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)
Auto
Yuletide: Chisco deploys new luxury, mini buses, top quality services
Yuletide: Chisco deploys new luxury, mini buses, top quality services
…hails Tinubu for 50% fare rebate
Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.
It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.
It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.
It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.
It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.
“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”
It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.
All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.
Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.
He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.
Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.
“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.
According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”
Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.
Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.
“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”
On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.
The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
READ ALSO:
- Tension as Anambra community union asks monarch to stop Ofala Festival
- Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
- Lagos govt clears traders from rail tracks at Bolade, Oshodi
Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
READ ALSO:
- Lagos govt clears traders from rail tracks at Bolade, Oshodi
- Four countries that won’t celebrate New Year
- Social media abuzz over Fayose claim of N50m donation to VeryDarkMan’s NGO
Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
-
Politics3 days agoGbajabiamila speaks on his rumoured Lagos governorship ambition
-
metro3 days agoFarotimi to pursue disbarment over arrest, defamation allegations
-
Business2 days agoReal reason Dangote, NNPC drop petrol price — IPMAN
-
Health2 days agoABU Teaching Hospital will begin kidney transplant in 2025 – CMD
-
Sports1 day agoAnthony Joshua prostrates before Governor Abiodun during Ogun visit
-
metro3 days agoEl-Rufai accuses Tinubu govt of Yoruba agenda, Reno Omokri reacts
-
metro3 days agoNigerian govt urged to intervene in Mozambique post-election violence
-
Politics3 days ago2027: Why PDP shouldn’t field northern presidential candidate – Ex-Atiku campaigner