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Stanbic IBTC Bank Nigeria PMI: Business conditions improve in July amid strong client demand

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Stanbic IBTC Hosts Women in Tech Event

Stanbic IBTC Bank Nigeria PMI: Business conditions improve in July amid strong client demand

 

 

 

 

 

Sahara Weekly Reports That a return to growth in output and stronger inflows of new orders helped underpin a further improvement in operating conditions in the Nigerian private sector during July. In turn, businesses increased their purchasing activity at the strongest rate for five months while stocks increased sharply. Despite stronger inflows of new work, employment growth eased and was marginal amid elevated costs and subsequent pressures on profits. Purchase and output price inflation accelerated to four-month highs in July, with unfavourable exchange rate movements and higher fuel costs behind the latest round of inflation.

 

 

Stanbic IBTC Bank Nigeria PMI: Business conditions improve in July amid strong client demand

 

 

 

Nevertheless, sentiment improved from June, and firms reported hopes of securing greater business investments.

 

 

 

 

 

 

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

 

 

 

 

 

 

The headline PMI registered at 53.2 in July, up from 50.9 in June, signaling an improvement in business conditions in Nigeria’s private sector. The latest figure rose from June’s 17-month low but was still muted compared to the historical average.

 

 

 

 

 

 

A renewed increase in output supported the latest improvement in business conditions in July. Output rose solidly, albeit at a rate that was weak by historical standards. Agriculture recorded the strongest uplift in output during July, followed closely by manufacturing. Services and wholesale & retail followed, where rates of growth quickened from those seen in June. Stronger client demand was behind the uplift in output with new orders rising sharply across all four sectors in July.

 

 

 

 

 

 

To support higher output, companies increased their purchasing activity for the twenty-fifth month in a row. Consequently, stocks of purchases rose markedly as firms intensified efforts to build up their inventories. Moreover, the rate of growth was the steepest in seven months.

 

 

 

 

 

 

Vendor performance improved in July, but to the least extent for over two years amid reports of busier road conditions.

 

 

 

 

 

 

Outstanding business fell at the softest rate since August 2020 in July. Sufficient capacity combined with rising costs led firms to raise their headcounts at the slowest pace for seven months.

 

 

 

 

 

 

Turning to prices, overall input price inflation was robust amid a quicker uptick in purchase costs. Staff costs rose only marginally, however. Firms passed on a large part of the burden by lifting their selling prices at the quickest rate in four months.

 

 

 

 

 

 

Finally, firms remained optimistic about output growth in the year ahead amid hopes of acquiring greater investment and expanding business operations.

Bank

Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

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Access Bank Wins Against Sonny Odogwu

Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

Access Bank Wins Against Sonny Odogwu

 

Justice Daniel Osiagor of the Federal High Court, Lagos today upheld the N26 billion debt claim by Access Bank PlC against the estate of the late Ide Ahaba of Asaba, Chief Sonny Odogwu.

Osiagor upheld the bank’s claim after dismissing the preliminary objection filed by the estate of the late Chief Sonny Odogwu challenging the claim of the bank adding that a consent judgement had earlier been entered in which parties to the debt agreed on the payment of N12 billion as full and final payment.

 

 

 

 

The defendants in the preliminary objection added that having taking benefit of the consent judgement, the plaintiff can’t turn around and ask the court to set aside same.

However, Access Bank it it’s claim before the court said the said judgement was floored in that it was delivered by a court that lacked jurisdiction to entertain it at the time it was entered as consent judgement.

 

 

 

 

 

The bank through it’s counsel, Kemi Balogun, SAN said the matter having been placed at the bossom of the Court of Appeal , the lower court which entered the consent judgement as the judgement of the court is Functus Officio ( lacked jurisdiction) and that the only court that has the power to adjudicate on such matter at that level is the appellate court.

Justice Osiagor while dismissing the objection of the defendants nullified the consent judgement entered by Justice Rilwan Aikawa which sanctioned the consent judgement on the ground that it lacked jurisdiction to grant such order as it is functus officio of the matter as at the time he granted the order.

 

 

 

 

 

 

 

The judge then affirmed the earlier judgement of justice Saliu Saidu which ordered the defendants to pay it’s outstanding indebtedness of N26 billion.

Justice Osiagor however ruled that the payment must be less all amount earleir paid to the judgement creditor

 

 

 

 

 

 

 

 

The court also award a cost of N200,000 against the defendants’.

