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Tag: affirms

  • Court affirms EFCC’s power to probe states’ accounts

    THE Economics and Financial Crimes Commission (EFCC) has the powers to investigate state governments’ accounts and the deployment of states’ funds, a Federal High Court in Abuja has declared.

    Justice Nnamdi Dimgba made the declaration yesterday in a judgment on a suit filed by the Benue State Government through its Attorney General (AG).

    The suit challenged the investigation of the state’s accounts and finances by the EFCC and the subsequent temporary freezing of the state’s accounts.

    Justice Dimgba disagreed with two earlier decisions by Justices Ahmed Mohammed and Taiwo Taiwo (also of the Federal High Court) in the cases by Rivers and Ekiti states’ governments on similar probe by the EFCC.

    Justice Dimgba said the powers of the House of Assembly and the Auditor General of a state to scrutinise the financial activities of a state did not prevent the EFCC from exercising its power to investigate financial crimes in any state.

    The judge was of the view that, at best, the power of the EFCC to investigate states’ finances was complementary to the functions of the House of Assembly and those of a state’s Auditor-General.

    Justices Mohammed and Taiwo had separately held that the EFCC could only probe state’s finances and accounts with the permission of the state’s House of Assembly.

    But, in his view, Justice Dimgba said: “The powers donated to the EFCC under Section 38 of its Act are very broad and not limited to any geographical location. It is so broad that it arises even in the context of management of state’s finances.

    “I am of the view that EFCC retains the powers to investigate the finances of the state. It does not do any violence to the doctrine of federalism and separation of powers.

    “Besides, the EFCC has the expertise to carry out forensic investigation of financial crimes. Neither the House of Assembly nor the Auditor General has the special skills to investigate financial crimes.

    “I differ with my brothers’ decision in the case of ?AG Rivers vs EFCC and AG Ekiti vs EFCC because there is some danger in holding that only state Houses of Assembly can investigate states’ finances.

    “This court takes a different view bearing in mind the collaborative efforts between the state and Federal Government in the fight against corruption.

    “EFCC has legal powers to investigate financial crimes in every strata of our public ?life, even at local government level,” the judge said.

    Justice Dimgba faulted the argument by Emeka Etiaba (SAN) for the plaintiff, to the effect that the EFCC’s activities, in inviting Benue State’s officials, amounted to investigating the state government.

    The judge said: “I make bold to say that the suit rest on a fallacy that EFCC is investigating the Benue State Government. This misconception collapsed in the face of the provision of Section 38 of the EFCC Act.

    “What is clear to me, going by the exhibits attached by the 1st defendant, is that petitions were written against some named officials in the administration of the Benue State Government, containing allegations of fraud against them.

    “Invitation letters were directed to some officials of Benue State Government and another letter requesting the release of some state’s officials.

    “None of the officials is a governor or deputy ?governor, who enjoys immunity under Section 308 of the 1999 Constitution. The suggestion that EFCC is investigating Benue State Government did not hold water.

    “I am of the view that EFCC acted within its powers under the law when it sent letters of invitation to some officials of the Benue State Government for the purpose of investigation, which is the subject matter before this court.

    “I don’t agree that its action is an usurpation of the responsibilities of the state House of Assembly and the Auditor General of the state.”

    Justice Dimgba cautioned the EFCC to always be neutral and avoid portraying itself as biased. He urged the EFCC to carry out its statutory functions in a way that allows it to earn public confidence.

    The judge noted that where the EFCC act in a manner that suggests witch-hunt, it gives room for people to doubt its fairness and neutrality.

    Justice Dimgba dismissed the suit for lacking in merit. He held that the case was built on a misconception that the EFCC lacked the statutory powers to investigate the financial activities of a state government.

  • Agusto & Co affirms InfraCredit “Aaa” rating

    Agusto & Co has affirmed  InfraCredit “Aaa” rating. The rating assigned to Infrastructure Credit Guarantee Company Limited (“InfraCredit) is hinged primarily on the support of its shareholder; Nigeria Sovereign Investment Authority (NSIA) and contingent capital provider; GuarantCo Management Company Limited (GuarantCo).

