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Court Grants Access Bank Power to Take-Over Sonny Odogwu Estate over N26bn Debt

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.

FirstBank Branch, Head office, not Sealed

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.

Genesis Global Ikeja Unusual August Praise Set for Sunday 7th

Come Sunday 7th of August 2022 has been set aside for Genesis Global to present ‘Unusual Praise’ which will hold at Ikeja Center.

According to the world famous prophet of God, Israel Oladele Ogundipe known as ‘Genesis’ when speaking with his media aide Oluwaseun Fabiyi, says the Unsual Praise would no longer be as usual because it would surely take another dimension as every inherited curses shall be broken with this intention of showing gratitude and appreciation to God Almighty ‘This Sunday’s special praise will take another realms of praising God extremely and it will be viewed live on every social media as top Nigerian celebrities and great anointed men of God will be in attendance as God’s name shall be manifested.

Some of the Top popular Nigeria Gospel artistes who will be there to showcase their talents giving quality worship and praises to God includes Testimony Jaga and Sir Judah from USA as the Unsual Praise memorable evening service which is targeted to come up between 4pm till 8pm at plot 6 Lateef Jakande Road, Agidingbi opposite Chicken Republic Ikeja, Lagos.
Prophet Israel therefore stand on behalf of the Church, Genesis Global worldwide as he beseech everyone to put on the garment of praise and their dancing shoes because there will be showers of blessing upon everybody who will be attending this special Unsual Praise

It’s going to be a convergence of top gospel singers and popular celebrities as one of their own, Segun 02, Church Choir, Sir Judah, Testimony Jaga will be staging a live show come 7th August. This is to offer worship and praises to the Lord which is tagged ‘Unsual Praise’ says the man of God.

Barely few days to the much anticipated and much talked about Unsual Praise, all Genesis Global worshipers are already given Unsual testimonies especially those in the evangelism department, and this to show and proved to as many who would be attending will definitely meet the powerful hand of God in a miraculous way.

The Unsual Praise thanksgiving will begin with the anointed man of God, prophet Israel Genesis who will be serenading his congregants with music performance to show appreciation to God for keeping him alive following his overcoming all odds/afflictions that would have jeopardised/cut short God’s glory and his ministry.

“It’s the only way of thanking God for His guidance and protection over me, family and the entire Genesis Global family He said.
Oluwaseun Fabiyi media aide

FIRSTMONIE AGENTS TRANSACT OVER 1 BILLION TRANSACTIONS, REINFORCES FIRSTBANK’S LEADING ROLE IN PROMOTING FINANCIAL INCLUSION IN NIGERIA

The Bank’s Firstmonie Agents play a critical role in promoting financial inclusion in the country
The Bank currently has over 180,000 Firstmonie Agents spread across 772 Local Government Areas in Nigeria
Since 2020, FirstBank has economically empowered thousands of its Firstmonie Agents with over 100 billion naira credit facility

FirstBank of Nigeria Limited, Nigeria’s premier and leading financial services provider has announced that its agent banking network – Firstmonie Agents – spread across the nook and cranny of the country has collectively processed transaction volume in excess of 1 billion, amounting to over 22 trillion naira. The Bank currently has over 180,000 Firstmonie Agents, spread across 772 of the country’s 774 Local Government Areas.

Firstmonie Agents have been integral to bringing financial services closer to the underbanked and unbanked segment of the society, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.

Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals and Money Transfer.

Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities whilst importantly having their business sustained, the Bank’s Agent Banking scheme has remained a toast to Nigerians, irrespective of where they are in the country. Amongst these schemes is the Agent Credit – launched in 2020 – which has had the Bank provide credit facilities to the tune of 238 billion naira to its teeming Firstmonie Agents.

Expressing his appreciation to the Firstmonie Agents, Dr. Adesola Adeduntan, CEO, FirstBank said “since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in travelling over long distances for basic banking services.”

“We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion and commend them for their efforts in taking banking to the doorsteps of Nigerians – irrespective of where they are – in a very effective way”, he concluded.

Wema Bank Press Release: Formal Statement on Purported Forgery of Cheque and Inappropriate Arrest warrant on Managing Director

Mr Ademola Adebise, Managing Director Wema Bank Plc

The attention of Management of WEMA BANK PLC has been drawn to the trending news in the media to the effect that a Magistrate’s Court in the Federal Capital Territory (FCT), Abuja, had issued a warrant for the arrest of our Managing Director, MR. ADEMOLA ADEBISE, in connection with a Garnishee proceeding for the payment of a judgement-debt on behalf of the Bayelsa State Government.

