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Jimoh Ibrahim In Court Battle To Recover NICON Investments, Global Fleet From AMCON

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Ibrahim Threaten Nigin

Businessman, Jimoh Ibrahim, on Monday, urged a Federal High Court sitting in Abuja to strike out a motion filed by the Asset Management Corporation of Nigeria (AMCON) against its order on issues regarding to two of his companies, NICON Investments Ltd and Global Fleet Limited

Mr Ibrahim, through his counsel, Oladele Oyelami, prayed Justice Okon Abang following the plaintiff’s absence in court to take the application.

 The News Agency of Nigeria (NAN) reports that AMCON had filed a stay of execution of order the court granted Ibrahim over alleged N69 billion debt.

The development followed the application filed by lawyer to AMCON, Ade Adedeji, SAN, to appeal the orders made in favour of Ibrahim and his companies by Justice Abang.

Abang had, on Feb. 22, 2021, vacated the orders obtained by AMCON in aid of Taiwo Lakanu, the receiver/manager, it appointed to manage the assets of two seized companies owned by Ibrahim over alleged N69 billion debt.

The seized companies are NICON Investment Ltd and Global Fleet Oil and Gas Ltd.

The judge, in a ruling, held that it was an order made without jurisdiction because there was a subsisting order by a court differently constituted on the matter.

The judge had fixed Jan. 24 to hear the corporation’s motion.

But when the matter was called, counsel to AMCON was not in court.

However, Ibrahim’s lawyer, Oyelami, who held the brief of Chief Adeniyi Akintola, SAN, told the court that the defence had already joined issues on the appeal with AMCON.

He said his clients (Ibrahim and the Nicon Investment Limited) had filed an application challenging the appeal itself, but AMCON had not responded to their brief of argument and the application they filed in opposition to the appeal.

The lawyer said though the Court of Appeal was yet to give a date for the hearing, “giving the urgency of the matter, we have taken it upon ourselves to do a letter to the Court of Appeal which we have done asking for a date to hear the appeal since the appellant is not willing to prosecute the appeal.”

With respect to the application for stay of execution which AMCON filed, Oyelami prayed the court to strike it out but the court declined on the ground that the Court of Appeal was already aware of the matter by virtue of the appeal.

The judge said he could not make an impossible order that would go contrary to established  principles.

Abang then adjourned the matter until March 10 to abide by the outcome of the appeal .

NAN reports that Justice Abang, in his ruling delivered in favour of Mr Ibrahim, said that AMCON misled the court by withholding material facts from the court to obtain the interim ex-parte order.

It would be recalled that Justice Nkeonye Maha of a Federal High Court, Abuja, had, on Jan. 4, 2021, granted the AMCON exparte motion.

The court had restrained the defendants, their directors, shareholders, officers, employees, agents or privies from interfering or obstructing Taiwo Lakanu (4th plaintiff) in the course of performing his duty as receiver manager whether by himself and or other persons employed by him over the 2nd and 3rd plaintiffs’ assets pending  the determination of the originating summons, among others.

The judge made further consequential orders directing the Inspector General of Police (IGP) and other security officers named in the application, to provide Lakanu with all the needed assistance to execute his task.

While AMCON is the 1st plaintiff, NICON Investment Limited (in receivership), Global Fleet Oil and Gas Ltd (in receivership) and Taiwo Lakanu (appointed as receiver of 1st and 2nd plaintiffs) are 2nd to 4th plaintiffs in the suit.

In the matter with suit number: FHC/ABJ/001/2021, Ibrahim, NICON Insurance Ltd, Nigeria Re-Insurance Hotels Ltd, Abuja International Hotels Ltd and NICON Hotels Ltd are 1st to 5th defendants.

But in a ruling, Justice Abang vacated the main order and the accompanying consequential orders made by Justice Maha on the grounds that AMCON withheld facts from the court and that the orders were made without jurisdiction.