    The support is demonstrated in the form of contributed capital and active involvement in guiding the Corporation in the formative years through technical and financial support. The rating also takes into cognisance InfraCredit’s good liquidity, risk management and asset quality. However, the dearth of bankable infrastructure projects which elongates transaction origination timeframe tempers the assigned rating.

    Given the huge infrastructural financing needs of Nigeria estimated at $100 billion annually and the dearth of long term capital required by infrastructure projects, the credit guarantees being provided by developmental institutions like InfraCredit will serve as a catalyst to attract investments from pension funds, insurance firms and other long term investors. However, the need to create strong post-guarantee monitoring frameworks which will oversee the usage of the funds and the remittance of revenue being generated from these projects, remains critical for these institutions.

  • Industrial Court affirms jurisdiction in suits on company funds recovery

    The National Industrial Court of Nigeria sitting in Yola, Adamawa State capital, has held that the court has exclusive jurisdiction to determine civil suits to recover a company’s funds misappropriated by an employee.

    This was the verdict of the Presiding Judge of Yola Division, Justice Nelson Ogbuanya, in a suit by West African Cotton Ltd against Oscar Amos on the issue of jurisdiction raised by the defendant.

    The claimant said the defendant was employed as an accountant in charge of its Yola office  accounts unit in January 2008.

    The claimant accused Amos of embezzling and misappropriating the company’s money.

    Confronted with the allegations in February 2015, the defendant undertook to repay the missing sum, totaling N812,518.40.

    But, the defendant reneged on his promise and allegedly abandoned his duty post for over one year, prompting the claimant to replace him and file the suit.

    Amos said he asked for casual leave to enable him source for funds to replace the missing money.

    He said when he returned to office after the expiration of the casual leave on February 28, 2015 without the sum, he was orally directed to stay away from office until the issue was resolved by the claimant’s head office in Lagos, which he complied with.

    He counter-claimed, asking for the amount covering the five months he stayed away, during which his appointment was not formally terminated.

    In his verdict, Justice Ogbuanya upheld both the employer’s claims and the counter-claim in the sum of N500,000.

    He ordered a set-off to be applied and the employee to refund the balance to the employer within one month to end the employment relationship.

    Justice Ogbuanya held that the court had exclusive jurisdiction on the matter.

    “It is, therefore,  my humble but tenacious view and I hold that, whereas in the instant case, the claimant as an employer, takes the civil option and institutes a civil suit  to pursue an otherwise criminal claim (misappropriation of fund/criminal abuse of office) against its employee trusted with funds in the course of duty at work place, and carefully couch the claim as a civil action (recovery of missing/misappropriated funds) and is ready to establish the case as a civil claim and to discharge the onerous evidential burden placed thereby (for making criminal allegation in civil claim), the National Industrial Court is not only the appropriate court to ventilate the claim, but it also has exclusive jurisdiction to entertain the civil suit, for recovery of misappropriated fund at work place in the course of duty by an employee.

    “In other words, the National Industrial Court of Nigeria has exclusive jurisdiction over civil claims for recovery of misappropriated funds by employee in the course of employment, pursuant to S.254C (1) (a) Constitution of Federal Republic of Nigeria (as Amended by the 3rd Alteration Act 2010), which granted this Court an exclusive jurisdiction, in such civil causes or matter ‘relating to or connected with any labour, employment…and matters arising from workplace, the conditions of service, including health, safety, welfare of labour, employee, worker and matters incidental thereto or connected therewith.’”

  • Appeal Court affirms Saraki’s election

    Appeal Court affirms Saraki’s election

    The Appeal Court in Ilorin yesterday upheld the election of Senate President Bukola Saraki as the lawmaker representing Kwara Central.

    It said he was duly elected during the March 28 National Assembly elections.

    The Peoples Democratic Party’s (PDP’s) candidate, Alhaji AbdulRahman AbdulRasaq, had challenged Saraki’s election at the election petitions tribunal, but lost, as the tribunal affirmed Saraki’s election.

    Dissatisfied, he took his case to the Appeal Court.

    Justice J.S. Ikyegh held that there was no basis for the appeal.

    He said the appellant did not prove the case beyond reasonable doubt.

    Kwara State Governor Abdulfatah Ahmed described the judgment as a judicial affirmation of the love Kwarans, over the years, had for the Senate president.

