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Court adjourns winding-up suit against Japaul Energy

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Executive Director & Chief Operating Officer of Japaul oil and maritime services Plc. Mr. Oladapo Akinloye Daniel

Executive Director & Chief Operating Officer of Japaul oil and maritime services Plc. Mr. Oladapo Akinloye Daniel

 

The Federal High Court has adjourned a suit by a company, AYM Shafa Limited, against Japaul Energy Limited over its alleged failure to repay a N153million debt.

AYM Shafa, in a petition, is praying that Japaul Energy be wound up for being insolvent and unable to pay its debts.

The petitioner said it paid Japaul Energy N153,200,000 for the supply of two million litres of Premium Motor Spirit (petrol), to be delivered between last October 5 to 12.

AYM Shafa said Japaul Energy claimed that the product was already on ground in a tank farm in Calabar, adding that the contract was entered on the assumption that the product was available for supply.

The petitioner, through its lawyer Chris Ekemezie, said Japaul Energy failed to supply the product despite repeated demands. It said when it got to the tank farm, it discovered that Japaul Energy had no PMS stored.

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AYM Shafa said after two months of the respondent’s failure to supply the product, it demanded a refund of the money; Japaul Energy, it said, promised to “process” and make the refund.

“Despite this undertaking to refund the money and several other oral and written entreaties, three months after, Japaul Energy still has refused, failed and/or neglected to do so, thereby putting the petitioner in a financial quagmire,” AYM Shafa said.

The petitioner said it learnt that Japaul Energy never had the product on ground to supply, contrary to its “misrepresentation”.

AYM Shafa’s Depot Supervisor Isyaku Yahaya, in a counter-affidavit, said: “I know that the applicant is indebted to a lot of companies as well and not just to the petitioner. The only reason it has failed to pay back the money is because it is insolvent and incapable of paying its debts.”

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He added that the expected date of delivery, which was April 24, had long passed with Japaul Energy still unable to commence the product’s delivery. The petitioner accused the respondent of frustrating all attempts to resolve the dispute

But, Japaul Energy said it is “very solvent given her various on-going transactions with customers across Nigeria.”

It said the money in its bank accounts “are far more than the amount of money involved in the contract…”

The company said there was only a delay in supplying product and it was not a case of inability to pay debt.

“Due to the prevailing conditions of petroleum products scarcity as is well known in the public domain, the respondent/objector could not meet up with the supply of the product within the time agreed by parties,” Japaul Energy said.

Justice Ibrahim Buba adjourned till June 8 for settlement or definite hearing should Japaul Energy fail to pay the debt.

 

-http://thenationonlineng.net

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FIDELITY PRIVATE BANKING HOSTS CLIENTS TO AN EXCLUSIVE EDUCATION ADVISORY FORUM

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Directorate Head, Corporate Bank, Obaro Odeghe presenting a plaque to the Managing Director, Quelu Konsult, Mrs. Margaret Anyigbo at the recently concluded Fidelity Private Banking Education Advisory Forum in Lagos.

Fidelity Private Banking Division organized an exclusive advisory forum at The Café in the Private Banking Suite, Ikoyi. The aim was to provide sufficient information and guidance for select clients who wish to have their children study abroad.

L-R: Managing Director, Lady Maker, Mrs. Ify Azubuike; Divisional Head, Private Banking, Fidelity Bank, Mrs. Chioma Nwankwo; and President/CEO, Anabel Group, Dr. Nicholas Okoye; at the recently concluded Fidelity Private Banking Education Advisory Forum

In her opening remarkes, the Divisional Head, Private Banking, Fidelity Bank Plc, Chioma Nwankwo noted that “Studying abroad is becoming more popular among Nigerian students as the country itself continues to pursue integration into the international landscape. The demand for professionals with global experience is rapidly increasing amongst local employers. Our Private Bank has therefore partnered with Quelu Advising Center over an interactive education advisory session to better equip our high net worth and ultra-high net worth clients for future engagements in this respect”.