It would be recalled that Access Bank Plc and the late Ide Ahaba of Asaba, Chief Sonny Odogwu, entered into a N26 billion loan agreement when he was alive. The late businessman wanted to use the facility to build luxury apartments to be known as Le Meridien Grand Towers in highbrow Ikoyi, Lagos.

 

 

 

 

 

 

 

In line with global best practices, the bank demanded for collateral security.

Thus Odogwu mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles to Access Bank in return for the facility. After the death of the businessman, the mortgaged properties eventually become a subject of litigation

 

 

 

 

 

 

 

 

 

Trouble started when the estate of the late Chief Odogwu, reacted angrily to a move by Access Bank to take over the uncompleted property due to the non performance of the loan.

The defendants’ went to town with a statement that the property was not part of the consent agreement reached by both parties, and registered as a judgment of Federal High Court, Lagos. The release signed by the estate lawyer, Chief Anthony Idigbe SAN was published by various media platforms on Tuesday.

 

 

 

 

 

 

 

 

Reacting to the statement, Access Bank said that the Ikoyi property was not the only one that fell within the purview of the November 3, 2015 Federal High Court judgment that ordered the bank to take over the properties used it as collateral in lieu of the N26 billion loan facility.

Other properties include Berendo Property located in Los Angeles, State of California, United States of America, Unit No: FN428, The Fairmont Palm Residence (North), Dubai, United Arab Emirates, Asokoro Shopping weMall, Abuja, 1 Happy Home Street, Kirikiri, Lagos, properties located at Kingsway and Lawrence Roads, Ikoyi Lagos.

 

 

 

 

 

 

 

Access bank also stated that it is is the successor in title to Diamond Bank Plc following its merger with Diamond Bank Plc.2

The crux of the matter was that former Diamond Bank PlC granted facilities to the Judgment Debtors for the construction of a property to be known as Le Meridien Grand Towers located and lying at 31-35 Ikoyi Crescent, Lagos and registered as No. 17 at page 17 in volume 100 at the Federal Lands Registry, Ikoyi, Lagos. The property is mortgaged to the bank as collateral for the facilities.

 

 

 

 

 

 

 

 

However, litigation that ensued over the inability of company, Robert Dyson & Diket Limited to liquidate the facility, Access Bank secured a Judgment in the sum of N26,229,943,035.22 consequent upon a Federal High Court judgment in Suit No. FHC/L/CS/1633/2014 delivered on 3rd November 2015 against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the Project Finance for development of a seven-star hotel and residences (“the Project”).

Following the Judgment, Robert Dyson entered an Appeal against the said judgment and a motion staying the execution of same in APPEAL NO: CA/L/1151/2015 – ROBERT DYSON & DIKET LIMITED & 2 ORS. V. DIAMOND BANK PLC & 3 ORS.

 

 

 

 

 

 

 

The Judgment Debtors also filed a Counter-Claim against the Access Bank in the State High Court: SUIT NO: LD/1666CMW/2016 – LEADWAY CAPITAL & TRUSTS LIMITED V. DIAMOND BANK PLC & 2 ORS.

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Bank

FirstBank Branch, Head office, not Sealed

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FirstBank

FirstBank Branch, Head office, not Sealed

FirstBank

 

Our attention has been drawn to the news reports online with the conflicting claims that FirstBank branch or/head office has been sealed.

 

Please be informed that the referenced story is a misrepresentation of the facts and misleading. Neither our branch nor head office was sealed. On the 4th of August, 2022, there was an unlawful enforcement at the Bank’s Coomassie House Branch of a garnishee order issued by a Federal High Court sitting in Abuja which order the Bank is still challenging in court.

 

 

 

 

While the Bank has taken appropriate legal steps to deal with the situation, we wish to reassure our customers of unhindered banking services and unique customer experience in all our branches and through our numerous alternative channels.

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RE: Online Publication on Purported Sale of Polaris Bank

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Polaris Bank

RE: Online Publication on Purported Sale of Polaris Bank

Polaris Bank

Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.

 

 

 

Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which birthed Polaris Bank in 2018. The bank has since stabilized its operations following the intervention; improving its balance sheet, customer base and profitability.

Whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders. The Bank is committed to ensuring timely communication to the public in such an event.

 

 

 

 

 

The Board and Management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.

Signed
Management

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