The Nation Newspaper

Tag: bank

  • Firm to assist banks, others on CSR

    RyteDeals Nigeria Limited has introduced a product to help banks, microfinance banks (MfBs), mortgage institutions and manufacturing companies to improve on their Corporate Social Responsibility (CSR).

    Tagged ‘Dial-a-Deal programme, the idea, according to a statement, will help companies to make maximum use of their CSR’s budget.

    The Chief Executive Officer, RyteDeals, Mr Victor Alaofin, said the firm was committed to helping institutions get a fair deal or value for their CSR’s materials.

    He said the development was aimed at helping companies spend less on CSR, while at the same time getting more values for their efforts.

    The RyteDeals boss said the firm would help institutions to get discount on CSR’s items such as gadgets, food, electronics, clothing’s, medical services, trainings, events, accessories, cars among others.

    He said: ‘The company is value-driven, has a wide range of ideas and is structured to serve its customers better. One of these ideas is “dial-a-deal”, through which customers can dial a phone number to get ‘enhanced, convenience service’. Also, business owners equally have opportunity to get the “Ryte customers, market recognition and reach for their products and services.”

    He said the firm carries out deals online by asking clients to subscribe to its products, adding that the company has wider reach, as evident by its long list of individuals and companies that have requested for CSR-induced services.

     

  • Banks’ high interest rate caused by cost of power generation

    Cost industrialists complain of funding and infrastructure. How are you coping with these challenges?

    Well, God has been wonderful to me in this direction. I am a Christian and once God’s hands are in your business, things will fall in place. But I must tell you funding is not the biggest problem in Nigeria for the businessman. The biggest problem is that of power supply. That is one problem we must fight headlong. That is what is killing industries in the country. Even the banks are suffering the problem of electricity and they shift this extra cost to the businessman. If the banks run without diesel and generator, they will reduce their interest rate by one or two digits. Right now, the interest rate is about 21 per cent and that is too much. If we solve electricity problem, we would have solved 50 per cent of the problem being faced by industries. The government should assist us by giving us power. Nigerians will clap for the government if they can give us steady light. With electricity, industries will run and people can produce different things as the Chinese do from very small business premises. Once we solve the problem of electricity, more jobs will be created. China is an industrial giant because they don’t have any electricity challenge.

    What motivated you to invest in industries rather than buying and selling?

    Thank you very much. The answer is unemployment. If you look at what is happening in Nigeria, you will see there is no security anywhere and the basic reason is because there is no job for the teeming youths. And the only way we can get out of this problem is to create job for the youths. And these youths we are talking about are my brothers, yours brothers, my sisters, your sisters. Most of them are out of the university and, unfortunately, they are roaming the streets. So, instead of buying houses overseas, or keeping money in the bank, I have decided to invest at home. We need to see how we can give our people hope. God willing in the next few weeks the industry ABM is building in Owerri will start production.

    What will the ABM factory produce?

    ABM means Associated Basic Materials. It is a group that is into oil and gas, manufacturing, hospitality and real estate. In manufacturing, what we are doing in Owerri is four industries in one. We are going to produce aluminium, plastic, tissue paper, table water and juice. For now, that is just the first phase. Ultimately, we are going to build the largest industry in Imo State, but for now, the first phase is ready to begin production. All the machinery have been installed, the raw materials are there and the workers are there; so we are about to light up the factory.

    You are the concessionaire of the popular Imo State Government’s Concorde Hotel. What moved you to invest in it?

    Talking about what moved ABM to invest in Imo Concorde, I will tell you straight away that it is the love I have for the late former governor of Imo State, Chief Sam Mbakwe. Mbakwe was the man of the people and he gave Imo selfless service. And one of the legacies Mbakwe left for Imo people is the Imo Concorde Hotel. Imo Concorde at a time became shadow of itself and was in a state of disrepair. Since the government can’t revive it, ABM decided to show interest to make sure the place is up and running. Our desire is to bring the hotel back to its old glory, and that is one way of saying we love what Mbakwe did as the people’s governor.

    So, how far have you gone in turning around the hotel?

    We inherited a lot of problems. A lot of fraud was going on there and the place was in a state of decay. The place was over staffed. The hotel has 220 rooms, but only about 45 rooms were functioning. Nothing was working. The generators there were not functioning. The lifts were not working. But today, in less than three months, we have two brand new lifts, and 180 rooms available. We have replaced the generators with a 1000 kva generator. We are changing the face of the place and bringing it back to its former glory. And we are enjoying good support from Governor Rochas Okorocha who also wants to do for Imo what Mbakwe did in his time. By the end of July, Imo Concorde will fully bounce back as a five star hotel.

    What are you doing about the staff?

    We are discussing with the government to pay them off, so that we can recruit professionals.

    For how many years will ABM run the place?

    We got the place on lease for 20 years with a five-year renewal. Our drive is to bring the hotel back to life.

    Will the people of Imo benefit from this arrangement?

    Certainly yes. Don’t forget there is an annual renewal fee that we will be paying to the government. Don’t forget that beyond the money the government will make, the place will remain the pride of Imo State and attract tourists.

    When do you intend to inaugurtae the factory in Owerri?

    As I said earlier, everything is ready, in another few weeks, we will start production. But the inauguration proper will be later in the year during the dry season. We can’t open it during this rainy season. We are looking at October or November.