WEMA BANK PLC would like to use this medium to refute the allegations and dismiss the gross representation of facts in regard to the material facts, and the apparent breach of the principles of fair hearing before such order of the court was entered against our Managing Director.

WEMA BANK PLC wishes to state that, contrary to the facts presented before Her Worship, Mrs. Elizabeth Jones, the said set of five cheques for the total sum of N50m issued in protest based on pending applications before an Abuja High Court then, were in favor of the Chief Registrar FCT High Court, not in favour Barrister. George Haliday who is now claiming the proceeds of the cheques. It is important to note that those cheques were not signed by MR. ADEMOLA ADEBISE and had not assumed the position of the Managing Director of the bank at the material time the cheques were issued in favour of the Chief Registrar.

Furthermore, we would like to state that the five cheques issued in protest by our Bank were not dud cheques as alleged by the complainant. The cheques have only not been cleared for payment because of the subsisting Appeal at the Court of Appeal Abuja on the Garnishee proceeding which has now been decided in favour of the bank. It was after Barrister George Haliday lost at the Appeal Court that he resorted to a Magistrate Court in Abuja to lodge a complaint about issuance of dud cheques. It is very worthy of note that the judgement debt against Bayelsa State Government, which Barrister George Haliday attempted to enforce by a garnishee proceeding, thereby leading to the issuance of the cheques in question had been settled by Bayelsa State Government via a Terms of Settlement between Barrister. George Haliday and the Bayelsa State Government at the Supreme Court.

WEMA BANK wishes to state that the warrant for the arrest of MR. ADEMOLA ADEBISE is in violation of his fundamental rights to fair hearing as he was never personally served with any process to appear before the Magistrate Court, neither was he represented in court. We are a law-abiding corporate citizen; if there was any court summon properly served on the Managing Director for his appearance in court, he would have done so without fail. But, in this case, there was no such service extended to him or any court processes personally served on him to appear in court until a warrant of arrest was issued in absentia. We view the arrest warrant as being an infringement on his fundamental rights.

We, therefore, refute and dismiss in their entirety the allegations of dud cheque and forgery levelled against our Bank and the Managing Director. We also dismiss the inappropriate issuance of bench warrant on our Managing Director. We are already engaging in legitimate actions to seek redress and bring all the perpetrators of these unprofessional conducts and heinous criminal act against our Managing Director and the bank to book.

WeForGood, IHS Nigeria Boost Youth Enterprises with $250,000 Grant

From left: Yejide Aina, CEO, The Illuminator Academy; Oluwatoyin Aralepo, Director, Corporate Excellence & Programme Mgt, IHS Nigeria Ltd; Cima Sholotan, Director, Sustainability and Corporate Communications, IHS Nigeria Ltd; Martin Abraham, Asst Director, Training & Development, IHS Nigeria Ltd; Temitayo Ade-Peters, CEO, WeForGood International; Ireayo Oladunjoye, Head Startups, LSETF and Sandra Iheanacho, Human Resources Consultant at the UN World Youth Skills Day Conference themed “Promoting Eco-Focused Solutions, Africa’s Pathway To Sustainable Growth” held in Lagos at the weekend

A Lagos based non-governmental organisation, WeForGood International, through the support of organisations such as IHS Nigeria, has disbursed N104 million to viable eco-friendly sustainable enterprises owned by young African entrepreneurs between 18 and 35 years.

This was disclosed last weekend in Lagos by the Chief Executive Officer of WeForGood, Ms. Temitayo Ade-Peters, during the 2022 Sustainable Solutions Africa Project Conference to mark the United Nations’ World Youth Skills Day with the theme “Promoting Eco-Focused Solutions Africa’s Pathway to Sustainable Growth.”

Ade-Peters said: “In the past three years, through our fellowship programme, we have directly supported close to 60 African startups with training and coaching and facilitated over $250,000 to promote sustainable solutions on the continent.

“We’ve reached about 1,400 youths and entrepreneurs exploring skills for impact to further scale their reach. The start-ups we support run for-profit and not-for-profit businesses addressing one or more areas of the SDGs.”

