Connect with us
Advertisment

Business

GTBank and Innoson’s Day at The Supreme Court: How It Went Down —- By Festus Igbinosa

Published

on

 

Advertisment

 

Advertisment

The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

It began with the claim, contained in Press Release circulated by Innoson, that the Supreme Court had ordered “GTB to Pay Innoson’s N14Billion Judgment Debt into an Interest Yielding Account.” The records of the Apex court show no such thing, instead it asked both parties to return to the Court of Appeal, Enugu Judicial Division, for a hearing on GTB’s appeal scheduled for the 14th of June, 2018.

Advertisement

GTB has also released a statement on the actual events of the day at the Supreme Court. “The attention of GTBank has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers,” the Bank said in an official statement. “There was no directive or Order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers. We again reiterate that there is no iota of truth in the falsehood being peddled by desperate and mischievous elements and the General Public should disregard same in its entirety,” the Bank added.

In fact, the Supreme Court simply directed GTB and Innoson to return to the Court of Appeal for a hearing of the Bank’s substantive appeal on the matter. It is actually in the tradition of the apex court to issue definitive rulings only on Fridays, and what it delivered today was more or less a directive. However, court feelers say this is actually a win for GTB as it grants what the Bank has always wanted—and what Innoson has consistently stalled, which is for the Court of Appeal in Enugu to hear the Bank’s appeal.

The Bank’s appeal of a 2013 High Court judgment gotten by Innoson had stalled at the Court of Appeal for the past two years due to the pending motions filed by both parties at the Supreme Court. On Thursday, 7th of June, 2018 the Apex Court finally sat on the matter and asked both parties to withdraw their motions and return to the Court of Appeal, because GTB’s appeal at the lower court had not been heard.

“The implication [of the Supreme Court Directive] is that both parties are going back to the court of appeal for the Bank’s substantive appeal to be heard,” a source in one of the legal teams of the parties said. “The court said it won’t hear any applications and asked all parties to withdraw their applications.” One of the applications that was withdrawn and struck out by the Supreme Court is the plea filed by Innoson on 27th of February, 2015 askingfor the court to order GTB to issue a money guarantee to the court. This is interesting because it means that, rather than rule for the Bank to pay Innoson 14bn as the latter had claimed, the apex court struck out that particular request.

Back to the Appeal Court

Following the directive by the Supreme Court, the substantive appeal filed by GTB will now be heard at the Court of Appeal, Enugu Judicial Division, on the 14th of June, 2018.This appeal has been repeatedly delayed by the Innoson camp using moves such as itsmotion filed by on October 3, 2017to prevent the appeal from being heard. Back then, the Court of Appeal had expressed surprise that Innoson (the Judgment Creditor) is not desirous of allowing the appeal to proceed.

Again, in the proceedings of 24th October 2017 in CA/E/275/2015 between same parties, the same Prof. Mbadugha appearing for Innoson and other Respondents had scuttled proceedings when he refused to proceed with Appeal even though it was clear that the Appeal was ripe for hearing and opted to pay costs. Prof Mbadugha said to the courts: “I ask for an adjournment even though all motions have been taken… I offer N50,000.00. The Appeal Court responded; “This application for adj. has no basis, but in the interest of justice it is hereby granted. The appeal is ripe for hearing. Cost of N100,000.00 to the Appellant against the Respondents. Appeal adjourned to 17/4/18 for hearing.”

However, following today’s hearing at the Supreme Court, it seems all hurdles have been cleared for GTB’s substantive appeal to be heard by the Court of Appeal.

 

Festus Igbinosa is a financial analyst and he writes from Abuja

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE

Published

on

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE

 

Advertisment

 

 

Advertisment

 

 

 

Advertisement

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) is set to commence the construction of a state-of-the-art hostel block for the Federal University of Technology, Minna. The project, which is being executed under the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), will provide contemporary hostel accommodation for undergraduate students within the university’s main campus. The proposed hostel facility will accommodate 108 students with other auxiliary facilities such as laundries, kitchenettes, common rooms, and the warden’s room.