Abang noted that AMCON failed to disclose that the purported debt owed by NICON Investment and Global Fleet to Union Bank, which it bought, was the subject of a pending suit before the High Court of Lagos State in a suit marked: LD/1074/2010.

He added that AMCON also withheld from the court, in obtaining the said Jan. 4 orders, that a Federal High Court in Lagos presided over by Justice J. Oguntoyinbo, granted an order on Oct. 2, 2019, staying further proceedings in a similar case, marked:  FHC/L/CS/776/2016, pending the outcome of proceedings in the suit before the High Court of Lagos.

Justice Abang added that since the order for stay of proceedings made on Oct. 2, 2019 by the Federal High Court, Lagos was not appealed, it was still subsisting and as a result, the Federal High Court in Abuja was without jurisdiction to have made the orders of Jan. 4, 2021.

The judge noted that the issue at stake was not about AMCON’s power to appoint a receiver/manager, but whether AMCON deposed to the court in Abuja, before obtaining the Jan. 4 orders, that there was a subsisting order made by the Lagos division on Oct. 2, 2019, staying proceedings.

“This is a clear case of concealment of material facts before the ex-parte order was made.

“This is a case of non-disclosure and suppression of material facts. AMCON cannot pretend that the order made on the Oct. 2,, 2019 does not exist, having not appealed.

“As far as the ex-parte order, limited to the 4th of January, 2021 is concerned, it is a nullity.

“Where a trial court lacked jurisdiction to make an order, a judge of coordinate jurisdiction has jurisdiction to set same aside,” the judge said.

He added that although the AMCON’s power to appoint receiver/manager, under Section 48 of its Act, was not in doubt, the issue of whether it (AMCON) could appoint a receiver/manager over NICON Investment and Global Fleet in respect of a debt that has not been ascertained would only be determined at the hearing of the substantive suit.

The judge ordered the five defendants in the suit, including Ibrahim to file their defence to the substantive suit and adjourned until March 15 for parties to first address the court on whether it could proceed with further hearing of the suit in view of an earlier ruling it gave on Feb. 25, 2011 in a related case.

The case was marked: FHC/L/CS/1359/2010 between Union Bank and NICON Investment and six others.

AMCON had, in applying for the Jan. 4 order, stated that sometime in 2008 and 2009 NICON Investment and Global Fleet were granted loan facility of N26 billion by Union Bank, and that the facility was secured with £125 million jointly owned by both companies, kept in the NICON Investment’s fixed deposit account with the bank.

It added that when the loan was due and the both companies failed to repay, Union Bank later sold the debt to it (AMCON) as non-performing loan, adding that as at Nov. 30, 2020, the outstanding loan, with accrued interest stood at N69 billion.

AMCON said it later acted, pursuant to Section 48 of its Establishment Act, to appoint Lakanu as a receiver/manager over the assets of NICON Investment and Global Fleet in order to manage the assets and prevent them from wastage.

In a counter affidavit Ibrahim and other defendants stated among others, that the issue of whether there is a valid debt owed to Union Bank by NICON Investment and Global Fleet  the companies alleged to be in receivership, is the subject of suit: LD/1074/2010 pending before the High Court of Lagos.

They added that Union Bank, which claimed to have sold the purported debt to AMCON, admitted in the suit before the Lagos High Court that it is in custody of £125 million held in favour of NICON Investment.

The defendants stated that AMCON  suppressed material facts before the interim ex-parte orders were obtained on Jan. 4.

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Why Google Blocked 5.5bn Adverts

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US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.

The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.

https://gwg.ng/2024/03/28/see-the-pastor-that-charges-n1-7m-to-teach-people-how-to-perform-miracles/

“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.

https://gwg.ng/2024/03/28/man-jailed-6-months-for-stealing-car-battery/

In 2023, it said scams and fraud across all online platforms were on a steady rise.

“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.

https://gwg.ng/2024/03/28/what-i-experienced-in-detention-firstnews-editor-narrates/

Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.