She said that the conference was focused on innovative solutions that addressed SDG-focused environmental challenges and to provide strategies that would help youths to harness and maximise their skills and talents in response to the increasing call for climate actions, adding that “every young person here will leave this conference well inspired to embrace and explore opportunities to build a sustainable Africa.”

She said that enterprises that qualified for funding from the organisation must be economically viable and have eco-solutions projects that would enhance environmental sustainability.

She also said that “through the support of IHS Nigeria, we have opportunity for young people to get up to N3 million to support their individual projects” that could be used to create sustainable solutions to solve Africa’s problems.

The Senior Special Assistant to the President on Sustainable Development Goals (SDGs), HE, Mrs. Adejoke Orelope-Adefulire, in her special remark during the conference said that the participation of youth in the advocacy for a real shift is essential in order to combat climate change.

Orelepe-Adefulire said: “Government, private sector and civil society must all look towards young people, as we aim to strengthen both formal and informal education on climate change and viable lifestyles. In addition, sustainable production and consumption patterns must be promoted and supported by the youth as environmental champions in their local communities.”

She added that “we are partnering with UNDP to launch six SDG Innovation Hubs across the country which will prioritise the engagement of young people as catalysts for innovative technical, technological and business solutions to help us accelerate the achievement of the SDGs.”

A panelist during the conference, who is also a Human Resources Consultant, Mrs. Sandra Iheanacho, said that education is very essential to produce young Nigerian entrepreneurs that would become job creators.

Iheanacho said: “To take care of tomorrow we have to prepare by taking care of the education of our youths that are capable to create jobs.”

The Chief Executive Officer of The Illuminator’s Academy, Ms. Yejide Aina, who was among the panelists during the conference, said that Nigerian youths need quality educational curriculum that would equip them with innovative and entrepreneurial capacity to create economic opportunities in the country’s economy.

Another panelist who is the Head, Startups, Lagos Innovates LSETF, Ms. Ireayo Oladunjoye, tasked young entrepreneurs to acquire skills that would imbue them with leadership skills to influence their environment.

The Director, Corporate Excellence and Programme Management at IHS Nigeria, Ms. Oluwatoyin Aralepo, advised the young entrepreneurs to base their entrepreneurial development on three leadership ladders of personal vision, higher standard and influence.

Aralepo said: “Leadership has to be strategic and patient to be able to carry all members of the team along to achieve the group’s objectives.”

Apart from the intellectual discussions that gave participants a rich time of learning and networking opportunities, the conference, anchored by the delectable Woli Arole, also featured other side attractions such as entertainment, quizzes and raffle draws with amazing gifts such as laptops, home gadgets among others won by attendees.

Interested participants can register to apply for the next cohort of the Sustainable Solutions Africa Fellowship Program for free by visiting this link https://bit.ly/SSAfricaFellowship2022 and more information is available on WeForGood’s website: www.weforgood.org.

AFRIMA 2022: Entry Submissions End In 3 Days…Who Will Lead Africa’s Groove?

IT’S three days till the closing of the entry submission portal for the All Africa Music Awards (AFRIMA) 2022. Entry submission deadline remains Friday, August 5, 2022. If you are an entertainer, or you are acting on behalf of one, don’t lose out on a chance to #WINITALL by submitting your song/video.

Submit here: https://afrima.org/AFRIMA-2022-ENTRY-SUBMISSIONS/

LIRS Set To Launch Whistle-Blower Initiative August 5

The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.

In a public notice signed by the LIRS Executive Chairman, Ayodele Subair, the Whistle-Blower initiative is a public policy of the State Government to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.

According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform is anonymous and confidential and it is independently managed by Deloitte, a globally accredited company.”

“The objective of the Whistle-Blower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general.

“The policy is designed to protect whistle-blowers from victimization and to encourage them to freely report without fear,” Subair submitted.

The launch of the Whistle-Blower initiative is scheduled to take place at the Protea Select Hotel, Assibifi Road, Alausa-Ikeja, Lagos.

2022 ERUKU ANNUAL YAM FESTIVAL: OUR CULTURE, OUR HERITAGE, OUR PRIDE

…Television Crew, Other Press Men Storms Erukucity To Propagate, Bring New Innovations To Eruku Culture and Heritage

~By Oluwaseun Fabiyi

The annual yam festival of the Erukuans again witnessed mammoth crowd of young, old and dignitaries across the neighbourhood as EPA, EFON appeared to entertain the crowd for the three days celebrations, while ‘Agan’ would comes out at night after the grand finale. The event is fully back again after eight-year lull due to the reasons wouldn’t want to mention on the news circle.