 

 

 

 

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE 

 

 

 

 

Speaking at the groundbreaking event, the Vice Chancellor of the University, Prof Faruk Adamu Kuta, expressed joy for having the University as one of the beneficiaries of the ASR Africa Tertiary Education Grant Scheme. He extended the University’s appreciation to the Chairman of ASR Africa and the BUA Group, Abdul Samad Rabiu and added that upon completion, a large number of students will have access to hostel accommodation thereby reducing the number of students that are exposed to insecurity and other vices outside the university campus.

 

 

 

 

 

 

 

 

 

 

 

 

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, affirmed the excellent reputation of the University of Minna which ranked amongst the top 10 Nigerian universities and top 2500 in the world by Webometrics. He applauded the management of the university for prioritizing the security of their students amidst the institution’s quantum of needs. In his words, “The choice of this project will facilitate the relocation of the university’s temporary accommodations back into the main campus”. Dr Udoh urged the student to ensure proper use of the building which is constructed with state-of-the-art facilities.

 

 

 

 

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE 

 

 

 

 

 

The hostel accommodation is designed to have an apartment styled accommodations with each room having an en-suite bath and water closet facilities. This model of each room having its independent convenience and shower has been found to engender hygiene and a sense of responsibility amongst the students which is what the university aim to achieve among its students.

 

 

 

 

 

 

 

About ASR Africa

 

 

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

Advertisment
Continue Reading

Business

$87m Theft Case: AAS Investors Storm FCT High Court To Demand Justice As Jesam, Legal Team Clear The Air At Abayomi’s Hearing (Video)

Published

on

$87m Theft Case: AAS Investors Storm FCT High Court To Demand Justice As Jesam, Legal Team Clear The Air At Abayomi’s Hearing (Video)

 

Advertisment

 

Advertisment

 

The FCT High Court sitting in Jabi, Abuja has adjourned the arraignment of Abayomi Oluwasesan till May 2nd, 2024.

 

Advertisement

Although the matter was mentioned for hearing, the trial could not go on because of the absence of the Defendant (Abayomi). The prosecutor reported to the court that the prison officers couldn’t bring him because of the recent prison break at the Suleja correctional centre. He further submitted that proper arrangements are serious ongoing to secure his presence in court in the next adjourned date…

The Defendant Counsel moved a motion for the review of Abayomi bail application, which is subject to the discretion of the court that must be exercised judiciously.

Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System has been Re-arrested alongside his wife and arraigned in FCT High court, Jabi in Abuja on March 28th, 2024.

Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.

 

 

The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.

 

 

The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.

 

 

In the courtroom presided over by Justice Ms. Idris, both parties, including the defendants’ lawyer and the complainant lawyer Sidi Abdulrasheed, were present alongside individuals whose investments were affected by the alleged fraud at the Afriq Arbitrage Company.

 

 

During the session today, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.

 

 

 

Upon hearing arguments from both sides, Justice Ms. Idris adjourned the case until May 2nd, 2024.

 

 

It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court.

 

 

 

 

 

Speaking to Jesam Micheal the CEO of Afriq Arbitrage Company’s (AAC) after the court proceedings, he clarified the wrong narratives by a session of the media propagated by one human rights group. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He said even the defendant’s counsel admitted he stole the money when he said some properties have been returned to the company.

Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime and speaking too much on the issue is tantamount to contempt of the court.

Meanwhile, several investors in their hundreds stormed the court to show solidarity to the company and its board of directors. They affirmed that the Afriq Arbitrage System is legit as they benefited immensely from it before the unfortunate saga involving Abayomi. They all chanted their demands for justice.

$87m Theft Case: AAS Investors Storm FCT High Court To Demand Justice As Jesam, Legal Team Clear The Air At Abayomi’s Hearing (Video)

 

Advertisment
Continue Reading

Business

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU’S DAUGHTER: ANARA’S TALK OF THE TOWN BY CHINEDU NSOFOR

Published

on

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU'S DAUGHTER: ANARA'S TALK OF THE TOWN BY CHINEDU NSOFOR

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU’S DAUGHTER: ANARA’S TALK OF THE TOWN

BY
CHINEDU NSOFOR

 

Advertisment

 

In the vibrant Ancient kingdom of Anara, located in Isiala mbano LGA of Imo State, Chief Michael and Lolo Ijeoma Ejiogu celebrated an unforgettable event on April 27th, 2024. The occasion was the marriage of their daughter, Akudo Stephenia, to Dr. Frank Arinze. Chief Michael, a distinguished business magnate and real estate expert renowned for his leadership as the CEO of City Gate Group, orchestrated a traditional marriage ceremony that enchanted all attendees. Dr. Frank Arinze, hailing from the esteemed family of Elder Victor and Mrs. Jane Azikiwe of Onisha Town in Onisha North LGA, Anambra State, joined in this union, leaving a lasting impression on all fortunate enough to witness it.

