Connect with us

Business

Obat Petroleum In N1. 558, 214, 525. 79 Billion Debt Mess

Published

on

Federal High Court, Lagos, has ordered the Federal Ministry of Finance and Debt Management Office (DMO) to pay all monies and other payment  instruments  amounting to N1. 558, 214, 525. 79 billion accrued to Obat Oil Petroleum Limited as subsidy claims to Sterling Bank Plc.

The Court also restrained Obat Oil and Petroleum Limited, its agents, privies and any other person on behalf of the oil company, from dealing  any monies, instruments, sovereign debt notes and promissory notes standing in the company’s accounts, records and whatsoever, held with the Federal Ministry of Finance and DMO, to the tune of N1. 558, 214, 525.79 billion.
The court further ordered the Finance Ministry and DMO to disclosed on oath the total sum of money, funds,Sovereign Debit Notes (SDNs) either processed or yet to processed within purview of Petroleum Subsidy Scheme in their custody or possession or that may come into their possession or custody belonging to Obat Oil and Petroleum Limited for the further direction of the court.
The court presided by Justice Nicholas Oweibo, gave the directives while ruling in a mareva order application to preserve the monies and other financial instruments as subsidy payment, due to Obat Oil and Petroleum Limited by the Federal Ministry of Finance and DMO, filed by Sterling Bank and Petrocam Trading Nigeria Limited by their lawyer, Gbenga Akind-Peters of Temilolu Adamolekun Law firm.
The order, according to Justice Oweibo, will subsist till the determination of suit marked FHC/L/CS/1100/19, filed against Obat oil and Petroleum Limited by the Sterling Bank Plc and Petrocam Trading Nigeria Limited.
In urging the court to grant the mareva order, Sterling Bank Plc and Petrocam Trading Nigeria Limited, stated that the request for order was due to the failure of the Obat oil company to pay back credit facilities of N1, 558, 214, 525. 79 billion granted to it.
The plaintiffs in a 59 paragraph-affidavit deposed to by Segun Omosola, a litigation officer in the office of Temilolu Adamolekun Laws firm, stated that the oil after gotten allocation from the federal government through Petroleum Products Pricing Regulatory Agency (PPPRA), for importation of Premium Motor Spirit (PMS) approached Petrocam Trading Nigeria Limited to finance the important of the Petroleum product. Consequently, which the Petrocam applied to the bank for enhancement of its existing trade facility to accommodate the transaction of Obat oil and Petroleum Limited.
The deponent states that having considered the application Petrocam, the bank graciously granted the facility enhancement of $3 million USD, to accommodate the importation of the Petroleum product for the importation transaction of Obat oil through a joint venture transaction between the second plaintiff and Obat oil.
He also stated that for the proper management of the transaction, the second plaintiff and Obat oil entered into a service agreement on April 25, 2014, which enable the second plaintiff to utilize its credit facility with the bank for the benefit of Obat oil. Adding that Obat oil opened a collection account with the bank to receive the receivables on the sales and all payments from the Federal government. And based on this agreement, Obat oil applied to the bank at different times, for opening Form M and establishment of letters of credits facilities under the umbrella of the second plaintiff’s credit line. And that based on that agreement, the bank secured approval of the Central Bank of Nigeria, forms numbers, MF20140131150;   MF20140064023; MF20140149022; MF20140101134 and MF20140101100.
The deponent states further that upon confirming the authenticity and veracity of the letters of credits through its letter dated July 25 and 30 and November 25, 2014, to the Department of Petroleum Resources (DPR), the Petroleum product was eventually delivered to Obat oil’s storage facility and sold to the public I line with the extant regulation from PPPRA under Petroleum Support Fund (PSF) scheme being regulated product.
The deponent states that contrary to the agreement of the parties and consternation of the plaintiffs, Obat Oil diverted all monies paid by the Federal government representing accrued interest amongst others things over the transaction into account different from the collection account. The funds which ought to have been paid into collection account to reduce Petroleum’s indebtedness to the bank.
The deponent also states that despite several reconciliation meetings, Obat oil continues to perform acts to worsen the position of the collection account. And that upon investigation carried out by the plaintiffs, it was discovered that the funds were actually diverted for the personal use of the Obat oil’s Alter Ego (owner).
He also stated that despite several letters and agreement of parties, the Obat oil’s action now threaten the actualization of receiving the receivables as the defendant is currently making plans and has in fact perfected the plans to divert the promissory notes/sovereign debt notes excepted to be received from the Federal Ministry of Finance and DMO. Adding that the ‘res’  of the suit is in real and complete danger by being completely dissipated any moment by Obat Oil and unless the court intervenes, the plaintiffs will definitely be left in the lurch.
He also stated that it would be in the overall interest of justice to grant the orders as the defendants (Federal Ministry of Finance and DMO) will not be prejudiced by granting same.
The hearing of the motion on notice on alleged indebtedness has been adjourned till August 15, 2119.
     Culled://shybellmedia.com
Share
Also Read:  Update On Nollywood Movie Producer Seun Egbegbe's Case
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Kwara Scholarship Board Rocked By N150m Alleged Bursary Fraud***EFCC Interrogate Chairperson

Published

on

Fraud

 

The Economic and Financial Crimes Commission (EFCC), has opened an investigation into an alleged fraud running into N 150m.

The alleged fraud was orchestrated by the management of Kwara State Scholarship Board.

