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REVEALED! LETTER OF LOAN AGREEMENT BETWEEN GTB/INNOSON…….THE STORY OF N559 EXCESS CHARGES

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Guaranty Trust Fund Managers Limited Launches Guaranty Trust Investment Fund 724

 

In-depth investigation into the claim by Chief Innocent Chukwuma, the owner of Innoson Nigeria Limited, that the sum of N559,374,072.09 was withdrawn from his account by GTB is appearing to be a far exagerattion of the truth as documents emerging from the court and  law enforcement agents is proving otherwise

It would be recalled that Chief Innocent Chukwuma had claimed that GTB withdrew from his account the sum of N559,374,072.09 in excess charges. It was on the basis of this  claim that Innoson acquired  judgment to the tune of N4.7bn from the Federal High Court Awka. At first glance, one could assume the bank debited funds in Innosons account but in the real sense, the N559m represent the interest portion of the N2.4bn loan that he took from the Bank.

Below is the actual fact of the matter:

The History of the N559 Million Excessive Charge Claim by Innoson

In December 31, 2011, Innoson’s account with the bank was in debit of N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only). This means that rather than having money in his account, Innoson was owing the bank this amount as debt for loan which he had collected. However, the EFCC tried to broker a settlement between the Innoson and GTB, which would involve the settlement of Innoson’s indebtedness to the Bank, in view of the fact that Innoson had fraudulently acquired Imported Goods bought solely in the bank’s name.

During the criminal investigation, EFCC got an independent party to reconcile the accounts of Innoson with the Bank. Upon conclusion of the reconciliation, the independent third party’s view was that the indebtedness of Innoson was N1.09billion and that the sum of … were default interest accrued on the loan. However, in the spirit of resolving the issues amicably, the Bank agreed to forgive Innoson of the default accrued interest, so long as Innoson paid, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Innoson agreed and requested for a letter to that effect. Here is the letter GTB sent to Mr Innocent Chukwuma, owner of Innoson, in September 2012:

“Dear Sir,

INDEBTEDNESS OF INNOSON NIGERIA LIMITED

We refer to the indebtedness of Innoson Nigeria Limited (“the Customer”) to Guaranty Trust Bank plc (“the Bank”), secured by your Personal Guarantee which by our records was N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only) as at December 31, 2011.  In addition, we refer to the reconciliation that has been conducted between representatives of the Customer and the Bank, further to which the sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) was agreed as the reconciled indebtedness of the Customer to the Bank, having deducted alleged excess charges.

As you are aware, the above sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) is the reconciled indebtedness of the Customer to the Bank as at December 31, 2011, and the Bank is entitled to charge interest in accordance with terms indicated in the underlying facility agreements from January 2012 to date.

However, the Bank has decided, in the spirit of amicable resolution, to accept from the Customer, or from you in pursuance of your Personal Guarantee, the said sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) in full and final payment of the Customer’s indebtedness to the Bank, provided that same shall be fully paid not later than thirty (30) days from the date of this letter.

Please note that in the event of failure by the Customer and you, in pursuance of your Personal Guarantee, to fully pay as herein advised, the Bank will be constrained, to reverse the concession herein granted, and charge interest appropriately on the said conceded indebtedness of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) from January 2012, until same is fully paid. The Bank shall thereafter be constrained to commence recovery steps against you as Guarantor, to ensure the recovery of the said indebtedness without further recourse to you”

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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AHMADU FIDI AHMADU: A DISTINGUISHED LEADER IN MARITIME MANAGEMENT AND CORPORATE GOVERNANCE

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AHMADU FIDI AHMADU: A DISTINGUISHED LEADER IN MARITIME MANAGEMENT AND CORPORATE GOVERNANCE

BY
CHINEDU NSOFOR

Ahmadu Fidi Ahmadu is far from an ordinary man. With a career spanning over two decades, he stands as a quintessential example of excellence in leadership, strategic resource management, and maritime consultancy. As the Director and CEO of Waarith Consulting Limited, he has demonstrated an unwavering commitment to operational efficiency, environmental sustainability, and corporate governance.

A Proven CEO with 22+ Years of Expertise

Ahmadu’s professional journey is marked by over 22 years of rich, cognitive experience in managing both human and material resources across industries. Currently serving as the Chief Executive Officer of Waarith Consulting Limited, a marine cargo handling company, he leads a firm that provides critical stevedoring and terminal operations to major players in the maritime and oil sectors.

Waarith Consulting Limited is actively involved in high-impact projects including:

Dangote Refinery, Lekki, Lagos (650,000 barrels per day capacity)

ENI’s Brass Export Terminal, Bayelsa State

Lagos Deep Offshore Logistics Base (LADOL), Apapa, Lagos

These partnerships underscore the company’s central role in supporting international oil companies (IOCs) and Nigeria’s economic infrastructure.

An Academic Portfolio That Reflects Global Leadership

Ahmadu is not only accomplished professionally but also academically. He holds a degree in Business Administration from the prestigious Ahmadu Bello University (ABU), Zaria and has continued to sharpen his strategic insight at world-renowned institutions. His qualifications include:

Certificate in Global Management – INSEAD Business School

Advanced Diploma in Port and Terminal Management – Lloyd’s Maritime Institute

INSEAD Certified Director (IDP-C) with Advanced Certificates in Corporate Governance and Negotiation

Board Director Diploma – International Institute for Management Development (IMD)

Diploma in Environmental, Social, and Governance (ESG) with Distinction – Corporate Governance Institute

This academic repertoire gives Ahmadu a rare blend of business, governance, and maritime expertise.