Advertisment

 

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU'S DAUGHTER: ANARA'S TALK OF THE TOWN
BY
CHINEDU NSOFOR

 

Advertisement

The gathering was a convergence of dignitaries from various spheres of influence and affluence, a testament to Chief Duru’s esteemed standing in the community. Among the distinguished guests were luminaries such as the Former Governor of Imo State(Chief Ikedi Ohakim) ; Rt. Hon. Chike Olemgbe( Speaker of the Imo State Assembly) ; His Royal Highness Cletus Iluomuanya(Chairman of the Imo State Elders Council) ; Nze Chidi Chinasa Nwanerri( Former S.A. Special Duties to the Governor of Imo State) ; the esteemed celebrity businessman, Pascal Okechukwu (Cubana Chief Priest); and Chief Tony Chukwu, alongside His Excellency Uche Nwosu, Hon. Bar. Kingsley Ononuju(Former Commissioner for Commerce and Industry Imo State), among numerous other titans of industry and notable politicians from across the nation.

In the enchanting tale of Akudo Stephenia and Dr. Frank, their love blossomed like vines reaching for the sun, culminating in a marriage that exuded elegance and grace. Their union, akin to a masterpiece painted by destiny, gathered dignitaries of high esteem, each bearing witness to a love as timeless as the stars above. Amidst the festivities, the bride’s search for her groom amidst the crowd seemed to reflect a cosmic alignment, it seemed as though the universe itself whispered secrets of eternal love, weaving their destinies into a tapestry of joy and commitment.

The ceremony unfolded with the grand entrance of the groom, a moment charged with anticipation and jubilation. As the kola nut was ceremoniously broken, marking the sacred inception of their union, all eyes eagerly awaited the radiant arrival of the bride, an embodiment of grace and sophistication.

The festivities were further enriched by captivating musical performances by over three renowned artists, adding a melodious backdrop to the celebration. Chief Michael Duru, as the Onowu, holds the esteemed position of Traditional Prime Minister within the Anara Ancient kingdom. His residence, a very sophisticated Mansion, not only stands as a testament to his legacy but also serves as the official Palace of the Onowu of Anara. During the traditional marriage ceremony of his daughter, this grand abode was dedicated, marking not only a familial celebration but also a continuation of tradition and lineage within the kingdom. Through this dual purpose, Chief Duru’s dwelling embodies both personal significance and cultural heritage, symbolizing the intertwining of familial duty and regal responsibility.

Culinary delights adorned the event, with a plethora of sumptuous dishes that tantalized the taste buds of all attendees. From traditional delicacies like fried rice to an array of fruits including apples, pineapples, oranges, and garden eggs, guests were treated to a gastronomic extravaganza that showcased both local and international flavors. The meticulous attention to detail and commitment to excellence in hospitality left an indelible impression, ensuring that every guest departed with fond memories of the occasion.

Amidst the gathered throng of friends and well-wishers, prayers soared heavenward, carrying blessings for the couple’s journey ahead. Each heartfelt wish resonated like a gentle melody, enveloping them in a cocoon of love and support as they stepped into the boundless expanse of married life. May their days be filled with laughter, their nights warmed by the embrace of affection, and may their love endure, perennial and ever-blooming, under the nurturing glow of the sun.

Indeed, Chief Michael Duru Ejiogu’s daughter’s traditional marriage was not just a union of two souls but a celebration of heritage, culture, and community. It was a testament to the enduring values of love, unity, and generosity that bind us together as a society. As the echoes of laughter and joy reverberated throughout Anara, it was clear that this event would be remembered as a highlight in the annals of the town’s history, a cherished memory for generations to come.

 

 

 

 

 

Chinedu Nsofor is a Seasoned Technocrat, Media Guru/Consultant and writes from Owerri, Imo State.

Advertisment
Continue Reading

Cover Of The Week

Trending