Nigeria loses as court insists CBN must pay businessman $21m

The U.S. District Court for the Southern District of New York has granted Nigerian businessman Louis Emovbira Williams permission to withdraw $21 million from a Nigerian account held at JP Morgan, which contains funds from crude oil sales to foreign entities.

In August, Judge Liman Lewis rejected Nigeria’s attempt to dismiss Mr. Williams’ complaint.

The businessman had been embroiled in a food importation deal with the Nigerian government in 1986, during which he lost $6.5 million. Upon returning to Nigeria to recover his money, he was allegedly subjected to torture by the Department of State Services (DSS) and was tried for “economic sabotage.”

He was sentenced to 10 years in prison but was released after three years, in 1989.

In 1993, under the military regime of General Ibrahim Babangida, Mr. Williams was granted a presidential pardon and received a “Fidelity Guarantee and Abiding Memorandum of Understanding of Assurance” promising him repayment of $6.5 million, along with 17 percent compound interest since 1986, plus an additional N5 million with 25 percent compound interest.

Despite this, Mr. Williams never received the payments owed to him.

The Central Bank of Nigeria (CBN) remained unwilling to settle the sum, leaving the issue unresolved for decades. Following Nigeria’s return to civilian governance, Mr. Williams took legal action in the UK, where the court ruled in his favor, ordering Nigeria to refund him, along with compensation.

In 2018, Justice Mary Clare Moulder of the UK’s Queen’s Bench Division authorized the seizure of $21,231,960.74 and £19,763,130 from Nigeria’s JP Morgan account. Mr. Williams pursued further legal action in New York to recover the funds, where the defendants include the Nigerian government, the attorney general, the CBN, JP Morgan, and unnamed parties.

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The CBN sought to move the case to a lower court, arguing Nigeria’s sovereign immunity protected it from UK court rulings. However, Judge Liman ruled that Nigeria had already waived its sovereign immunity under the terms of the 1993 Fidelity Guarantee.

“Therefore for the avoidance of doubt, both the Nigerian State and CBN must be deemed to have waived any immunity from levying of execution on amount kept in the name of CBN or State of Nigeria or any institution of Nigeria (save diplomatic) to the extent to which any amount in paragraph above remains unpaid,” stated the 1993 Fidelity Guarantee issued to Mr. Williams.

Judge Liman dismissed Nigeria’s claim to immunity, asserting that the waiver in the Guarantee applied to any legal proceedings regarding the enforcement of judgments related to Mr. Williams’ funds.

“Accordingly, the Fidelity Guarantee reflects a waiver of sovereign immunity for any proceeding in any court to recognize and enforce a judgment pertaining to Plaintiff’s seized funds,” the U.S. judge said in his August 12 ruling.

Despite the ruling, the Nigerian government is appealing the decision in the Second Circuit Court in New York. The case follows other legal disputes involving Nigeria’s assets abroad, including a similar case in Washington D.C., where Chinese investors were awarded the right to seize Nigerian assets following a failed free trade zone agreement.

Mr. Williams has expressed his intention to use the recovered funds to support children’s health and education initiatives in Nigeria.

(PEOPLES GAZETTE)

Nigeria loses as court insists CBN must pay businessman $21m

Protest in Edo over EFCC arrest of suspected vote buyers

Officials of the Economic and Financial Crimes Commission (EFCC) have apprehended individuals allegedly involved in vote-buying during the ongoing Edo State Governorship election.

The arrests took place in Egor Local Government Area at around 10:00 am.

Three individuals, two men and one woman, were taken into custody.

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However, some residents in the area protested the arrests, claiming that the suspects were being unfairly targeted.

The EFCC had earlier announced its deployment of operatives to monitor the election, emphasizing its commitment to upholding the integrity of the electoral process.

“Our operatives have been stationed to ensure that the elections are conducted with integrity. We are determined to make sure voters exercise their rights without the influence of financial incentives,” said the EFCC’s spokesperson, Dele Oyewale.

“Vote-buying constitutes a financial crime, and the EFCC will not tolerate it in any part of the country,” Oyewale added.

EFCC operatives have apprehended voters in Ward 7, Egor LGA, allegedly involved in vote-selling activities during the gubernatorial election. #EdoDecides2024
pic.twitter.com/1BO4onQg8o

— Oyindamola🙄 (@dammiedammie35) September 21, 2024

Protest in Edo over EFCC arrest of suspected vote buyers

Borno flood: Seyi Tinubu announces massive donations, sends in medical team

Seyi Tinubu, son of President Bola Tinubu, has dispatched a team of 50 medical personnel to offer critical medical services to those impacted by the recent flood disaster in Maiduguri, Borno State.

Newstrends reports that Maiduguri was submerged by floods on September 10, following the collapse of spillways at the Alau Dam.

The resulting devastation affected homes, farmlands, and roadways, displacing thousands of residents in the city.

During a visit to Governor Babagana Zulum in Maiduguri on Friday, Seyi Tinubu revealed that the medical team, comprising professionals from across the North-East, had already been deployed to assist local healthcare workers overwhelmed by the crisis.

“They are already on ground, and they will remain with you for the next few days to help stabilize the situation,” he stated.

In partnership with the Noella Foundation, Seyi said his team would also provide medical supplies, food, and essential items to support approximately 50,000 children and adults affected by the disaster.

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The donations include 500 bags of 25kg rice, 1,000 cartons of spaghetti, among other items.

“This is just the beginning, Your Excellency. I want to assure you that more help is on its way,” Seyi said, emphasizing that efforts are underway to mobilize additional resources to assist displaced individuals until they are able to rebuild their lives.

The gesture, he noted, was in response to President Tinubu’s call for support for flood victims.

He also praised the resilience of the people of Borno and the leadership shown by Governor Zulum in confronting the challenges posed by the disaster.

In response, Governor Zulum expressed deep appreciation for the support extended by Seyi Tinubu and his team, assuring that the aid would be used effectively to benefit those in need. He also commended President Tinubu and First Lady Remi Tinubu for their continuous support.

“We remain grateful to the President and First Lady for their show of concern and support. Tell the President that the people of Borno highly appreciate him and are 100 per cent with him,” Zulum said.

Borno flood: Seyi Tinubu announces massive donations, sends in medical team