A Fellow and Member of Leading Professional Bodies

His pursuit of excellence is mirrored in his affiliations with several reputable institutions both in Nigeria and internationally. Ahmadu is:

Fellow, Nigerian Institute of Management (Chartered)

Fellow, Chartered Institute of Logistics and Transport (CILT)

Fellow, Chartered Institute of Transport Administration of Nigeria (CIOTA)

Fellow, Institute of Management Consultants Nigeria (IMCN)

Fellow, Institute of Safety Professionals of Nigeria

Fellow, Centre for Public Service Productivity and Development Nigeria (CPSP)

Fellow, Institute of Professional Entrepreneurs and Strategic Administrators of Nigeria

In addition, he is a:

Member, Institute of Directors Nigeria (IOD)

Member, Corporate Governance Institute

Member, Society for Corporate Governance Nigeria (SCGN)

Member, International Association of Marine and Shipping Professionals (IAMSP)

Member, Chartered Institute of Personnel Management (CIPM)

Senior Associate, Risk Management Association of Nigeria (RMAN)

Leadership in Environmental and Sports Development

Ahmadu’s influence extends beyond boardrooms. He is a two-time board member of the Nigerian Rowing, Canoe and Sailing Federation, representing the North-Eastern zone (2017–2021 and 2021–2025). He also serves as a trustee of the Monguno and Bridgewater Green Foundation, an NGO focused on climate change and combating desert encroachment.

Legacy Projects and National Impact

One of the most impactful milestones in his career was his time as Chief Operating Officer (COO) at African Circle Pollution Management Limited, a firm operating under a Build, Operate, and Transfer (BOT) contract with the Federal Government of Nigeria. Under his leadership, marine pollution control facilities were successfully installed in:

Lagos Port

Port Harcourt Port

Calabar Port

Warri Port

These facilities aligned with International Maritime Organisation (IMO) conventions, ensuring Nigeria remained in compliance with global environmental standards. The execution of this two-decade-long project was bolstered by the technical partnership with DV Howells of Milford Haven Pembrokeshire, United Kingdom.

A Man of Depth and Passion

Despite his extensive responsibilities, Ahmadu remains grounded. He attributes his success to two personal traits: humility and passion. These have guided his leadership style, earning him trust and respect across public and private sectors.

Outside the professional arena, Ahmadu finds relaxation in strategic board games like chess and watching war documentaries, a reflection of his analytical mind and appreciation for strategy and history.

Conclusion

Ahmadu Fidi Ahmadu is a remarkable figure in Nigeria’s maritime and corporate space—his blend of technical expertise, academic excellence, international exposure, and social responsibility paints the portrait of a visionary leader. As he continues to steer the ship at Waarith Consulting Limited, his legacy of service, integrity, and innovation sets a benchmark for current and future industry leaders.

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One Picture, One Dream: How Barth Nwibe Rose from Anambra Soil to Global Oil Success”

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One Picture, One Dream: How Barth Nwibe Rose from Anambra Soil to Global Oil Success”

“From Village Dust to Oil Dollars: How One Photo Turned Barth Nwibe Into Nigeria’s Oilfield Giant”


A single image in an old magazine changed everything.

That’s the incredible testimony of engineer and oil mogul Barth Nwibe, who rose from a modest childhood in rural Anambra to become the founder of SEGOFS Energy, Nigeria’s foremost independent oilfield servicing firm. Now preparing to unveil a ₦3 billion AI-powered diagnostic centre in Awka, Nwibe says his transformation began not in a boardroom—but with a picture.

“I saw a Black man in a hard hat, working at MIT. That moment, I knew engineering was my path,” he told journalists in a riveting interview. “I turned away from medicine and pursued what truly spoke to me.”

From Ifite Primary School in Igbo-Ukwu to Christ the King College, Onitsha, and eventually UNN, Nwibe’s life reads like a masterclass in grit, vision, and divine alignment. His story—marked by stints at Halliburton, Schlumberger, Shell, and Baker Hughes—culminated in 2006 with the launch of SEGOFS, now a Nigerian powerhouse delivering cutting-edge upstream oil services once monopolized by global giants.

“We’re the only indigenous firm doing this independently in Nigeria,” he stated. “We’ve matched and in some cases surpassed international standards.”

But Nwibe’s vision transcends oil. After losing his mother to a stroke that wasn’t diagnosed early enough, he was inspired to build a world-class AI diagnostic facility in Anambra to combat healthcare inadequacies. “If we had diagnosed her earlier, she might still be alive,” he said emotionally.

Construction of the center, equipped to rival Indian and U.S. facilities, is already at roofing stage. “From Awka, we’ll deliver tests once exclusive to foreign hospitals. We’re training staff, we’re ordering machines, we’re doing this for our people.”

The Ugo-Igboukwu Foundation, his philanthropic arm, continues to fund education for hundreds of underprivileged children, while his political ambition—though temporarily stalled—is very much alive. “When the people are ready for real leadership, I’ll be ready,” he stated.

A recipient of the Anambra Man of the Year Award 2025, Nwibe remains sharply critical of Nigeria’s political and economic dysfunction. “Until the elite step into politics with a clear vision, we’ll keep going in circles. Anambra can power its economy with gas—real, sustainable gas—and transform lives overnight.”

With a foot in business, philanthropy, and public service, Barth Nwibe is building more than companies—he’s building a legacy.

“There’s no shortcut to success. No rituals. No magic. Just hard work, vision, and staying ready when the picture of your destiny shows up.”

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Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw

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Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw

Lagos, Nigeria— Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions. For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.

 

Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000. This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.

 

To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.

Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.

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