Business
BUA defeats American company in US, gets £343,751 award
BUA defeats American company in US, gets £343,751 award
A US court has ordered an American company to pay BUA International Limited £343,750.91 in arbitral award.
The United States District Court for the District of Idaho gave the order to Domtec International LLC, an Idaho-based company specialising in the building of concrete domes.
According to court papers obtained by PREMIUM TIMES, Domtec has 21 days from 1 April, the date the order was issued, to comply failing which “the court will, upon notice from petitioners, issue writs of execution and/or garnishment on Domtec’s assets.”
BUA International is a trading company undertaking the importation of iron and steel on behalf of BUA Group, the conglomerate controlled by the Nigerian industrial magnate Abdul Samad Rabiu with interests in cement manufacturing, food processing, ports & terminal services, iron & steel and real estate.
The court first received a petition in April 2023 from BUA International and NOM (UK) Limited, which deals in the procurement of equipment and materials and serves as an agent to the company.
The petition requested the court to confirm a foreign arbitral award, rendered in the British Virgin Islands five months earlier, and enter an executable judgement in favour of the two and against Domtec.
On 10 November 2022, the foreign international arbitration award was originally issued in Tortola, British Virgin Islands by sole arbitrator Michael J. Fay KC in favour of the petitioners and against Domtec based on a written supply agreement between Domtec and NOM.
READ ALSO:
- FRSC JTF making progress, impounds 35 trailers conveying 982 people
- Electricity tariff: DisCos dares NERC, returns 620 areas to Band A
- Fuel scarcity bites harder as NNPC rations supply to depots
According to details of court documents, the general terms and conditions of the supply agreement allowed for binding arbitration of the underlying dispute between the petitioners and Domtec.
Supply Agreement
The (supply agreement) contract required Domtec to design and build sugar domes on BUA’s property in Lagos and Port Harcourt.
NOM entered into the supply agreement as an agent for BUA, with one of the court documents noting that various disputes stemming from the agreement arose between the parties.
The document observed that on 6 April 2021, the counsel to NOM and BUA suggested that Domtec failed to comply with a clause in the supply agreement.
“In the event that the parties do not agree to mediation or the dispute has not been settled within six (6) weeks (or such other period as may be agreed in writing between the parties) after the appointment of the mediator, the dispute may be referred by either party to arbitration in accordance with the provisions of the Laws of England and Wales, with the seat of the arbitration to be based in the British Virgin Islands,” the court paper stated, quoting the supply agreement.
The agreement permitted the parties to arbitrate any dispute that could not be timely resolved through mediation before an arbitrator in the British Virgin Islands.
“When such a dispute arose in 2022, arbitration proceedings were properly initiated by Domtec against the petitioners,” the court document stated.
Domtec “did not present a claim (whether in its pleadings, its evidence or in submissions) that it complied with clause 2.2.3 by the provision of the documents sent to the respondents on 15 March 2022 and 25 March 2022,” Mr Fay KC said in the document containing the original arbitral award.
Apart from ordering Domtec to pay the petitioners £343,750.91, the arbitrator also directed the company to pay them interest compounded monthly on that amount at two per cent over the Bank of England bank rate from time to time from the arbitral award date until payment is made.
In addition, Domtec would also pay the petitioners $42,560 (for tribunal fees and costs) as well as interest compounded monthly on that sum at 2 per cent over the US Federal Reserve interest range from the date of the arbitral award until payment.
On 11 October 2023, the US District Court for the District of Idaho granted the petition to confirm the foreign arbitral award and for entry of judgment.
“Domtec must pay petitioners by the arbitral award and as outlined in the judgment in this case,” the court said.
Afterwards, BUA International and NOM filed a motion for an award of attorney’s fees, noting that Domtec should be made to pay the fees and costs involved in their effort related to the confirmation process. With the petitioners yet to receive payment of the arbitration award two months later, they filed an application for writs of execution and garnishment to compel Domtec to pay its debt.
In its 1 April ruling, the court denied the motion by BUA International and NOM, saying “there are no grounds entitling petitioners to an award of fees and costs for its efforts in this court.”
“Before issuing writs of execution and/or garnishment, the court will allow Domtec a final opportunity to comply with the court’s order and judgement,” the court said
The court ruled that failure by Domtec to meet its payment obligation in the next 21 days would leave it with no option but to issue the requested writs upon notice from the petitioners.
BUA defeats American company in US, gets £343,751 award
(PREMIUM TIMES)
Business
Naira opens 2025 on weak note against US dollar
Naira opens 2025 on weak note against US dollar
The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.
In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.
The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.
READ ALSO:
- 2025 sends off 2024 and its baggage of rubbish
- Jealous husband stabs Bishop to death over allege affair with wife
- Police arrest couple over alleged rape, assault of minor
The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.
One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.
Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.
Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.
Naira opens 2025 on weak note against US dollar
Auto
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour has been declared the fastest growing auto brand in Nigeria.
The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).
Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.
Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.
It mainly produces crossovers and Sports Utility Vehicles (SUVs).
The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.
Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.
Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.
The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.
The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.
Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.
The firm celebrates the award on its Facebook page with the following comments:
“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.
“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.
“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.
As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.
Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.
National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.
Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.
Business
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.
In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.
Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
READ ALSO:
- Why I persuaded Tinubu to reject Yar’adua’s finance minister offer – Senator Ojudu
- Fubara replies Wike: Odili right face, image of Rivers
- Why smoking cigarettes, taking alcohol not sins – Pastor Damina
He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
-
metro2 days ago‘Deepen Shariah knowledge to curb misinformation’
-
metro2 days agoIlorin: Retired works controller murdered on New Year’s Day
-
metro1 day agoTinubu’s refusal to honour Seyi’s pact with us disappointing – Nnamdi Kanu’s family
-
metro1 day agoJealous husband stabs Bishop to death over allege affair with wife
-
Politics3 days agoHow Tinubu outsmarted Buhari to become president – Ojudu
-
metro10 hours agoYouths beat Osun monarch for appointing Imam on disputed community
-
metro3 days agoHorror in Ogun as twin brothers kill, dismember sex worker
-
metro21 hours agoMosques should be research centres – Varsity don