Business
N32bn debt: Innoson wants court to stop GTBank’s holdings structure bid
Hearing will begin at the Federal High Court, Enugu, Monday (today) in an application filed by Innoson Nigeria Limited seeking to stop GTBank from transmuting into a financial holding company until the bank has paid a N32 billion judgment debt it obtained against it.
Innoson in a statement issued by its Head of Corporate Communications, Cornel Osigwe, said while awaiting GTBank Plc to come up with a payment plan for the over N32 billion judgement debt, the bank should suspend its proposed new structure.
Innoson is seeking the following order of perpetual injunctions:
(a) restraining the 4th Defendant (Corporate Affairs Commission) from deregistering the 1st Defendant (GTB) as a public limited liability company and or re-registering the 1st Defendant (GTB) as a private limited liability until it-GTB- pays the UC outstanding judgment debt of N32, 875, 204, 984.38k arising from Suit Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in appeal Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd;
- An order of perpetual injunction restraining the 4th Defendant (Corporate Affairs Commission) from registering or re-registering the 1st Defendant (GTB) as a holding or financial holding company whether as a public or private limited liability company until it – the 1st Defendant(GTB) – pays Innoson Nigeria Ltd the outstanding total judgment debt of N32, 875, 204, 984.38k (Thirty two billion, eight hundred and seventy five million, two hundred and four thousand, nine hundred and eight four naira, thirty eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirm by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
- An order cancelling the 1st Defendant’s (GTB’s) special resolution and or any other of its resolution that it should be deregistered as a public limited liability company and or be re-registered as a private limited liability company and or a holding company until it -the 1st Defendant (GTB)- pays Innoson Nig Ltd the total outstanding judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
- an order setting aside the 3rd Defendant’s (Security and Exchange Commission) No -objection to 1st Defendant’s proposal to be re-registered as a private limited liability company and as a holding or a holding financial company:
- An order setting aside the 2nd Defendant’s approval -in- principal granted to the 1st Defendant to operate as a holding or a holding financial company.
- An order of perpetual injunction restraining the 2nd Defendant from granting the 1st Defendant a financial holding company license and or a final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st Defendant pays the Plaintiff the total outstanding judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-Five Million, Two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.
Osigwe in the statement explained that the Supreme Court of Nigeria had struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd
The statement added, “Recall that the Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.
“As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte orders made by the court granting Innoson leave to enforce the judgment and to issue the processes of executing same.
“Whilst refusing GTB’s application and staying further proceedings the court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; also that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.
“GTB however rushed back to the Supreme Court and applied for an order setting aside the Supreme Court’s judgement dismissing its appeal against the above judgement. However, the Supreme Court struck out the motion on Tuesday, November 3rd, 2020.”
Business
Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1
Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1
Dangote refinery has carpeted the Nigerian National Petroleum Company Limited (NNPCL) for reportedly misleading members of the public on the cost of petrol brought from the refinery.
Anthony Chiejina, Group Chief Branding and Communications Office of Dangote, stated this in reaction to an earlier statement by the NNPC that it bought a litre of petrol from the new refinery at N898/litre.
Chief Spokesperson for the NNPCL, Olufemi Soneye, was quoted as saying, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per litre.”
The oil firm moved about 300 trucks to the 650,000 capacity refinery in Lagos, on Saturday, and loading commenced on Sunday.
But in its statement, Dangote Refinery said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.
“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.L
“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.
“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing.
“With this action, there will be petrol in every local government area of the country regardless of their remote nature.
“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”
Business
Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations
Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations
Hours after commencing loading of petrol from Dangote Refinery in Lagos, the Nigerian National Petroleum Company Limited (NNPCL) on Sunday began dispensing fuel to motorists at its filling stations without too long queues.
This came as the NNPCL disclosed that that it bought fuel from Dangote at N898 per litre.
Spokesperson for the NNPCL, Olufemi Soneye, said, “We successfully loaded PMS (petrol) at the Dangote Refinery today.
“The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre.”
This is contained in a statement issued to Daily Trust on Sunday, clarifying that the price of petrol was higher than previously reported figures.
A correspondent of newstrends.ng however observed that the product was sold on Sunday at N855/litre at all filling stations controlled by the national oil firm in Lagos.
In Idimu, Egbeda and Akowonjo among other areas, the NNPC dispensing outlets were seen selling petrol in an orderly manner.
Some stations had short queues; some had none as the vehicles waiting to buy were within the walled compound.
The NNPCL on Saturday confirmed mobilising 300 trucks for loading at the Dangote Refinery’s 650,000 barrels per day capacity in Lagos.
Loading operations commenced on Sunday, with over 70 trucks loaded by afternoon.
Business
Petrol: Dangote pump price emerges as NNPC trucks begin loading
Petrol: Dangote pump price emerges as NNPC trucks begin loading
There are indications that petrol may be sold between N857 and N865 per litre at filling stations after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today (Sunday).
The NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.
Petrol as of Saturday was sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.
At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, petrol sold for more than N1,200 per litre.
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Negotiations
Vanguard reports the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.
President Bola Tinubu, according to a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not place heavy financial burden on them while dealing with the new reality of the prevailing price”.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of petrol.
Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels in the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.
“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”
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