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Customer Slams N200m Suit on Access Bank

Published

6 years ago

on

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

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

Published

1 day ago

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April 23, 2024

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The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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Transport

Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration

Published

3 days ago

on

April 22, 2024

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The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’

“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

The CNG tricycle
The CNG buses

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.

“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.

He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.

In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.

The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.

The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.

The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.

The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.

It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.

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Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

6 days ago

on

April 19, 2024

By

The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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