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Court Denies Petro Union’s Application to Enforce $15bn Judgement

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By Joseph Amah, Abuja

The Federal High Court in Lagos has dismissed an application by Petro Union Oil and Gas Company to enforce a £2.550 billion judgement delivered on the 11th of March 2014 against the Central Bank of Nigeria, Union Bank, the Ministry of Finance, and the Attorney-General of the Federation jointly and severally.

This application by Petro Union and its officials sought to enforce the erstwhile judgement against Union Bank even as the appeals of Union Bank, CBN and the Attorney-General of the Federation remains pending at the Supreme Court and the Court of Appeal respectively.

The criminal trial of Petro Union and its directors at the Federal High Court for sundry criminal offenses including fraud, forgery, and uttering is also ongoing.

Together with interest, the judgement which Petro Union attempted to enforce before their efforts were frustrated by today’s judgement, amounts to over $15 billion – which equates to about half of Nigeria’s current foreign reserves.

On the 18th of June 2021, Petro Union had approached the Federal High Court through a Motion Ex-Parte seeking an Order of Interim injunction to restrain Union Bank from accepting, or offering for sale its assets, in any manner – pending the determination of the Motion on Notice filed in the suit and an Order directing maintenance of status quo and suspension of all actions, proceedings and processes relating to the intended sale of Union Bank’s assets – pending the hearing and determination of the Motion on Notice already filed in the suit of which the Court granted the Motion Ex Parte.

Upon being served the Order Ex-Parte, Union Bank, through its lawyers, Olaniwun Ajayi LP filed an application to set aside the Order Ex-Parte and also filed other processes in opposition to the Motion on Notice filed by Petro Union asking the Court to make the interim order permanent. Union Bank argued that a litigant cannot prevent a shareholder of a company with which it is involved in litigation from selling its shares, and that such an action by a shareholder cannot be imputed to the company. It was further argued that the judgement, which formed the basis of the suit was obtained by fraud, as an appeal against the judgement was pending at the Supreme Court where an application for stay of execution was also pending and that Petro Union and its directors were standing trial for fraud-related offenses before the same Court.

In its judgement, the Federal High Court, presided over by Justice Osiagor, quoted paragraph 2 of the publication by Bloomberg which read: “Bloomberg, which quoted sources familiar with the matter disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria”,  and held that the quoted paragraph shows that it is Atlas Mara Limited that has received offers for the sale of its shares in Union Bank. The Court further held that shares belonging to shareholders is not the same as the assets of a company, hence the Court cannot prevent a shareholder from selling its shares. The Court also held that because of the appeal pending at the Supreme Court, it would not make any preservatory order on a matter which is currently before the Supreme Court. He went further to state that there was no threat to the res to necessitate a preservatory order of the Court thus dismissing the Originating Summons filed by Petro Union.

With this judgement, Union Bank, the CBN, and indeed every citizen of the Federal Republic of Nigeria can heave a sigh of relief at the forestalling of what would have been another P&ID crisis – this time orchestrated on Nigerian soil.

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Adamawa Govt. Earmarks N55.5 bn as 2024 Supplementary Budget

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The Adamawa  Government has approved the sum of N55.5 billion as supplementary budget for the 2024 financial year.

Mrs Neido  Kofulto, State Commissioner for Information and Strategy said this while briefing  newsmen on the development in the late hours of Tuesday in Yola.

She said the supplementary budget was part of the emergency Executive Council Meeting presided over by the state Deputy Governor Prof.

Kaletapwa Farauta.

According to her, the supplementary budget is necessitated by the need to capture and finance projects which were  not initially captured in the main budget.

“The council resolution on the supplementary estimate will soon be presented to the State House of Assembly for ratification and approval,” she said.

Mr Emmanuel Piridimso, State Commissioner for Budget and Planning said the budget was initiated to finance other additional projects as the State finances had reasonably increased.

