NEWS
Benue Govt Drags NDIC, Bank to Court over Illegal Sale of Shares
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From Attah Ede, Makurdi
The Benue Investment and Property Company (BIPC) yesterday pulled the Nigeria Deposit Insurance Corporation (NDIC) and All States Trust Bank (in-liquidation) to court over illegal sale of shares belonging to the state and demanded for a refund of N8.
6 billion as claims and general damages.It would be recalled that the case which was started in 2011, was discontinued due to a request by NDIC for an out of court settlement and the parties went to Arbitration Panel in Abuja.
However, the panel could not resolve the matter because the NDIC later preferred to continue with the case in court.
When the case came up for hearing at the Federal High Court sitting in Makurdi, the Counsel to the plaintiff, Douglas Pepe SAN called one of their chief witnesses, Paul Agu, a former staff and MD/CEO of the company.
Agu intimated the court that the plaintiff applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.
He explained that the money was to come through the liquidated bank adding that the bank was to take her commission and stand as their guarantor before the mortgage bank.
He said the bank failed to meet her contractual agreements with the plaintiff yet started deducting charges from their account.
He said the bank also failed to complete the process of opening the letter of credit as required in such cases.
Pepe through his star witness tendered 32 documents to support their position.
Among the documents tendered were bank statements of the plaintiff in All States Bank (in -liquidation) between August 1, 2002 and December 31, 2003.
He also tendered details of transfers of shares sold by the respondents and closed their case.
However, the respondents presented by Aondover Iorngee after cross examination requested for date for defence.
The plaintiff in the suit, while given the breakdown of the transitions, said BIPC applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.
The plaintiff further stated that the respondents who did not fulfill her part of the contract agreements, charged them arbitrarily and sold their shares placed in their custody as collateral.
BIPC therefore, urged the court to order the respondents to pay N2. 6bn has lost income for her inability to trade with stocks which were pledged as collateral and has been with them since 2002.
They also pay the shares which in 2007 were valued at over 740m at the time of transaction and appreciated to over N5.5bn in 2007.
They should also pay N99.5m being proceeds of the shares illegally sold and N62.8m being value of lost dividends and bonuses over the period.
The plaintiff therefore, asked the court to order the respondents to pay N2bn as general damages, totalling N8.6 billion.
The presiding judge, Justice Raphael Egbe, however adjourned the case to May 5, 2025 for opening of defence.
NEWS
IFC’s $50m Lagos Free Zone Investment Indicates Confidence in Tinubu’s Reforms – TMSG
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Tinubu Media Support Group (TMSG), says the 50 million dollars equity investment in the Lagos Free Zone by the International Finance Corporation (IFC), is a vote of confidence in President Tinubu’s reforms.
In a statement on Tuesday by Mr Emeka Nwankpa, its Chairman, TMSG said the investment was a major indicator that the country’s business environment was gaining interest across the investment world. According to him, it is an affirmation of Nigeria’s readiness for big business under the administration of President Bola Tinubu. “That a reputable body like the IFC deemed it fit to commit a whopping 50 million dollars equity investment in a private business initiative in the country is no mean feat.“Clearly, it is a stamp of approval by the international community that Nigeria is a good place to invest, a place where there is a guarantee of returns on investments.“But for us, it is a signal that the country is truly ready for big business as a result of ongoing reforms of the President Bola Tinubu administration.”This is contrary to a few misconceptions in purely partisan quarters about the policies.”Nwankpa said that it was interesting that IFC’s equity investment was for the development and expansion of Nigeria’s first deep-sea port at the privately-run Lagos Free Zone.He added that the investment, the largest single financial commitment by IFC in recent years, was designed to address critical infrastructure gaps.”It will as well attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.“We are convinced that the decision to invest in the free zone will unlock new opportunities for businesses in the deep sea port that is already acknowledged to have world-class facilities.“We agree with President Tinubu that it is a testament to the success of the Renewed Hope Agenda, as well as the ongoing efforts by his administration to attract foreign direct investment.“We also commend Tolaram, the owners of the Port-based industrial zone, which recently acquired Guinness and turned its financial fortunes around in just six months, for their continued efforts at showing that Nigeria is a good place to invest,” he said.He added that Nigeria’s business environment had recorded incremental improvement in the last few months in response to the federal government’s policies, noting that Nigeria remained Africa’s biggest investment capital.(NAN)NEWS
BREAKING: Edwin Clark Dies at 97
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Former Federal Commissioner for Information and South-South Leader, Edwin Clark, is dead.
According to a statement released by his family, the chairman of the Pan Niger Delta Forum, PANDEF died on Monday night,
He was 97 years old.
“The Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta State, wishes to announce the passing of Chief (Dr.
“Born in Kiagbodo, in the Ijaw area of what is now Delta State, late Clark attended primary and secondary schools at Effurun, Okrika and Afugbene before completing further studies at the Government Teacher Training College, which later became Delta State University, Abraka.
Thereafter, he worked briefly as a school teacher before traveling abroad to earn a law degree.“He worked with the administrations of military governor Samuel Ogbemudia and head of state, General Yakubu Gowon between 1966 and 1975. In 1966, he was a member of an advisory committee to the military governor of the Mid-Western Region province, David Ejoor and was appointed Federal Commissioner of Information in 1975.
“May his soul rest in peace, Amen.”
“The family appreciates your prayers at this time. Other details will be announced later by the family.”
NEWS
Lagos Lawmakers Demand Investigation into DSS Interference
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The Lagos State House of Assembly has called for a thorough investigation into the Department of State Services (DSS) for its undue interference at the complex on Monday.
Mr Stephen Ogundipe, Chairman of the House Committee on Information, Security, and Strategy, made this statement in Lagos on Monday.
Report says that there was chaos at the Assembly on Monday, with lawmakers and staff clashing with DSS personnel upon arrival.
The complex was closed for several hours before legislative staff forced open the chamber’s doors.
Ogundipe said the presence of armed DSS operatives undermined the sanctity of the assembly and obstructed lawmakers from fulfilling their constitutional duties.
He called on relevant authorities to investigate this unwarranted restriction and ensure such incidents do not happen again.
Ogundipe stressed that the DSS’s presence infringed upon the legislature’s independence and directly attacked democratic governance.
The lawmaker also noted a DSS publication about a letter dated Feb. 14, titled ‘Enhanced Security Measures for LSHA.’
Ogundipe explained that the DSS released a letter from the Acting Clerk, requesting security presence at the Assembly complex, to justify their actions.
He stated that when lawmakers and staff arrived, they found the Speaker’s, Deputy Speaker’s, and Acting Clerk’s offices locked by DSS operatives, and the legislative chamber sealed.
Ogundipe emphasised that while the House had previously sought security from the DSS, the request never included invading offices or restricting access to the chamber.
“The letter requesting security never instructed the DSS to invade the legislative chamber or lock offices,” he clarified.
He added, “Today’s events raise serious concerns about undue interference in legislative affairs.”
Ogundipe reminded that lawmakers had lawfully removed the former Speaker, Mudashiru Obasa, and continued to support Speaker Mojisola Meranda’s leadership.
The lawmakers remain committed to enacting laws that promote the development and progress of the state. (NAN)