High Street

A crook and contempt are friends. The shady character excites the scornful tribute of   a sneer every time the discussion segues to him. More often than not, the crooked man despoils and looms in the public’s consciousness, like a troll from a medieval horror. Consider the case of Dafe Sejebor, the former Group General Manager (GGM) of the National Petroleum Investment Management Services (NAPIMS) for instance, due to his perceived crookedness,   he has been arrested alongside 46 others in a sex trafficking sting in the U.S. The sting conducted by multiple law enforcement agencies, including the Katy Police Department, resulted in the arrests of 47 people on human trafficking charges, officials announced in a Wednesday morning news conference. Houston Police Sgt. John Wall said the sting operation ran from March 19-29 in the Katy area and Fort Bend County. Wall said of the 47 arrests, 27   were female and 20 were male. Eight were charged with human trafficking-related offense

  The jury is still out on why an institution like the First Bank PLC of Nigeria would condescend to forge signatures, lie about a non-existent relationship with a lawyer, and, consequently, bring its decades of hard-earned reputation into self-inflicted disrepute. As the story goes, the banking behemoth had claimed that it hired one Godwin Imakhai, a legal practitioner and notary public, to perfect a tripartite mortgage agreement between it, Dr Francis Nwufor and his wife, Doris (owners of Whiteplains British School, Abuja), and Mrs Frances Ibe and Mr Emeka Ibe (directors of France Lee Nigeria Ltd, the former owner of the school’s land). The controversial agreement, according to First Bank PLC, was made at its Shippers House offices, Lagos, on January 27th, 2014. Under the purported mortgage agreement, the bank could, at a short notice, acquire and take over the school’s property – comprising six buildings with four floors each estimated to worth N6 billion – at Plot 528 Ca

The Managing Director of Guaranty Trust Bank Segun Agbaje, Its Chairman Mrs Osaretin Demuren and the Company Secretary Erhi Obebeduo are set to physically appear before the Federal High Court Awka to show cause why they should not be committed for contempt and sent to prison for their willful, deliberate, wanton and unlawful violation of the subsisting Orders of the Supreme Court, Court of Appeal and the Federal High Court, Awka division and or for interfering with or obstructing due administration of Justice as epitomized by acts of hooliganism, thuggery, extreme lawlessness and condemnable impunity exhibited by them on the 29th and 30th of March, 2019 and on the 1st of April 2019. The relief is contained in an application filed before the court by Counsel to Innoson Nigeria Ltd, Prof McCarthy Mbadugha ESQ against Guaranty Trust Bank on its acts of thuggery, extreme hooliganism and outright lawlessness in breaking into all the properties of GTB which have been distressed and se

The business empire of Jite Okoloko, one of the alleged strong allies of former Delta State governor, James Ibori, and a big beneficiary of the nation’s economic patrimony under the sixteen years of the Peoples Democratic Party’s administration that ended in 2015, appears to be heading for difficult times, if the unsavoury news filtering out of Eroton, Midwestern Oil and Gas as well as Notore Chemicals, the three diamonds of the empire, is anything to go by. Sources disclosed that Notore Chemicals has been battling with operational challenges in the aftermath of its largely undersubscribed attempt to raise fresh working capital from the Stock Exchange last year. The firm, sources said, has had to review its ambitious expansion and diversification plans it hoped to fund with the expected fresh capital injection that did not materialize. It is also said to be battling with huge cash calls occasioned by its liabilities while several contract and junior non-contract staff are said

SPICE ROUTE is the talk of town new entrant into hospitality business and it is positioned to take fun and entertainment experience to the next level, where the A-lists, celebrities, entertainers, crème-dela-crème in our society and tourists from abroad can visit to unwind and relax with maximum security. The newly opened lounge/club is beautifully located on 36, Adeola Odeku, Victoria-Island, Lagos. It is apparent that SPICE ROUTE has been fortified with the best of latest facilities and exotic drinks that can be found in any top rated lounges around the world. And, the industry watchers regarded it to be one of the leading, reputable and outstanding lounges and clubs that many with eyes for class and comfort can patronized for maximum enjoyment in the state of art masterpiece. Also, the new fun spot is coming with a big difference this Friday, April 19, 2019 with Get Loose, Get Funky gig with DJ Exclusive and Skibii alongside DJ Dotwine and DJ Tantricks that will serve as a r

