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Customer Slams N200m Suit on Access Bank

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An Abuja based media firm, Image Merchants Promotion Limited and its promoter, Mallam Yushau Shuaib, have slammed a N200 million suit against Access Bank Plc over an alleged unlawful freezing of their four different accounts with the bank in the past two years.

The bank was dragged before a High Court of the Federal Capital Territory (FCT) Abuja by the two plaintiffs who had jointly claimed the N200m as damages for the hardships inflicted on them by the Bank with the freezing.

In the suit with No. FCT/HC/CV/0657/2018 filed on their behalf by Yunus Abdulsalam, the plaintiffs are praying the Court to declare that freezing of their account by the bank as unlawful and a clear breach of the duty of care owed them by the bank.

They are also praying for an order of the Court directing the bank to unfreeze their Private, Salary, Operational and Domiciliary Accounts of the Company and its Promoter with Access Bank Plc.

The global award-winning media outfit and its promoter are the publishers of Economic Confidential Magazine and PRNigeria, a public relations firm.

They claimed that they have tried to no avail with the bank to unfreeze their accounts which met brick walls each time and later metamorphosed to their solicitors writing the final letter to the bank.

In the suit, Shuaib says that the inexplicable freezing of his account has kept him struggling to meet up with his responsibilities as the breadwinner of his family thereby putting his four children, wife and aged parents into a state of avoidable hardship.

Also due to the inexplicable freezing of the accounts, the company claims that its businesses have suffered the following catastrophic developments: Over 20 employees and volunteers in the payroll resigned their employment because of the inability of the company to access its salary account for the purpose of paying monthly salary; The company has also lost patronage as it can no longer advise clients to pay into the operational accounts knowing fully well no withdrawal could be made to execute the job of its clients.

In addition, the media outfit says that the freezing of its Domiciliary Account prevented its financial obligations to foreign partners, subscriptions to products, services and professional membership fees. It also added that for the first time since inception, the company’s monthly print edition of the Economic Confidential Magazine could not see the light of the day.

Their solicitors had written a letter dated 21st December 2017 and addressed to the Branch Manager, Access Bank Plc,  Plot 1244, Samuel Ladoke Akintola Boulevard, Garki 2, Abuja, and received same day, the bank was informed that failure to unfreeze their accounts within seven days will resort to court action as there has been no official explanation by the bank.

The plaintiffs further claimed that since “the absence of their clients from the public service, Mallam Yushau Shuaib has been the alter ego of Image Merchants Promotions Ltd- the publisher of the widely read Economic Confidential Magazine and whose subsidiary is a leading and multi-international award-winning PR firm, PRNigeria.

They claimed that from the record of accounts in question, it was clear that the firm has been carrying out legitimate business of PR consultancy with a vast clientele base especially from the security and financial sectors of the Nigerian economy.

Plaintiffs claimed that they asked for an explanation from their mutual account officer as to the lawful justification upon which their accounts were frozen by the bank and that the response was rather evasive, opaque and vague.

Therefore, the plaintiffs applied for an order of the court in directing the defendant to unfreeze the four accounts and also sought for an order of the court in awarding the sum of N200m only being general and exemplary damages against the bank for unlawful freezing of their account and breach of duty of care owed to them by the bank.

In addition, the plaintiffs demanded another sum of N1m against the bank being the cost of the suit. They also sought payment of 10% of the judgment sum from the date of delivery of judgment until the entire sum is liquidated.

No date has yet been fixed for the hearing. (PRNigeria)

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

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Energy

President Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea

…Lauds Company’s Partners for Expanding Africa’s Role in Clean Energy

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WAGL’s 40,000 CBM LPG Vessel in South Korea
Dignitaries at the naming ceremony of the 40,000 cubic metres (CBM) WAGL Energy Limited’s Liquiefied Petroleum Gas (LPG) vessel in Ulsan, South Korea, on Monday.

President Bola Ahmed Tinubu says Nigeria is poised to deliver clean and sustainable energy solutions not just in-country but also across Africa and beyond.

The President made the remarks today at the commissioning ceremony of a 40,000 cubic meters (CBM) Liquefied Petroleum Gas (LPG) vessel, christened “MT Iyaloja (Lagos),” in Ulsan, South Korea.