The Eruku annual yam festival is an annual event that brings sons and daughters of the Erukuans together in unity to celebrate yam festival which dates back to the 19th century.

According to history, the festival had its origin from our forebears with the intention to bring peace and unity into the community and not an harmful things as many thoughts or beliefs. History has it that in the 19th century there are families within Eruku community who are the real originators, in advancement for the worshiping of Female EPA and Male EPA the reigning monarch then supported and gave freehand to practice without hindrance even till date.
It was in appreciation of this gesture by the Monarch who will always comes out during the event in his full regalia, and made it a point of duty to dance round through the market and to pay homage down to his sons and daughters

But today the festival has gone beyond what it used to be. All sons and daughters of Erukuland, home and in diaspora, irrespective of their religious differences look forward to the festival as we bring new innovations to this heritage.

“I remember when I was young and in primary/secondary school, I would leave my house in Odolomu compound at Balogun House as early as 5 pm and walk all way to Oke ogi just to join other children that will hold leaves and be singing and dancing. It was such fun for us then because it allowed us to join in the colorful festival and to learn more about our culture also meet old friends seeing our Kaabiesi Owa of Eruku in his full regalia with his chiefs and his mothers (Iye Oba) who will also appeared in full White attire”.

The major highlights and attractions of the Eruku annual yam festival are the parades of the Owa and his Chief with those agedwomen ( Age Grades) and the equestrian displays of the EPAs, Efon dancing along with the families couples with the traditional drums (Eku)

“The whole essence of the annual yam festival celebrations is to bring peace and lasting unit amongst Erukuans both home and in diaspora” says Akogun of Erukuland

Watch out for the grand finale today as major Television stations, other press men would be granted exclusive interview by the Owa of Erukuland for full and future documentary which would later be shown on DSTV & STARTIMES. The allotted date, time shall be communicated shortly

Wema Bank Records Impressive Financial Performance In 2022 Half-Year Reports

Wema Bank Plc, pioneer of Africa’s first fully digital bank and one of Nigeria’s most resilient banks, has posted a growth performance across all financial indices in the First-Half of its 2022 operations. This information is contained in the Financial Results for the Period Ended 30 June, 2022 released in Lagos on 28 July, 2022.

In the report, the bank recorded an increase of 50 percent in its Gross Earnings from the ₦39.82 billion it recorded in H1 of 2021 to ₦59.59 billion. It also grew its Interest Income by 55 percent year-on-year, from the ₦32.19 billion recorded at this period last year to ₦49.75 billion. The bank’s Non-Interest Income went up from ₦7.64 billion in the period ended 30 June, 2021 to ₦9.85 billion, an increase of 29 percent.

Similarly, Wema Bank recorded a 43 percent increase in Profit before tax (PBT) from ₦4.30 billion over the same period last year to ₦6.13 billion for the period under review. The bank’s Profit after tax (PAT) also increased from ₦3.72 billion in H1 2021 to ₦5.30 billion reflecting a raise of 42 percent.

The bank also grew its deposit by 13 percent from ₦968.17 billion reported in FY 2021 to ₦1.09 trillion in the H1 2022. It also grew its loans and advances from ₦418.86 billion to ₦447.23b in H1 2022, an increase of seven percent.

Ademola Adebise, the Managing Director/Chief Executive officer of the bank, attributed the remarkable performance to increased customer satisfaction the bank delivers through its investment in technology.

“Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging. That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders.”

In his own remarks, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the strong performance stems from the bank’s diversification of its business and value derived from its digital assets.

“This has been a strong first half with Interest Income up 55% and Profit Before Tax up 43% compared to H1 2021.” Mabawonku said.

“This strong showing is down to diversification at different levels of our businesses. Also, it is a testament to the advantage of our investment in digital banking assets which have continued to boost customer satisfaction and build trust for us. Also, we are aware of the challenges that the rising cost of living is having on our customers and stakeholders. Given the size of our balance sheet and income growth, we have trust in our ability to continue to provide support and help cushion the impact of growing costs in the market,” he explained.