    Ahmed, in a statement by his Chief Press Secretary, Alhaji Abdulwahab Oba, said the judgment was a testimony that the judiciary remained the fair and just arbiter as well as the hope of citizens.

     

     

  • ‘Tribunal’s verdict affirms my electoral triumph’

    A member representing Ido State Constituency in the Oyo State House of Assembly, Hon. Safiu Olalere has described the verdict of the tribunal that upheld his election as an affirmation of the mandate given to him by the people of the area in the last general elections.

    Olalere made the declaration in Ibadan; the state capital shortly after the State House of Assembly Elections Petition Tribunal sitting in Ibadan declared him the authentic winner of the April 11, 2015 election.

    The Accord Party candidate, Mr. Babatunde Akintunde had dragged Olalere before the tribunal; praying that it should nullify the election of the former on the allegations of massive rigging, irregularities and non-compliance with the electoral law.

    Akintunde also urged the tribunal to order a fresh election in the areas due to the allegations he brought before the court, saying the APC candidate declared as the winner of the election by the Independent National Electoral Commission (INEC) after the April 11 election did not meet the requirements for state assembly seat.

    The counsel to the petitioner prayed to the court that due to irregularities that characterised the election in all the 10 wards in the constituency, a fresh election or a re-run should be ordered.

    The counsel also urged the court to either consider its first or second prayers or declare his client winner of the election.

    The tribunal, headed by Justice Oluwatoyin Taiwo in the over-two-hour’s judgment, trashed out the petition and allegations brought before it by the petitioners based on lack of enough evidence to prove its allegations.

    He, therefore, declared the APC candidate, Olalere as the authentic winner of the election.

    Speaking with newsmen, Olalere promised to work for the development of his area.

    He said the verdict of the tribunal was an affirmation of his victory at the polls.

  • Jubilation in Ogun as tribunal affirms Amosun’s victory

    Jubilation in Ogun as tribunal affirms Amosun’s victory

    • Verdict is victory for Ogun people, says gov •Isiaka: we’re studying verdict

    After 180 days and five hours of sitting, including the four hours and few minutes spent in reading its judgment, the Governorship Election Petition Tribunal in Abeokuta, the Ogun state capital, yesterday  affirmed  Governor Ibikunle Amosun as the duly elected governor of the state  in the April 11, 2015 poll.

    Delivering the judgement amid tight security mounted within and outside the court premises by armed policemen, operatives of the Department of the State Security Service (DSS), and Nigeria Security and Civil Defence Corps (NSCDC), the Tribunal Chairman, Justice Henry Olusiyi, said the Petitioner “failed to prove his case against the respondent(Ibikunle Amosun).”

    He therefore dismissed it for lacking merit, saying there was a “yawning and unbridgeable gap between the allegations against the first respondent(Amosun) and evidenced adduced(by the petitioner) to prove them.”

    Continuing, he held further that the petitioner had also failed to satisfy the tribunal on why it should grant his prayers, adding that all the reliefs sought are therefore resolved in the negative against the petitioner as the “petition lacked merit and is accordingly dismissed.”

    The tribunal therefore affirmed that the respondent, Senator Ibikunle Amosun, was the duly elected governor in the April 11, 2015 governorship election conducted in Ogun state.

    The petitioner had sought among other things a court  declaration that he was the valid and duly elected governor in the governorship poll.

    The petition was filed by the governorship candidate of the People Democratic Party (PDP), Prince Gboyega Isiaka, and his party; PDP, against Governor Ibikunle Amosun and the  All Progressives Congress(APC).

    Isiaka had premised his case against Amosun’s election on nine grounds.

    But all the nine grounds were refuted stoutly during the trial by Amosun through his counsel, Lateef Fagbemi(SAN). The tribunal, yesterday, delivered its judgement in favour of Governor Amosun with no cost awarded to Gboyega Isiaka and his party – PDP.

    Reacting to the judgement which triggered wide jubilation in Abeokuta by supporters and members of the APC,  an elated Amosun said the tribunal’s  verdict was a victory for the good people of Ogun State.

    Governor Amosun in a statement by his Senior Special Assistant (Media), Adejuwon Soyinka, noted that the verdict of the tribunal affirming his victory at the poll and  the legal victory were further attestation of the fact that his election was only truly made possible by the good people of Ogun State.