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Quelu Educational Center is an advisory company operating under Shorelight group of companies working with top-tier universities to offer services to prospective students who wish to study abroad. The forum which provided sufficient information and guidelines extensively covered;

•               Student profiling

•               Advice on University selection

•               Finding Scholarship Opportunities

•               Application and Admission Process

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•               Visa Application preparation

•               New Educational System

•               Cultural Differences

•               USA, UK, Canada

•               Financial planning to fund school fees

Guests were treated to a scrumptious lunch afterwards.

The session is one of the fora that has been put together by the Division which targets the younger generation with necessary steps toward achieving a greater future as wealth is preserved from one generation to another.

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UBA Boss Advocates Curriculum Overhaul to Equip Graduates for Technology advancement

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The Group Executive Director of United Bank for Africa (UBA), Mr Liadi Ayoku, has called for the overhaul of the training curriculum in financial institutions across Africa to reflect current technological realities, which according to him will reflect the modern business expectations and ensure the relevance of graduates to the continent’s economic growth and aspiration.

Ayoku, said this while delivering a keynote address during the annual lecture of the Faculty of Management Sciences, Lagos State University (LASU) titled: “The Future of Finance – Technology at Play” on Wednesday. He explained that finance graduates and professionals must be aware that it was no longer business as usual following the fast-changing technological landscape.

He said, “I am not certain if the finance and accounting graduates of today are familiar with modern financial softwares packages, including global accounting and financial reporting standards.

“Have they been imbibed with the ready-to-market soft skills like leadership, communication, commercial acumen, flexibility/openness to change and strategic vision? “If not, I will like to propose an overhaul of the curriculum to accommodate these,” he noted.

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Ayoku further explained that with technology replacing basic financing, the finance professional that would excel in the future must be quick to retool and adapt to changes.

“Traditional knowledge of finance is getting stale in today’s business world and indeed there is dire need for retooling our skills if we must remain relevant n tomorrow’s financial world. Technology is fast replacing the basics of finance,” he surmised.

According to Ayoku, financial reporting is increasingly being automated, just as data analytics is demystifying performance analysis. Tomorrow’s finance professionals must have capabilities for business intelligence and cognitive analysis. “We must apprise ourselves of the most recent technology and continue to retool our skills to remain relevant today and into the future,” Ayoku said.

Regional Director, United Bank for Africa Plc, Ms Emem Usoro; Executive Director and Guest Lecturer, Mr. Liadi Ayoku; and Deputy Vice Chancellor, Lagos State University, (LASU), Prof. Oyedamola Oke, during the 2019 Annual Guest Lecture of the Faculty of Management Sciences (FMS) delivered by Mr Liadi titled: The Future of Finance; Technology at Play, held at the University campus in Ojo on Wednesday

Deputy Vice Chancellor, Lagos State University, (LASU), Prof. Oyedamola Oke; Executive Director and Guest Lecturer, Mr. Liadi Ayoku; Dean, Faculty of Management Science, LASU, Prof. Babatunde Yusuf; and Executive Secretary, Institute of Entrepreneurship and Chairman of the Occasion, Dr Rotimi Oladele, during the 2019 Annual Guest Lecture of the Faculty of Management Sciences (FMS) delivered by Mr Liadi titled: The Future of Finance; Technology at Play, held at the University campus in Ojo on Wednesday

Deputy Vice Chancellor, Lagos State University, (LASU), Prof. Oyedamola Oke; Executive Director and Guest Lecturer, Mr. Liadi Ayoku; Regional Director, United Bank for Africa Plc, Ms Emem Usoro; and Dean, Faculty of Management Science, Prof. Babatunde Yusuf, during the 2019 Annual Guest Lecture of the Faculty of Management Sciences (FMS) delivered by Mr Liadi titled: The Future of Finance; Technology at Play, held at the University campus in Ojo on Wednesday

The Chairman of the occasion, Dr Rotimi Oladele, the Executive Secretary, Institute of Entrepreneurship, commended Ayoku for delivering a profound paper worthy of equipping account graduates for a future driven by technology while also praising the Chairman of UBA, Mr Tony Elumelu for his contribution to entrepreneurship in Africa, describing him as a ‘global brand of the rarest value’.  He said LASU would benefit from its collaboration with the entrepreneur.

