GTB takes over Stallion assets in Lagos over N13bn debt
Guaranty Trust Bank (GTB) says it has taken over the assets of Nigeria Limited in Lagos and its sister firms after the firm reportedly failed to pay a debt of N13bn.
The Receiver/Manager appointed by Guaranty Trust Bank (GTB), Mr. Temilolu Adamolekun, disclosed this as the fallout of the N13 billion judgment debt in suit FHC/L/CS/2/47/2019 of the Federal High Court in Lagos.
The Receiver/Manager’s officials and court bailiffs, protected by policemen, took over the firm’s Victoria Island office and showroom containing several exotic automobiles.
The brands of vehicles recovered from the premises included Porsche, Audi, Volkswagen, Skoda, Hyundai and Hyundai among others.
The court on December 2, 2019 granted the Receiver/Manager leave to take possession of the assets of Stallion and the landed properties of its sister firms in line with the Deed of All Assets Debenture and several Deeds of Legal Mortgage.
According to the court documents, this followed Stallion Nigeria’s default in meeting its repayment obligations to GTB.
FAAC shares to FG, states, LGs drop by N27.4bn
The Federation Account Allocation Committee (FAAC) has shared N722.677 billion among the three tiers of government for February 2023.
This is a drop of N27.497 billion compared to January’s allocation of N750.174 billion.
FAAC disclosed this in a communique issued at the end of its meeting for March 2023 in Abuja on Wednesday.
The committee said the N722.677 billion total distributable revenue comprised statutory revenue of N366.800 billion, value-added tax (VAT) revenue of N224.232 billion, electronic money transfer levy (EMTL) of N11.645 billion, and N120 billion augmentation from forex equalisation account.
According to the comminiqué, in February 2023, the total deductions for cost of collection was N27.449 billion, while total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
From the total distributable revenue of N722.677 billion, FAAC said the Federal Government received N269.063 billion, states got N236.464 billion and N173.936 billion went to the local governments.
A total sum of N43.214 billion was also shared with the relevant states as 13 per cent derivation revenue.
FAAC said a statutory revenue of N487.106 billion was received for the month of February 2023.
This, it said, was lower than the N653.704 billion received in the previous month by N166.598 billion.
From the balance of N366.800 billion distributable statutory revenue, the committee noted that the FG received N178.683 billion, states collected N90.630 billion, and local governments got N69.872 billion.
It added that the sum of N27.614 billion was shared as 13 per cent derivation revenue among the concerned states.
According to FAAC, the gross revenue available from the value-added tax (VAT) for February was N240.799 billion, which is lower than the previous month’s.
The committee said from the N224.232 billion value-added tax (VAT), FG was given N33.635 billion, states received N112.116 billion and local governments were paid N78.481 billion.
Lamborghini to unveil new supercar replacing Aventador March 29
Lamborghini has announced a new supercar replacing Aventador will be launched March 29, 2023.
Arriving a little over 12 years after the Aventador (LP700-4), the new plug-in hybrid V12 supercar will be known as LB744.
The announcement on social media is coming only a day after Lamborghini showcased the LB744’s digital instrument cluster and steering wheel.
The new supercar will have an all-wheel-drive electric mode, in which case power will be limited to just 180hp.
To access the full 1,000hp coming from the naturally aspirated 6.5-litre V12 and three electric motors, drivers will have to activate Corsa mode.
Lamborghini introduced the Aventador on February 28, 2011.
The firm says the 12-cylinder engine won’t be carried over from the Aventador as it will be an all-new development. It will weigh 37 pounds (17 kilogrammes) less than the old V12 by tipping the scales at 481 lbs (218kg). The ICE will be good for 813 horsepower at 9,250 rpm and 535 pound-feet (725 Newton-meters) of torque at 6,750 rpm.
It will send its output to the road via a new eight-speed, dual-clutch automatic transmission Lamborghini will also install in the Huracan’s replacement late next year.
Housed within the centre tunnel will be a 3.8-kWh battery that can be replenished by the V12 in six minutes, or via the charging port in 30 minutes at seven kilowatts.
The LB744 also has regenerative braking to send the energy that would otherwise be lost to the battery.
Fully charged, Lamborghini says the supercar can do more than six miles (10 kilometres) without sipping any petrol.
The electrified powertrain will cut CO2 emissions by 30 per cent compared to the Aventador Ultimae.
To offset the added weight commanded by the PHEV setup, the new raging bull has a different carbon fibre monocoque (dubbed “monofuselage”) that weighs 10 per cent less than its predecessor. At the same time, it is 25 per cent stiffer. Lamborghini has not announced details about the curb weight, it is distributed 44 per cent front and 56 per cent rear.
Other known facts about the LB744 include a reduced steering ratio (-10 per cent compared to the Aventador Ultimae), rear-wheel steering, and stiffer anti-roll bars (+11 per cent front and +50 per cent rear).
The DCT sits behind the V12 engine to make room in the transmission tunnel for the lithium-ion battery.
New bespoke Bridgestone Potenza Sport tyres are four per cent wider at the front where Lamborghini will install bigger brakes: 410x38mm discs instead of the Ultimae’s 400x38mm discs, and with ten instead of six pistons.
The rear discs are also bigger, at 390×32 mm vs 380x38mm.
The LB744 will be the first of three PHEVs from Lamborghini as the Urus SUV and Huracan successor will both get a charging port in 2024.
Kano-Maradi rail project gets funds for rolling stock
The Federal Government has taken a major move to accelerate the construction of the first international rail line in Nigeria, the Kano-Maradi (Niger Republic) line, with funds approval for rolling stock needed for the project.
This came from the Federal Executive Council on Wednesday as it approved N453.90bn, part of which would be used for the procurement of rolling stock, operation and maintenance equipment for the standard gauge rail line currently under construction.
Minister of Transportation, Mu’azu Sambo, disclosed this in Abuja after this week’s FEC meeting chaired by the President Muhammadu Buhari.
The 248km rail line will run from Kano through cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina State; Dutse in Jigawa State, the border town of Jibia, before terminating in Niger Republic’s trade and agricultural hub of Maradi.
The line has 15 stations along its path with an expected daily traffic of 9,364 passengers and about 3,000 metric tonnes of cargo.
Sambo said, “The memorandum sought council’s consideration and approval for the award of contract for the procurement of rolling stock, operation or maintenance equipment for the Kano-Maradi standard gauge rail line that is currently under construction.
“The contract was awarded to MSSRs Mota-Engil Nigeria Limited, who are the contractors handling this particular project in the sum of $984,722,302.5 inclusive of seven and a half per cent VAT with a completion period of four years.”
The minister also disclosed that the Transport ministry presented another memo on behalf of the Nigerian Ports Authority “for the award of contract for the construction and supply of four customised Fire Service search and rescue vans for extrication of accident victims for Rivers Ports in Port Harcourt, Lagos Port complex, Tincan Island Port and the Marina headquarters of the NPA, all in Lagos.
“Council considered the memorandum and approved the award of the contract as recommended and reviewed by the Bureau of Public Procurement in the sum of N510,934,600 inclusive of seven and a half percent VAT with a completion period of nine months in favour of Messrs All Works Commercial Company Limited.”
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