    According to him, if the trial were to be conducted twenty times over, he and the All Progressives Congress(APC) would come out victorious because he was voted for massively by the people of Ogun State.

    He also hailed the judiciary and indeed members of the Justice Henry Olusiyi-led panel for the professional manner they carried out their duties without fear or favour.

    The governor however used the moment to also reiterate  that the ongoing, vital and all – important mission to rebuild Ogun State “is a task that should be embraced by all patriotic citizens of Ogun irrespective of political and ideological differences.”

    In his reaction, the petitioner, Prince Gboyega Isiaka  appealed to his teeming supporters to remain calm and not engage in any act that could breach the peace in the state.

    Isiaka said: “I am appealing to all and sundry to respect the decision of the court. Though the verdict did not go the way that would have gladdened the heart of many people in the state, but as law abiding and responsible citizens, we are duty bound to respect the verdict.

    “We shall carefully study the judgment as soon as possible and will make public our next line of action. But my appeal goes to all our supporters and those that might have been disappointed with the judgment to remain calm.  We still have many options available to us but that decision will be made very soon.”

  • S&P affirms Nigeria at ‘B+’

    • Trading at interbank halted

    Standard and Poor’s Ratings Services affirmed Federal Republic of Nigeria’s long- and short-term foreign and local currency sovereign credit ratings at ‘B+’, citing lower government and external debt and ample oil reserves.

    S&P said the outlook on Nigeria is “stable”, reflecting its view that Nigeria’s non-oil economy will continue to support growth in its gross domestic product.

    Meanwhile, the Nigeria’s interbank money market yesterday, halted trading for the fourth consecutive day as commercial lenders made provision to pay for N45 billion of bonds auctioned on Wednesday, draining cash from the banking system.

    “All we have is indicative quotes of between 15-20 percent for Open Buy-Back (OBB) and overnight lending, no trading is taking place for now,” one dealer told Reuters.

    Nigeria sold the naira-denominated bonds maturing in 2020 and 2034 at an auction on Wednesday, and payment was due to be effected yesterday. There were some deals done at 15 percent on overnight placement late on Thursday, traders said. Liquidity in the interbank money market has shrunk this week, since the government directed commercial lenders to transfer government revenues to a single account with the central bank as part of a drive to fight corruption and aid transparency.

    Cash balances held with the central bank by commercial lenders further dropped to 161 billion naira on Friday from N173 billion credit on Thursday, and were likely to decline further after payment for the bond purchases, traders said.

  • Fitch affirms Stanbic IBTC’s‘AAA(nga)’ ratings

    Fitch affirms Stanbic IBTC’s‘AAA(nga)’ ratings

    Fitch Ratings has re-affirmed the AAA(nga)’ national ratings of Stanbic IBTC Bank PLC and Stanbic IBTC Holdings PLC, a testament to the financial institutions’ strong fundamentals and stability. The two institutions were also assigned ‘F1+(nga)’National Short-term rating, to reflect the their  ability to meet their financial commitments as they fall due.

    The national rating provides a relative measure of credit worthiness for rated institutions in Nigeria and the AAA national rating is assigned to an institution(s) with the lowest relative risk. In the ratings release Fitch also maintained a stable outlook for both Stanbic IBTC Bank and Stanbic IBTC Holdings.

    In its report, Fitch indicated that they expect increasingly challenging economic conditions and market volatility to persist in Nigeria. However, they also recognise the continued strong underlying growth in Nigeria, particularly in the non-oil sector. In arriving at the rating for Stanbic IBTC Bank and Stanbic IBTC Holdings, Fitch took account of the strong parental support from Standard Bank Group, which has a majority 53.2 per cent stake in Stanbic IBTC Holdings.

    The Chief Executive Officer of Stanbic IBTC Holdings, Mrs. Sola David-Borha, said the ratings reflect the financial institution’s strength, strong leadership and the continued support of its parent company, the Standard Bank Group.

  • Appeal Court affirms Ekiti monarch’s reign

    The Appeal Court sitting in Ado- Ekiti yesterday affirmed the installation of Oba Samuel Fadahunsi as the Onijan of Ijan- Ekiti in Gbonyin Local Government.