Conceived on the idea of an awareness outreach combining dance, a popular pastime with a necessary component of good living, the 2019 edition of the Lagos Food Bank Dancethon Campaign for Nutrition will take place on Saturday April 27 at police College ground, Ikeja ,Lagos The Dancethon, aims to raise awareness on the importance of nutrition and exercise to health and well being. It will beam a needed searchlight on the interdependent relationship between healthy eating and healthy living. Aside giving the general public a fun means to dance away excess body fats and gain a new appreciation for the benefits of aerobics, it is also a chance for volunteers of community outreaches to stretch their legs. Often too busy making a difference in the community to pay much heed to their own physical shape, the ocassion will help them recharge and learn how to keep their bodies in the best possible shape for the tasks to come. The event is a platform to share knowledge about fitness and

In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments an unedited Q1 results released by the bank revealed. This solid performance resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018 according to information available. The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018 further details revealed. The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period the unaudited results showed. More information revealed that the risk and as

Igho Sanomi’s Private Jet Seized, Loses Other Prize Properties To Swiss Bank Over Huge Debt This is a piece of sad news filtering out of the world of businessman Igho Sanomi. The big player in the oil industry and maritime sector just got his prize properties seized abroad over a huge debt. According to trending details, Sanomi has reportedly’’ lost his three apartments in London to a Swiss bank over $3million debt. Credit Suisse, The Swiss bank has also seized Sanomi’s private jet. Sanomi was a guarantor for a credit facility extended to one of his companies by Credit Suisse Group AG. ‘’Aside from the Swiss Bank, Banque Cantonale de Geneva has already made a freezing order against the London properties, just as ING Groep NV has also filed a suit against Sanomi for Taleveras’s unpaid debts. In a written submission to a London court last week, Andrew Brown, counsel to Credit Suisse, it said “three properties owned by Sanomi, including apartments in Chelsea, West London, and Be

Cement Company of Northern Nigeria (CCNN) producers of Sokoto Cement has reported a net profit of N5.7bn (US$15.75m), 77 percent higher than in 2017 figures and ahead of predictions. This is the first earnings since its merger with Kalambaina Cement Company. While the merger was completed in Q4’18, management elected to report the performance of the merged entities as if the merger took place at the start of the year. Thus, whilst Net profit soared y/y, EPS shrunk 83% to ₦0.44, given that shares outstanding jumped over nine times to 13.1 billion units. Management proposed a dividend pay out of 92%, representing ₦0.40/share. Revenue for the enlarged entity reached N31.7bn; up 62 percent higher YoY and EBITDA rose by 86 per cent to N7.9bn. The impressive topline figure came as a result of increased domestic sales and exports. Overall, CCNN produced 0.76 million MT of cement and sold over 0.74 million MT up 59% y/y. Interestingly, whilst the sale of cement in Nigeria rose by 49%

United Bank for Africa Plc UBA has filed a winding up petition against a Petroleum Resources company,Sahara Energy Resources limited over alleged inability of the company to pay a debit of $42,282,430.49/or equivalent of N15,221,674,976.4. In a winding up petition filed before a Federal high court in Lagos South West Nigeria on behalf of UBA by a Lagos lawyer, Barrister Temilolu Adamolekun, the bank alleged that KEPCO Energy Resources Limited was desirous of raising capital requirements to fund the acquisition of 70% share of Egbin power plant located at Egbin Lagos state. To actualize the acquisition, KEPCO applied to several Nigerian banks/finance houses for credit facilities and UBA was one of them (jointly referred to as the lenders.) The lenders agreed to provide KEPCO with the finance/credit facilites to the tune of respective commitment. As part of the security for the said facilities granted to KEPCO, the company executed a sponsor Guarantee and Assurances deed wherein