The vessel owned by WAGL Energy Limited (an NNPC Ltd. /Sahara Group Joint Venture) is a dual-fuel, fully refrigerated LPG carrier. This latest addition brings WAGL’s total LPG vessel capacity to 162,000 CBM. Other vessels in the fleet include MT Africa Gas, MT Sahara Gas, MT BaruMK, and MT Sapet.

Represented by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the President commended WAGL Energy Limited, NNPC Limited and Sahara Group, for their strategic foresight, technical excellence and unwavering dedication to expanding Africa’s role in the global clean energy value-chain.

In his remarks, Group Chief Executive Officer (GCEO) of NNPC Ltd., Engr. Bashir Bayo Ojulari, described WAGL’s LPG Vessel as a great addition to gas development efforts in Nigeria.

The GCEO, who was represented by the Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, added that the vessel will be crucial in realising the impact of gas in Nigeria’s economic development.

According to him, NNPC Ltd. is deepening its commitment to ensure LPG affordability, availability and access, nationwide.

“NNPC Ltd. is proud to be a major shareholder in this indigenous Company which in addition to the newly commissioned MT Iyaloja (Lagos), owns four (4) other LPG vessels in its growing fleet, delivering over 6 million MT of LPG across West Africa over the last 5 years,” he added.

Also speaking, WAGL’s Chairman/Executive Director at Sahara Group, Mr. Temitope Shonubi, noted that the company’s expansion demonstrates its vision of responsibly driving efforts aimed at bridging the continent’s critical energy infrastructure gap.”

“The addition of MT Iyaloja (Lagos) embodies the spirit of progress and empowerment championed by the iconic Alhaja Abibatu Mogaji, whose legacy we honour. Sahara Group is proud of its partnership with NNPC Ltd. and reaffirms its commitment to partnerships that drive energy access in Africa,” he added.

WAGL’s Managing Director, Mr. Mohammed Sani Bello stressed that the company is dedicated to expanding its integrated supply network across the entire energy value chain.

“WAGL already has plans to further expand the fleet within the next two years with the addition of a Small Gas Carrier and a Very Large Gas Carrier (VLGC),” he added.

The symbolic ribbon cutting of MT Iyaloja (Lagos) named in honour of Alhaja Abibatu Mogaji, MFR, (the late mother of President Bola Ahmed Tinubu), was performed by her grand-daughter, the Iyaloja-General of Nigeria, Alhaja Folasade Mujidat Tinubu-Ojo.

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Transport

Tinubu Approves N16.7bn for Immediate Reconstruction of Mokwa Bridge

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

President Bola Tinubu has approved the release of N16.7 billion for the immediate reconstruction of the Mokwa Bridge in Niger State, which was destroyed by flooding in May this year.

The Minister of Information and National Orientation, Mohammed Idris, announced this in Abakaliki on Saturday after a meeting with the Minister of Works, Senator Dave Umahi.

Idris, who is leading a Federal Government delegation on a three-day tour of projects and citizen engagements in the South-East, said the approval underscores the administration’s responsiveness to urgent infrastructure needs.

“We want to thank Mr. President and we want to thank the Honourable Minister of Works. We jointly discussed this and approached Mr. President, who graciously approved it. It means a lot to the people. It’s N16.7 billion to reconstruct the bridge — a 10-span bridge,” he stated.

The Minister also commended Senator Umahi for his swift response in the wake of the disaster, including dispatching experts to assess the damage shortly after the bridge was washed away.

According to Idris, the approval for the bridge reconstruction will be “music to the ears of the government and people of Niger State.”

In his remarks, the Minister of Works, Senator Umahi, said President Tinubu is a compassionate and listening leader, who is committed to solving the challenges confronting the citizens. 

“The President approved the immediate reconstruction of the bridge as requested by the Honourable Minister. He graciously approved because of him,” he said.

Senator Umahi said the latest round of approvals for provision of infrastructure cuts across all the geo-political zones of the country. 

He listed some of the approvals to include: the reconstruction of the washed-away 5-span bridge in Wukari, Taraba State; the Lokoja Bridge; the permanent repair of the washed-away section of the Afikpo in Ebonyi to Abia and Imo State; the Keffi Flyover Bridge; the Jebba Bridge in Kwara State; seven bridges in Edo State; and a bridge in Kebbi State.

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