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Economy In Q3 2019 : Ecobank, Standard Chartered Lead In Capital Importation To Nigeria

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Online Banking: Ecobank Remains the Best, With easy Access to Mobile banking ....written by Sunday Adeyemi

Economy In Q3 2019 : Ecobank, Standard Chartered Lead In Capital Importation To Nigeria 

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National Bureau of Statistics (NBS) says Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

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Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.

Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the Bank remains committed to increasing capital flows to Nigerian financial market.

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According to her, “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is  leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers.” “We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions”

She restated the Bank’s commitment  to redouble its efforts on all fronts to remain foreign investors’ favourite for investment deals and also claim its rightful position in the industry.

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

 

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Upwardly mobile Evangelist, Prophet Idowu Fasola, otherwise known as Broda Woli has launched his inspirational book, ‘Knowing Your Position in Christ’ on Amazon.

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‘Knowing Your Position in Christ’ is an exciting book that uncovers the reader’s identity and purpose as a Christian.

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According to the author, in the book, readers will “learn that, through your faith in Jesus, you’re welcomed into God’s family with open arms. You gain salvation, righteousness, and an incredible inheritance. This book will help you grasp your new identity in Christ and inspire you to live in a way that truly honors God.”

 

Prophet Fasola (Broda Woli) is the Shepherd-in-Charge of Celestial Church of Christ Hirahjahman Parish. He has a deep understanding of the teachings of Christ and a passion for sharing them with others.

In addition to his spiritual gifts, Prophet Fasola is also versatile in many other areas, including Writing, Songwriting, Content
Creation, Video editing, Graphics Design, and using social media to spread the gospel of Jesus Christ.

Through his book, Prophet Fasola aims to inspire and guide others to better understand their position in Christ and to live out their faith in meaningful ways. With his passion for sharing the message of hope and love found in Jesus Christ, Prophet Fasola is dedicated to helping others grow in their relationship with God and to live a life of purpose and fulfillment.

 

Read book here:

 

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

 

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Abayomi Segun Oluwasesan who confessed to have committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System to the tune of $87m has been remanded at the Nigerian correctional service, Suleja Custodian center.

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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The suspect along side his wife, Tijani Anjolaoluwa were unable to perfect the stringent bail conditions given them by the high court. Thus, they were remanded at the Suleja prison till the next hearing.

 

 

 

Meanwhile, two of the major suspects fingered in the allegation of cyber bullying and cyber stalking of the Chief Executive Officer of Afriq Arbiritage System, Prince Humble Eteng and Engineer Fimienye Awajioma have been arrested by the police.

 

 

It would be recalled that the board of directors of Afriq Arbitrage Systems after an emergency meeting last week condemned in strong terms the attitudes of Prince Humble Otu Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against him, his family and organisation.

 

 

 

After due diligence in their investigation, we reliably gathered that the police were able to track the two suspects and are currently being interrogated at the IGP special investigation unit.

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Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

 

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…Over wrongful sale of Intercontinental Hotels

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

 

 

 

 

Milan Industries claims N850 billion damages against AMCON

 

 

 

 

 

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

 

 

 

 

 

 

 

 

 

 

 

 

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

 

 

 

 

 

 

 

 

 

 

 

 

The firm in its statement of claim, said “despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

 

 

 

 

 

 

 

 

 

 

 

 

 

According Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

 

 

 

 

 

 

 

 

 

 

“The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

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