The management of Heritage Bank has been caught in a big fat lie in an ongoing trade dispute with Smooth Promotions owned by Ayo Animashaun. The bank in a communication deployed by its handlers claimed to have taken over Smooth Promotions in lieu of alleged debt. The communication was garnished with pictures of portraying the takeover of the business premises of Smooth Promotions off Allen Avenue, Ikeja, Lagos state. But checks by societynow.ng revealed this development to be false at press time. Business is ongoing at Smooth Promotions without any interruption societynow.ng confirmed. The featured pictures and video confirm this. ‘’An attempt was made by the agents of Heritage bank to take over the place but it was a futile move’’ a source stated. ‘’Obviously, the bank and its agents went to town with hurriedly taken pictures during their futile attempt as proof of the deed done’’ another source pointed out. The move by Heritage Bank comes after news hit the town t

A financial institution, Heritage Bank has been slammed with a major lawsuit. The bank is being sued for almost a billion naira. This development is premised on accusations Heritage bank fraudulently deducted loans it did not fully disburse from a customer’s account. Smooth Promotions owned by master of his craft Ayo Animashaun is the initiator of the lawsuit against Heritage Bank. According to court papers available to societynow.ng Senior Lawyer Kemi Pinheiro is handling Smooth Promotions brief against Heritage Bank. Smooth Promotions – via a case filed at the Federal High Court in Lagos – claims Heritage Bank fraudulently deducted insurance premiums from Smooth Promotions account without remitting the money to the insurance company, charged interests that were not agreed to and a forensic audit found that almost N200m worth of charges “incorrect”. The court papers available to societynow.ng reveal allegations of lack of decorum, barefaced deceit and cooked char

Wednesday, April 10, 2019, the Group Managing Director/ Chief Executive Officer designate of Zenith Bank, Ebenezer Onyeagwu paid a courtesy visit. His host was the Governor-Elect of Lagos state Babajide Sanwo-Olu. The Governor-Elect and CEO designate -who is scheduled to take over the reins at Zenith Bank on June 1 – had a very engaging meeting.

Zenith Bank Plc. has announced the appointment of Mr. Ebenezer Onyeagwu as the Group Managing Director/CEO of the bank effective June 1, 2019, subject to the Central Bank of Nigeria (CBN) approval. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within. Onyeagwu replaces Mr. Peter Amangbo, whose tenure expires on May 31, 2019.MrAmangbo leaves the bank at the end of a very successful career spanning over 27 years, with the last five years as GMD/CEO. Mr. Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America. Mr. Onyeagwu is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987. He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post graduat

Innoson Nigeria Limited has obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against Guaranty Trust Bank (GTB) to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria. This was made known in a press release issued by Cornel Osigwe, the head of corporate communication of Innocent Nigeria Limited. Writ of FiFa (Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor. In 2014, the Federal High in Ibadan had ordered GTB by way of Garnishee order absolute to pay N2.4billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt. However, GTB appealed this decision at the appeal up to the supreme court. But, according to Innosson, the Supreme Court on February 27, 2019, dismissed GTB’s appeal and upheld the decision of

Polaris Bank Managing Director/CEO, Mr Tokunbo Abiru has stressed the need for Secondary school students in Nigeria to imbibe the culture of saving money to enable them secure their future. Abiru made this admonition while addressing students of Government Secondary School in Tudun Wada area of Jos, the Plateau state capital on Thursday. Expressing concern at the negative consequences which low savings culture have on adult citizens with no savings or financial investment, the top Banker assured that  Polaris Bank would continue to sustain efforts aimed at promoting financial literacy among secondary school students in particular and Nigerians in general According to Abiru," we have issues relating to finance which people do not know anything about. An attitude of not saving money is not good for the future. We need to learn, save and earn money. You do not save after spending but rather, you save first before spending. The idea is to catch them young in terms of educati