According to him, the ministries captured in the supplementary budget are, Ministry of Education, Women Affairs, Commerce and Industries and Works and Energy Development and among others.

The Adamawa  government had on Dec. 9, 2023 presented an appropriation estimate of N225.8billion.

(NAN)

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Prominent People are Behind Mounting of Illegal Checkpoints in Benue- Chairman BIRS

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From Attah Ede Makurdi 

The acting Chairman of Benue State Internal Revenue Services (BIRS), Mr. Emmanuel Agema, on Monday, lamented over the activities of illegal tax collectors in the State, saying prominent people with the State are behind the mounting of those illegal checkpoints across the state.

Mr. Agema who disclosed this while speaking with newsmen in Makurdi, said that not more than 35 persons have been charged to court.

He maintained that upon assumption of office, the board decided to terminated revenue contract with a few to close revenue leakages about and now using the board staff to collect taxes, a development, he said has assisted the board to generate more revenue for the state.

The acting chairman said the State government has giving the board a target to generate over 16 billion as internally generated revenue for 2024, adding that in 2023, the board met its 14 billion target and surpassed it.

Mr. Agena who decried the activities of illegal tax collectors in the State, said most of them are backed by very prominent individuals, averring that under his watch, the era of patronizing politicians is over.

“We have already arrested 35 people who are engaging in illegal tax collection and have been arraigned in court.

He disclosed that a truck conveying palliatives from Adamawa to Anambra State was hijacked by some youths in Aliade, Gwer East local government area of the State 

According to him, the youths who mounted illegal checkpoint, stopped the vehicles, broke their windscreen and stole the sum of #200,000 from one of the drivers.

He said two persons have been arrested and transferred to the DSS on the governor’s directives that a thorough investigation be carried out to fish out those behind illegal tax collection in the state

 “The truck was intercepted and the driver beaten while the windscreen of the vehicle broken and over 200,000 naira stolen. 3 persons have been arrested and are in police custody. They will be moved to DSS for thorough investigation

“Our aim is to flush out or reduce illegal tax collectors to the barest minimum. This has been a big challenge. We have constituted a team headed by director of Tax collection. Prominent people in the State are involved in encouraging these boys. 

“We also plan to recover over 5.6 billion from ground rent. We are liaising with the Ministry of Land towards this direction. 

“We also, engaged the service of Softnet, an ICT company to aid us collect revenue. They are paid commission. The company have engaged over 250 staff who have been trained and given POS to collect revenue.

“Taxation is about confidence. Our work now is easy because tax payers are willing to pay because the people are seeing what government is doing”.

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I’m not Desperate for Super Eagles Coaching Job – Emmanuel Amuneke

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1996 Olympic gold medalist, Emmanuel Amuneke, has said that although he would love to coach the Super Eagles if given the opportunity, he was not desperate for the job.

Amuneke, a former Super Eagles player, said this while addressing newsmen in Owerri on Tuesday.

The former Nigeria U-17 national team coach and former coach of the Tanzania national team, said the job of coaching Nigeria’s national team should be given on merit and to whom with the interest of football and Nigeria at heart”.

The Spain based former striker, who played for Sporting Lisbon football club in Portugal and Barcelona football club, expressed confidence that the Nigeria Football Federation (NFF) would eventually appoint the ideal coach for the Super Eagles top job.

He said that with a plethora of Nigerian talents scattered across the globe, a lot of professional capacity, technical expertise and consultation would be required to harness the talents, combine them and achieve the needed balance.

“The Super Eagles’ upcoming World Cup qualification matches against the Bafana Bafana of South Africa and their counterparts from Benin Republic would necessitate the appointment of a substantive coach who would also need some time to put the house in order for best results.

 “I am not desperate to be Super Eagles coach, though I nurse the ambition to coach.

 “If I have the opportunity to serve my fatherland , I will accept it and deliver my all,” he said.

He however, called for the development of football at the grassroots for further development of the Nigerian league for harnessing of more talents. (NAN)

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