Business

Court invalidates GTB attempt to take over Stallion Lagos office

Published

2 years ago

February 20, 2023

A federal high court sitting in Lagos on Monday set aside the recent attempt by the Guaranty Trust Bank to take over one of the offices of Stallion Nigeria Limited in Lagos over a disputed loan.

The court held that Guaranty Trust Bank was in violation of the consent judgment entered by the court on December 17, 2019 and proceeded to set aside the purported execution carried out by Guaranty Trust Bank Plc on February 1, 2023.

Ruling on an application filed by the law firms of Kanu Agabi & Associates, Wahab Shittu SAN and Bonajo Badejo & Co., on behalf of Stallion, Justice Allagoa held that the action of the bank was a violation of court judgment.

Specifically, the judge said the execution, which was purportedly done, while the court was yet to determine the timeline for the completion of the forensic audit pursuant to the consent judgment of the court, was wrongful and done with the intention to undermine the proceedings before the court.

The Court of Appeal presided over by Justices Daniel-Kalio, Sirajo and Banjoko, had previously delivered judgment in favour of Stallion Nigeria against Guaranty Trust Bank on February 24, 2022 and set aside the ruling of Justice Saidu in favour of GTB.

The court held that GTB could not rely on its own breach of the judgment to act or levy

execution against the assets of Stallion Nigeria. The court held that the execution which was purportedly carried out on February 1, 2023 and subsequent steps by the bank was not authorised by the court.

The court proceeded to set aside “any and every step taken by Guaranty Trust Bank Plc before, on or after February 1, 2023 in purported execution of the Consent Judgment of the Court dated December 17, 2019, in the light of the judgment of the Court of Appeal delivered on February 24, 2022 in favour of Stallion Nigeria”.

Recall that GTB on February 1, 2023 relying on the ex-parte order granted by Justice Saidu on December 2, 2019, which had expired, and the subsequent consent judgment, which GTB had breached and violated, tried to illegally enter one of Stallion’s properties in Victoria Island, Lagos.

Stallion Nigeria in its application, which was granted by the court had contended that, the

preliminary KPMG forensic audit report had established that GTB overcharged Stallion, in excess, fraudulent and illegal charges of N4,693,625,637.49. GTB accepted this finding by the auditors.

Stallion Nigeria contends that it is not owing GTB any longer and that on the contrary, it is on record that it has paid more than what was outstanding to GTB by N6,423,700,000, a fact GTB is fully aware of but continues to violate its own agreement, the court orders, and judgement of the courts.

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

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No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

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Breaking: CBN increases interest rate to 27.50%

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6 hours ago

November 26, 2024

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Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

10 hours ago

November 26, 2024

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”