    The appeal judgment was an affirmation of the decision of the lower Court delivered on November 28, 2008 by the present Chief Judge of Ekiti State,

    Justice Ayodeji Daramola, which upheld the installation of the monarch.

    The Justice Moshood Oredola three-member panel unanimously dismissed the appeal filed by the Afayagbekun and Arobiogbon ruling houses of Ogbon Omo quarters.

    They held that the custom and tradition of the town were adhered to in selecting and installing Oba Fadahunsi.

    The panel awarded N50,000.00 as cost against the appellants.

    The judgment averred that the oral and documentary evidence provided by the respondent, Oba Fadahunsi, were “credible and had probative value”, as opposed to the claims of the appellants.

    The judge said given available documents and evidence, the Ekiti State Chieftaincy Law duly recognised Otutubiosun Ruling House as part of the ruling houses in Ijan-Ekiti.

    He held that the selection and emergence of Oba Fadahunsi as the Onijan agreed with the available law of the state.

  • Supreme Court affirms family’s ownership of Lekki land

    Supreme Court affirms family’s ownership of Lekki land

    The popular Osapa Village in Lekki Peninsula, Eti-Osa Local Government Area, Lagos State belongs to the Eletu family, the Supreme Court has held.

    In a judgment last week, the apex court unanimously held that the land measuring about 10 hectares did not belong to the Ojomu Chieftancy family.

    The court set aside the judgments of a Lagos High Court and the Court of Appeal, Lagos which had erroneously awarded the disputed land to the Ojomu family.

    Justice Kumai Aka’ahs, in the lead judgment held that the fact that Ojomu family had an agreement with Lagos State government in respect of the land did not extinguish the right of the Eletu family which was sold to them (Eletu) in 1977.

    The judge held that the Ojomu family were inconsistent in their claim.

    The apex court upheld the arguments of the lawyers to the Eletu family namely: Olu Daramola, SAN, Ahmed Raji, SAN and Ademola Koko that the disputed land belonged to their client.

    The court ordered the Ojomu family to pay N200,000 to Eletu family as costs in the high court, Court of Appeal and the Supreme Court.

    “The respondents (Ojomu family) have not been consistent in their claim to the land.

    “In one breath, they claim it was the acquisition by the Lagos State Government which was not challenged that extinguished the appellants’ (Eletu family) to the land while in another breath they are asserting that it was the declaration made by the court in Suit No. ID/1883/89 in their favour that extinguished the appellants’ interest in the land.”

    Justice Aka-ahs traced the origin of the dispute to 1977 when the Ojomu family sold a portion of their land to the appellants’ father, late Gbadamosi Bandele Eletu.

    The land is situate and known as Osapa Village in Eti-Osa Local Government Area of Lagos State.

    The transaction done through a Deed of Convenyance dated 23rd August, 1977 was duly registered as No. 36 page 36 Volume 1648 at the Lands Registry, Lagos.

    However, by the Lagos State Government Notices Nos 10 and 14 published in the Lagos State Official Gazette of February 19th and 26th, 1987 respectively, the Lagos State Government compulsorily acquired a vast area of land spanning several kilometres consisting of many villages and settlements.

    The acquired land included Osapa village which had earlier been sold to the Eletu family.

    The Ojomu family consequently filed a suit against the Lagos State Government challenging the acquisition.

    Judgment was delivered in their favour in 1991. However, after judgment, the Ojomu family entered into an agreement with the state government wherein portions of Ojomu family land were granted to the state government.

    Some portions were excised and the certificate of occupancy was granted to the Ojomu family over the enitre portions of land excised from the government acquisition.

    Because the Eletu family did not join the suit (Ojomu family) instituted against the state, challenging the compulsory acquisition, the Ojomu family said the right of the Eletu family over the land already sold to them had been extinguished.

    The high court agreed with them. So did the Court of Appeal. But the Supreme Court set aside the judgment and found in favour of the Eletu family.

    Justices Samuel Onnoghen, Bode Rhodes-Vivour, Olukayode Ariwoola and Clara Ogunbiyi, who were on the panel that heard the case, agreed with Justice Aka-ahs’s decision.