Connect with us

The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

It began with the claim, contained in Press Release circulated by Innoson, that the Supreme Court had ordered “GTB to Pay Innoson’s N14Billion Judgment Debt into an Interest Yielding Account.” The records of the Apex court show no such thing, instead it asked both parties to return to the Court of Appeal, Enugu Judicial Division, for a hearing on GTB’s appeal scheduled for the 14th of June, 2018.

GTB has also released a statement on the actual events of the day at the Supreme Court. “The attention of GTBank has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers,” the Bank said in an official statement. “There was no directive or Order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers. We again reiterate that there is no iota of truth in the falsehood being peddled by desperate and mischievous elements and the General Public should disregard same in its entirety,” the Bank added.

In fact, the Supreme Court simply directed GTB and Innoson to return to the Court of Appeal for a hearing of the Bank’s substantive appeal on the matter. It is actually in the tradition of the apex court to issue definitive rulings only on Fridays, and what it delivered today was more or less a directive. However, court feelers say this is actually a win for GTB as it grants what the Bank has always wanted—and what Innoson has consistently stalled, which is for the Court of Appeal in Enugu to hear the Bank’s appeal.

The Bank’s appeal of a 2013 High Court judgment gotten by Innoson had stalled at the Court of Appeal for the past two years due to the pending motions filed by both parties at the Supreme Court. On Thursday, 7th of June, 2018 the Apex Court finally sat on the matter and asked both parties to withdraw their motions and return to the Court of Appeal, because GTB’s appeal at the lower court had not been heard.

“The implication [of the Supreme Court Directive] is that both parties are going back to the court of appeal for the Bank’s substantive appeal to be heard,” a source in one of the legal teams of the parties said. “The court said it won’t hear any applications and asked all parties to withdraw their applications.” One of the applications that was withdrawn and struck out by the Supreme Court is the plea filed by Innoson on 27th of February, 2015 askingfor the court to order GTB to issue a money guarantee to the court. This is interesting because it means that, rather than rule for the Bank to pay Innoson 14bn as the latter had claimed, the apex court struck out that particular request.

Back to the Appeal Court

Following the directive by the Supreme Court, the substantive appeal filed by GTB will now be heard at the Court of Appeal, Enugu Judicial Division, on the 14th of June, 2018.This appeal has been repeatedly delayed by the Innoson camp using moves such as itsmotion filed by on October 3, 2017to prevent the appeal from being heard. Back then, the Court of Appeal had expressed surprise that Innoson (the Judgment Creditor) is not desirous of allowing the appeal to proceed.

Again, in the proceedings of 24th October 2017 in CA/E/275/2015 between same parties, the same Prof. Mbadugha appearing for Innoson and other Respondents had scuttled proceedings when he refused to proceed with Appeal even though it was clear that the Appeal was ripe for hearing and opted to pay costs. Prof Mbadugha said to the courts: “I ask for an adjournment even though all motions have been taken… I offer N50,000.00. The Appeal Court responded; “This application for adj. has no basis, but in the interest of justice it is hereby granted. The appeal is ripe for hearing. Cost of N100,000.00 to the Appellant against the Respondents. Appeal adjourned to 17/4/18 for hearing.”

However, following today’s hearing at the Supreme Court, it seems all hurdles have been cleared for GTB’s substantive appeal to be heard by the Court of Appeal.

 

Festus Igbinosa is a financial analyst and he writes from Abuja

BIG STORY

Customs Adjust FX Rate For Import Duties To N1,147/$

Published

on

The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

Continue Reading

BIG STORY

8 Nigerians In South Africa Police Net For “Attacking Officers During Drug Raid”

Published

on

Eight Nigerians have been taken into custody by the South African police for reportedly fighting police during a drug operation.

The suspects were taken into custody in the province of the Northern Cape, the police said in a statement released on Friday.

According to the police, the suspects also caused damage to other properties and cars.

“At the time of the arrest, police were tracing information of one of the Nigerian nationals being in possession of drugs,” the statement reads.

“While conducting this search, a large group of Nigerians attacked police. Police fired rubber bullets to disperse the crowd.

“One suspect was arrested for illegal possession of drugs, and three suspects were arrested for public violence and detained at Kimberley Police Station.

“During processing, the suspects broke windows at the station. Additional charges of malicious damage to property were added.

“Another group of Nigerians later approached the Police Station and threatened to retaliate.