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“No doubt Tony Elumelu is not just a Nigerian of rare value to Nigeria but a Premium African of rarer value and of course a Global Brand of rarest value. Tony Elumelu today as an ultrapreneur is known all over for breeding entrepreneurs and start-ups in thousands and with millions of dollars ceaselessly in support for sustainability.

“We believe LASU partnering with Elumelu could be the best testimonial of befitting support to the most multi-cultural and multi-tribal university in Nigeria. The profile of LASU Staff and studentship speak for this fact,” he said.

The LASU Vice-Chancellor, Prof Lanre Fagbohun, represented by the Deputy Vice-Chancellor, Prof Oyedamola Oke, thanked UBA for its support and sponsorship noting that a bank that believes in the support of education is indeed a special institution.

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Presidents of Rwanda, Senegal and DRC to Speak at the Largest Annual Gathering of African Entrepreneurs—Tony Elumelu Foundation Entrepreneurship Forum

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African Entrepreneurs

 

  • Over 5,000 participants and 40 speakers expected at the Transcorp Hilton Hotel, Abuja
  • Forum to Feature Plenary Sessions, Masterclasses, a Pitching Competition, Networking Opportunities, UBA Marketplace and the Presidential Dialogue

 

The Tony Elumelu Foundation (TEF), Africa’s champion of entrepreneurship, has announced the line-up of speakers and activities for the 5th Tony Elumelu Foundation Entrepreneurship Forum — the largest annual gathering of African entrepreneurs and the African entrepreneurship ecosystem.



 

For the Forum’s Presidential Dialogue, the President of the Democratic Republic of Congo (DRC), H.E Félix Tshisekedi will join previously announced President of Rwanda, H.E Paul Kagame and President of Senegal, H.E Macky Sall, in an interactive, charged plenary session that opens Day 2 of the Forum. The Presidential Dialogue will be moderated by TEF Founder, Tony O. Elumelu, CON, and will feature all three presidents engaging directly with an audience of 5,000, comprising of entrepreneurs, policymakers, investors and business leaders, with thousands of people interacting live online, through TEFConnect.

 

The Forum presents the largest single annual opportunity for entrepreneurs and policy makers to interact directly and all sessions at the Forum have private sector and public sector leaders anchor panel discussions, masterclasses, and a dynamic pitching competition that will engage an audience of start-up entrepreneurs, development institutions, and policymakers.



 

The speakers expected for this year’s Forum include Prof. Benedict Oramah, President of African Export-Import (AFREXIMBANK); Dr. Akinwumi Adesina, President of African Development Bank (AFDB); Dr. Awele Elumelu, Trustee, Tony Elumelu Foundation and Founder, Avon Medical; Kennedy Uzoka, Group CEO, UBA Group Plc; Mrs. Djene Kaba Conde, First Lady, Guinea; amongst other notable global business leaders. 

 

Every year, the Tony Elumelu Foundation hosts the largest gathering of African entrepreneurs, policymakers and business leaders in one location. This year’s Forum, themed “Empowering African Entrepreneurs”, will take place at the iconic Transcorp Hilton Hotel, in Nigeria’s capital city of Abuja. The Forum will also include the UBA Marketplace, where UBA, Africa’s global bank, brings together businesses from across the continent.  

 

At the 2018 forum, TEFConnect, the largest digital platform for African entrepreneurs was launched to connect entrepreneurs to the opportunities they need for business success. TEFConnect will take centre stage at this year’s Forum as global debates move to technology as a key driver of economic development in Africa.

 

For more information: https://www.tonyelumelufoundation.org/forum2019

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