Operatives of the EFCC have already interrogated officials of the board, including the Chairperson, Hajia Fatimoh Yusuf, Executive Secretary, Mr. Fatai Lamidi and the Board’s Accountant, Mr. Stephen Ajewole, among others.

A source within the board who spoke with www.theoctopusnews.com, in confidence revealed that the fraud was actually perpetrated between 2017 and 2018 when the Kwara State government released the said sum as bursary allowance for 10, 000 indigenes who were students in various tertiary institutions of the state.

Also Read:  UBA Contactless Cards Hit Industry High of Three Million

However, only 6, 000 students were paid bursary while 4, 000 students allegedly failed to benefit from the bursary.

The source revealed that the 4, 000 students who were not paid subsequently alleged that their money had been converted to personal use.

Our source revealed that the fraud was carefully orchestrated such that names of the recipient were provided, but they never got their allocation.

In the course of investigations, the students who sighted their names, matriculation numbers and signature became very angry, insisting that their signatures were forged.

Also Read:  Dimeji Bankole gets fresh start

They claimed not to have been the original beneficiaries of the controversial bursary allowance despite their particulars on the scholarship board documents.

During interrogation, it was revealed only a handful of the students actually got paid, as opposed to the 10, 000 students reported to have been paid.

With the investigation ongoing, heads are expected to roll in the scholarship board, with management staffs expected to be persecuted if found guilty.

 

Share
Continue Reading

Business

FIRSTBANK AGRIC EXPO SET TO PROMOTE NEW AGRIBUSINESS OPPORTUNITIES

Published

on

tunThe 2019 edition – the third in the series –  is themed Agricultural Value Chain – Spotlighting Opportunities and Managing Risks” would have Professor Benedict Oramah, President of AFREXIM Bank as the Keynote Speaker.

 

The annual FirstBank Agric Expo, launched in 2017 provides the lead in national discourse on sustainable agriculture value-chain as a substantial source of Nigeria’s economic development, improved contribution to her balance of trade as well as foreign exchange. The 2019 edition would host over 600 delegates and over 60 exhibitors to display the latest technology in farm equipment, tools and machineries as well as packaged finished agricultural produce, logistics and supply, thereby keeping the participants and sundry agribusiness practitioners abreast with new opportunities in the Agricultural industry.

Besides the plenary session, the expo will feature three (3) Masterclasses with in-depth analysis on specific areas of Agribusiness, facilitated by enterprising Subject Matter Experts (SMEs). The Masterclass facilitators include Mr. Leonard Anyanwu, Group Executive Director, Saro International Limited; Mr Segun Ogunwale, Team Lead, Kominity Digital and Mr Bamidele Ayemibo Managing Director, 3T Impex Trade Centrewho will provide insight as well as share success stories and experiences.

 

Expressing his delight on FirstBank’s leading role at not just promoting Agriculture but diversifying the Nigerian economy, the CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan said ”in the last 125 years, more than any other financial institution, we have played a key role in financing different sectors of not just the Nigerian economy but other economies in sub-Saharan Africa. As Nigeria expands opportunities in its non-oil sector – especially Agriculture – we remain committed to the growth of the agricultural sector and its contribution to the nation’s Gross Domestic Product.”

Also Read:  Update On Nollywood Movie Producer Seun Egbegbe's Case

“Our consistency in convening the FirstBank Agric Expo, which is in its third consecutive edition, is a demonstration of our commitment to building the agribusiness economy which is capable of delivering sustained prosperity by meeting domestic food security goals, generating exports, supporting sustainable income and creating employment opportunities”, he concluded.

 

 

About FirstBank

 

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for 125 years. With some 15 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

Also Read:  HOPE RISES FOR FAILED WHARF-APAPA ROAD AS STAKEHOLDERS RECOMMEND CONCRETE PAVEMENT TO FIX IT

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

Share
Continue Reading

Business

ZENITH BANK APPOINTS HENRY OROH EXECUTIVE DIRECTOR AND DR. AL-MUJTABA ABUBAKAR INDEPENDENT NON-EXECUTIVE DIRECTOR

Published

on

HENRY OROH

The Board of Directors of Zenith Bank Plc has approved the appointment of Mr. Henry Oroh as Executive Director of the bank. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within.

Also, the Board has approved the appointment of Dr. Al-Mujtaba Abubakar, FCA, as an Independent Non-Executive Director.

Both appointments are effective September 1, 2019, and have been approved by the Central Bank of Nigeria.

Henry Oroh holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

Also Read:  Humbling: Emeka Ike Slams Segun Arinze***Say Arinze Doesn’t Have A BSc, He Is Not Fit To Be In Power In AGN

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK, and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

Also Read:  UBA Contactless Cards Hit Industry High of Three Million

Dr. Al-Mujtaba Abubakar is currently the Managing Director of Apt Pensions Funds Managers Limited.

He is a graduate of the Leeds Polytechnic, UK. He is a renowned Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria.

Dr. Abubakar has extensive and tremendous experience in the financial services industry, audit and consulting. He worked with the firm of Akintola Williams Deloitte between January 2000 and November 2008 and rose to become the Partner and Board Member of West Africa sub-region. Prior to this, he had served on the Board of several financial institutions in Nigeria.

He has attended several management and leadership training programmes and conferences both within and outside the country.

He brings to the Board of the bank tremendous track record in Risk Management, Credit & Marketing, Auditing, and very outstanding leadership skills.

 

Share
Continue Reading

Facebook

Trending

Copyright © 2019, February13 Media