“The Operational Commander warned the group to disperse.

“However, upon dispersing, the group damaged police vehicles. Another four suspects were arrested for malicious damage to property.”

Koliswa Otola, police commissioner for the province, commended officers for the arrest of the suspects.

Otola condemned acts of violence against law enforcement agents, saying those who prevent police from exercising their duties “will be dealt with harshly”.

“We will not allow such lawless behaviour,” the commissioner said.

“We are processing the suspects and working with Home Affairs to determine if they are legally or illegally in the country.

“Police will continue to stamp the authority of the state in the Northern Cape Province.”

Continue Reading

BIG STORY

Yahaya Bello: Lawyer Asks Kogi Assembly To Begin Impeachment Process Against Ododo

Published

on

Due to accusations of misconduct and abuse of power, human rights attorney Deji Ajare has urged Kogi State House of Assembly Speaker Umar Yusuf to start the impeachment process against Kogi State Governor Usman Ododo.

Through the House clerk, Ajare made the call on Friday in a letter addressed to the speaker.

He said that using the governor’s motorcade to transport the troubled former state governor, Yahaya Bello, to safety amounted to harbouring a wanted person, obstructing the course of justice, and misusing public funds.

It was earlier reported that the Governor had whisked away his predecessor at about 4:20 pm on Wednesday, after operatives of the Economic and Financial Crimes Commission besieged the latter’s Abuja residence, to arrest him in connection with an N80.2bn money laundering case.

Following his escape, the EFCC declared the ex-governor wanted while the Nigeria Immigration Service placed him on its watchlist. The Inspector General of Police also has directed the withdrawal of all Police units attached to the former Governor.

Ajare, in his letter, also called on the assembly to cooperate with the EFCC and ensure all individuals involved are available for questioning and investigations.

“In the light of the above allegations and the inherent potential breaches of statutory duties imposed by the Constitution and other relevant laws of our country, these actions, if proven true, amount to gross misconduct and warrant immediate investigation and commencement of impeachment proceedings.

“I hereby call on the Kogi State House of Assembly under your leadership to initiate a thorough inquiry into these allegations by Section 188 of the Nigerian Constitution, to ascertain the truth and to hold Governor Usman Ododo accountable if the allegations are found to be true.

“I also urge the Kogi State House of Assembly to cooperate with national law enforcement agencies, including the EFCC, to ensure all individuals involved are available for questioning and to facilitate a smooth investigation”, he said.

He further implored the House of Assembly to take swift and decisive actions, noting the effect of the “misgovernance implied in these allegations” on the people of the state.

“I thank you as I look forward to your urgent attention to this issue. I trust in your commitment to uphold the Constitution and the laws of our land for the betterment of our state and its people”, the letter also read.

However, the Chief Press Secretary to the Speaker of the House of Assembly, Mohammed Yabagi, who spoke to our correspondent via telephone, said neither the Clerk nor the Speaker had received such a letter.

Yabagi added that the House had not seen any valid reasons to begin impeachment processe against the governor and that there was no evidence that the governor prevented security agencies from arresting Yahaya Bello.

“Anybody in the public has their perception of the matter. But the House has not seen any reason, none of the members of the House were there, and none of them saw the governor trying to prevent the security agencies from doing their job. As far as the Assembly is concerned, the Assembly supports all constitutionally recognised security agencies. We have not seen any reason why the House should commence any impeachment processes.

“For context, as far as the Executive is concerned, the immediate past governor was not even at his Abuja residence, and there’s no concrete evidence that the Executive Governor prevented them from doing their constitutionally recognised job. The House is yet to receive such a letter, and the Speaker is yet to have any knowledge of such a letter,” he said.

Meanwhile, all efforts to reach the Special Adviser on Media to the Kogi State Governor, Ismaila Isah, proved abortive, as his number was switched off.

However, the Kogi State Commissioner for Information, Kingsley Fanwo, debunked reports that Ododo helped Bello, beat security operatives who wanted to arrest him.

Fanwo in an interview with Channels TV on Thursday said the governor was committed to upholding the laws of the country, including respecting its legal processes.

“Governor Ododo did not assist in Bello’s departure from his residence; the EFCC’s claims are misinformation aimed at furthering their objectives. Bello is not evading anyone; the existing court injunction protects his fundamental rights,” he said.

Continue Reading

Most Popular