. Some of those in attendance were: Mr Edafe Erhie (Vice President), Mr Bruno Sobotie , Mr Osagie Agbonwaneten, Mr Sunny Obazee, Mr Nedo Osayande, Mr Ralph Obasogie, Mr Tommy Ebohon,  Mr Oghenekevwe Roland Okpe (Welfare Officer), Mr Tony Udoroh, Mr Osahon Osawaru (PRO), Mr Ogbebor Osahon Dally (Fin Sec), Mr Onaiwu Thomas Eghobamien, Mr Efosa Egieoze ( Sec), Barrister Patrick Okonjo, Barrister Alfred Iduhon.
Others are; Mr  Ejiro Roland, Mr Clifford Eruotor, Arc Aimanesi Omokpo, Mr Olaniyi Olufemi, Barrister Rogers Omodia, Mr Abdul Segun Benjamin, Mr Osagie Egbon. Mr Edwin Obasogie (FCA), Mr Job Eromosele, Mr Ogaga Obiebi, Prescious Osazuwa.

 

BY : SUNDAY ADEBAYO

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LAGOS SET TO HOST SHOPPING FESTIVAL WITH SPICE OF ENTERTAINMENT IN DECEMBER 

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Lagos State is set to experience a unique Shopping Festival that will be a fusion of commerce and entertainment that will stamp her destination proposition as a premium destination for business and leisure in December.

 

The Honourable Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka disclosed this during the visit of a delegation from the organisers of the planned Lagos Shopping Festival to the Ministry on Tuesday, adding that she is excited and anticipatory of the good development.

 

The Commissioner declared that the Lagos Festival is an idea whose time has come and that the State Government, through the Ministry, is excited about it and will collaborate with the organisers to bring it to fruition

 

Earlier, the Managing Director of Chain Reactions Africa and leader of the delegation, Mr. Israel Jaiye Opayemi said the team is on a working visit to the Ministry to finalise discussions on the plan for the first of its kind Shopping Festival in Nigeria to be held between the 8th and 15th December in Lagos State. Opayemi said, the idea of the Lagos Shopping Festival is to put the City in the league of other global cities such as Dubai, Istanbul and others with Shopping Festivals attracting thousands of tourists yearly. According to him, the Lagos Shopping Festival is not just targeted at bringing tourists to Lagos to shop but to experience the slice of entertainment we serve the world.

 

According to Opayemi, the idea is to keep Lagos open for business, entertainment and tourism for 24 hours and seven days. He further promised that, Lagos City will be awake for entertainment and commerce which is expected to boost employment and spike economic growth in the State as over 1000 offline merchants and over 5,000 online merchants will participate in the shopping festival. The targeted audience includes international and local tourists, luxury brands, designer brands and MSMES.

 

“The Festival is billed to be held in different venues across the State such as Eko Atlantic, TBS, Ikeja City Mall, Palms Shopping Mall and Festival Mall amongst others simultaneously for seven days non-stop. Lagos will be awake 24/7, there will also be musical performances by a number of A-list Nigerian Artistes, a Gaming Arena, Children’s Arcade and a Luxury Pavilion where luxury brands will be on sale at the festival.

 

Opayemi also informed that other attractions during the week-long programme will include a celebrity auction, street parties, fashion shows, fireworks, food showcase and cultural parades by the different local governments and film shows.

 

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