P&ID: UK court orders release of $200m Guarantee to Nigeria – Newstrends
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P&ID: UK court orders release of $200m Guarantee to Nigeria

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A London court has ordered the release of a $200m guarantee put in as security by Nigeria in the execution of the Process & Industrial Developments $10bn Arbitral Claim.

The Central Bank of Nigeria made this known on Tuesday.

The apex bank said, “Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200m when the London Commercial Court ordered the released of the $200n guarantee put in place as security in respect of the execution of the much discredited P&ID $10bn Arbitral Claim.

“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”

Speaking on the development, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said, “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee.

“We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived. This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.
“This is a further and significant victory for Nigeria in our ongoing fight to overturn the US$10bn award procured through fraud and corruption by P&ID and former government officials.

“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.

“The Federal Republic of Nigeria will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

P&ID entered a contract with Nigeria to build a gas processing plant, and won a $6.6bn arbitration award after the 2010 deal failed.

The award had been accruing interest since 2013 amounting to $10bn, which if enforced internationally, could lead to the freezing of Nigeria’s assets.

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P’Harcourt refinery begins fuel evacuation again after scaling down operations

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P’Harcourt refinery begins fuel evacuation again after scaling down operations

The management of the rehabilitated Port Harcourt Refinery says it has resumed supply of refined petroleum products after an initial hiccup in its operation.
The Nigerian National Petroleum Company Limited (NNPCL) last week Tuesday announced that the refinery was fully back in operation trucking out 70 per cent of its installed capacity.
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Two days later, Newstrends and other newspapers reported how the report was punctured and no loading was found taking place at the refinery.
But Managing Director of the refinery, Mr Ibrahim Onoja, addressing newsmen after a facility tour of the refinery on Sunday night, said it had resumed distribution of products, including Premium Motor Spirit, kerosene, and diesel.
He said, ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.

”We replaced most of the equipment including pumps installation and cables.

“The plant is running and we are trucking out our products.”

P’Harcourt refinery begins fuel evacuation again after scaling down operations

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FG begins N50 e-levy deduction from Opay, Moniepoint users

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FG begins N50 e-levy deduction from Opay, Moniepoint users

The Nigerian government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies.

A notification from Opay and Moniepoint during the weekend to customers confirmed the development.

According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.

Opay explained that the electronic levy deduction begins on December 1.

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“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.

Similarly, Moniepoint, in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying, however, that the levy will be remitted to the FIRS.

“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS,” Moniepoint explained.

 

FG begins N50 e-levy deduction from Opay, Moniepoint users

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Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island 

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Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island 

 

Skymit Motors Limited recently took the launch of the all-new Mercedes-Benz E-Class to Banana Island Estate, Lagos, creating excitement among the residents.

The unveiling, in conjunction with Weststar Associates Limited, the authorised distributor of Mercedes-Benz vehicles in Nigeria, was done at the estate’s annual Starlight Night held on Saturday, November 23rd, which added glamour to the night.

Skymit, one of the renowned companies in the Nigerian automotive industry, an authorized Mercedes-Benz dealership, has close to 40 years of operations in Nigeria.

The auto firm shares the mission of promoting the “brand with the star” as well as providing Nigerians with exceptional service.

The residents of Banana Island Estate enjoyed a special showcase of the all-new Mercedes-Benz E-Class, along with other vehicles from the Mercedes-Benz Top-End Vehicle (TEV) portfolio, the statement added.

Indeed, the all new E-Class was easily the highlight of the night as the Skymit & Weststar team had put together an exclusive setting at the entrance of the estate.

Residents received even more luxurious experience with a Mercedes-Benz Lounge that was located at the Starlight Night performance.

The Mercedes-Benz E-Class is the epitome of meticulous craftsmanship and technological prowess, a harmonious blend of cutting-edge technology, exquisite design, and unparalleled performance.

Just like its predecessor, the new E-Class promises to redefine the automotive landscape in Nigeria and provide an unrivaled driving experience. The new E-Class marks the advent of a new generation, introducing more technology and luxury.

Its powertrains are complemented by a fresh exterior design, creating a captivating presence on the road. Inside the vehicle, a plethora of new technology features permeate the cabin, providing a digital atmosphere that’s both immersive and intelligent.

Top executives from Skymit Motors were available to engage all guests, such as Mr. Martin Ayeni, Executive Director, Mr. Segun Naiye, General Manager, Mr. Bola Olaoshun, PA/Head of Admin, Mr. Oladimeji Ajayi, Finance Manager, Mr. Shakiru Babatunde, Sales Manager, Ms. Motunrayo Buraimoh, HR Manager, and Mr. Akin Abimbade, Protocol Manager.

There were also Directors and Executives from Weststar; including its Directors, Mr. Francis Ogboro and Mr. Osayande Asemota, its Managing Director, Mrs. Ebere Anenih; General Manager, Sales, Mr. Christopher Irumudomon; General Manager After-Sales, Mr. Ifeanyi Igbokwe; Head of Finance, Mr. Chima Otuechere, Head of Marketing, Mr. Oluwatobi Abimbola, and Head of IT, Mr. Chigozie Oranugo.

According to the statement, said the all-new E-Class along with other Mercedes-Benz Top-End Vehicles (TEVs) are now available at the Skymit Motors showrooms on Mobolaji Bank Anthony way in Ikeja and on Adeola Odeku Street in Victoria Island.

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