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Amidst Rumours, Naira Exchanges ₦1,371.170/$1 At Parallel Market For March 28

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Naira dollar exchange for March 28

The Naira is today, Thursday, March 28 2024 exchanging 1,371.170 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,371.170 Naira for every 1 Dollar that you exchange.

The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today, March 28 exchange, indicates that the naira appreciated against dollar with ₦26 difference compared to yesterday, when naira exchanged $1 to ₦1,345.300.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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Naira Appreciates To N1,350/$ In Parallel Market

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The Nigerian currency, the naira, experienced a notable appreciation in value, reaching N1,350 per dollar in the parallel market, a sharp rise from N1,430 per dollar on Monday.

This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.

https://gwg.ng/2024/03/27/why-i-dont-win-awards-yemi-alade/

This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.

The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.

Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.

https://gwg.ng/2024/03/27/son-of-ex-president-jailed-in-us/

The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.

Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.

These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.

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See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today

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One of the most essential commodities in the country and all over the world is petrol, also known as Premium Motor Spirit (PMS), as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

Current Price of Petrol in Nigeria

According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.

https://gwg.ng/2024/03/27/why-delta-state-assembly-reverses-sack-of-accountant-after-24-years/

This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.

Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.

https://gwg.ng/2024/03/27/why-i-granted-full-autonomy-to-local-government-councils-governor-alia/

The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.

StatePrice (N)
Abia687.50 Per Litre
Abuja632.12 Per Litre
Adamawa671.40 Per Litre
Akwa Ibom677.00 Per Litre
Anambra680.00 Per Litre
Bauchi650.00 Per Litre
Bayelsa673.00 Per Litre
Benue632.84 Per Litre
Borno657.27 Per Litre
Cross River663.33 Per Litre
Delta665.63 Per Litre
Ebonyi638.71 Per Litre
Edo662.00 Per Litre
Ekiti651.33 Per Litre
Enugu673.87 Per Litre
Gombe703.00 Per Litre
Imo687.00 Per Litre
Jigawa679.67 Per Litre
Kaduna670.00 Per Litre
Kano678.27 Per Litre
Katsina680.40 Per Litre
Kebbi796.67 Per Litre
Kogi626.79 Per Litre
Kwara614.90 Per Litre
Lagos663.05 Per Litre
Nassarawa629.32 Per Litre
Niger624.04 Per Litre
Ogun653.11 Per Litre
Ondo653.02 Per Litre
Osun658.77 Per Litre
Oyo662.53 Per Litre
Plateau670.00 Per Litre
Rivers674.55 Per Litre
Sokoto664.80 Per Litre
Taraba704.11 Per Litre
Yobe675.55 Per Litre
Zamfara771.43 Per Litre

Please note that these prices are subject to changes in different stations across the country.

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Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans

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Akwa Ibom interest-free loans

Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.

The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.

Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.

“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.

“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.

Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.

The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.

The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.

The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)

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Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders

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Dennis Amachree Binance

Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.

Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.

The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.

This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.

In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.

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CBN Ups Fight Against Inflation, Raises MPR

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CBN MPR

In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.

The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.

GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent

Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retained a liquidity ratio of 13 per cent.

GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.

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Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds

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CBN on dollars

Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.

GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.

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According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.

The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.

Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.

The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.

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Why FIRS Filed Charges Against Binance

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Binance charges

The Federal Government has initiated criminal charges against Binance, a cryptocurrency exchange platform for failing to pay statutory taxes to the government of Nigeria.

The charges were filed at the Federal High Court in Abuja, the Special Adviser (Media) to the Chairman of Federal Inland Revenue Service (FIRS), Mr Dare Adekanbi, revealed Monday.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.

Joining the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission (EFCC).

The charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

The charges further detailed specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.

“Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria.

“According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).

“But Binance did not do this properly. So, the company broke Nigerian laws and could be investigated and taken to court for this infraction,” Adekanmbi said.

He added that the Federal Government remained resolute in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.

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