    What gave you the confidence to invest in Owerri even with the mirage of problems in the state, including insecurity?

    I must tell you that I am not afraid of the problems you highlighted. We need to solve security problem by creating jobs for the youths. In fact, it is the youths that will come and protect you once they know you are working to help them. The kidnappers will even protect you once they know you are helping in the area of job creation.

    Do you have any foreign partnership?

    ABM is a group that has an office in South Africa and Aberdeen in the United Kingdom (UK), to be precise. We also have Indian and Chinese partners. Kabra plastic manufacturing company is the largest in India and they are our partners. We have our partners from UK, who are already on ground running the Imo Concorde Hotel. The group from UK also runs some of the best five star hotels in UK and we have the same vision with them.

    Do you have any political ambition?

    This is the question Nigerians always ask once one is doing well. When I gave my people at home water, they beckoned on me to go to the House of Assembly. They renewed the call when I gave them electricity. I told them no. Honestly, I do not have any ambition to run for any elective post. The only ambition I have is to see how I can help the poor. If that can be contested in any election, I think I will run. My ambition is how to put food on the table of the poor, to help the less privileged. If anyone wants us to run for that, I think I will. I will put my money in that race but for any political post, no way. But I am ready to support any government that is ready to serve the people.

    Talking about supporting good governance, do you think the government in Imo State is doing well?

    If you look at what happened two, three years ago, one would say yes, that things are better today in Imo State. I am not saying this because I want to support party A or party B but because of what is on ground today. I am saying this because even the blind can see what the government is doing not only in Owerri, but in other zones of the state. I come from Owerri North, and before now, leaving Owerri to my town was like passing the head of a camel through the eyes of a needle. But today, one can drive home with ease. The road to Naze has been dualised, thus easing the traffic in the Emmanuel College end of Owerri town. Owelle Rochas Okorocha’s free education project is laudable. One can see what the government is doing to make Imo better and I will support any government that is doing that. I am not saying this because I am a government contractor. I am not a government contractor. The government of Okorocha has not given me any contract and I am not looking or begging for one. But in my own assessment, I think Rochas has done well, even the blind can attest to the fact that his rescue mission is on course.

    What is your take on the low presence of industries in the Southeast?

    The problem has to do with the fact that our people – south easterners – are not investing at home. This to me is a big mistake. We just need to think home and see how we can develop the south east industrially. Our teeming youths, who are coming out of the university, must find a place to work if they must not take to kidnapping, armed robbery and other vices. We must give our people hope.

    Where do you think ABM Group will be in another five years?

    By His grace, my vision is to see ABM Group become one of the leading corporate outfits in the country in the next couple of years. We hope to become one of the major players in oil and gas in real estate, in the hospitality industry and other areas where we have business interest. The druve of somebody like Chief Chukwuma of Innoson Group is motivating us. I support him even in my prayers and I hope our government will support indigenous companies to grow. Ordinarily, Innoson motors should be the only company the government should be patronising when it comes to the buying of vehicles, that way the company will grow. Take a look at Indians they use TATA vehicles wherever they are. Koreans use Rio vehicles as a way of supporting their own. We must also help our companies grow. We must think Nigeria first. If we think Nigeria, this country will be better. Government must ensure the full implementation of the local content law just like we have it in oil and gas.

    Despite your busy schedule as a businessman, do you find time to relax?

    Of course, I do. However, different people have different ways of relaxing. I relax by staying at home with my kids during the weekend. I try to be home during the weekend so that I can play with the kids. I don’t go to clubs and I do my gym work at home. God has blessed me with four lovely kids and a wonderful and God-fearing wife. She is Mrs. Uchenna Favour Mbata.

     

  • Sterling Bank’s N12.5b rights issue opens today

    Application list for the N12.5 billion rights issue of Sterling Bank Plc opens today, paving the way for shareholders to increase their shares in the high-return bank.

    The opening of application list followed the completion of all pre-offer processes including final completion board meeting by the board of Sterling Bank and other professional parties as well as approvals by the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and the shareholders of the bank.

    Sterling Bank is raising N12.5 billion through a rights issue of about 5.889 billion ordinary shares of 50 kobo each at N2.12 per share. The lender had traded at a high of N3.05 at the stock market. The shares have been pre-allotted on the basis of three new ordinary shares of 50 kobo each for every eight ordinary shares of 50 kobo each held as at May 20, 2013. Application list will run till July 31, 2014.

    The net proceeds of the rights issue, estimated at N12.13 billion, would be used to finance branch expansion, infrastructure upgrade in support of automated and cashless payment, enhance information technology and additional working capital.

    About 35 per cent of the net proceeds, estimated at N4.24 billion, would be used for branch expansion; 15 per cent of the funds estimated at N1.82 billion would be used for infrastructure upgrade, 10 per cent of the funds equivalent to N1.21 billion would be used for information technology while 40 per cent, estimated at N4.85 billion, would be added to the working capital.

    Managing Director, Sterling Bank, Mr Yemi Adeola, said the rights issue would enhance the capital base of the bank and enable it to create additional values for shareholders.

    Given the fact that Sterling Bank is one of the few financial institutions that have not raised new equity funds in the past seven years, the top flight banker said the current fund raising would enhance the performance of the company and returns to shareholders.

    “If with the modest capital that we have, we were able to stabilise the bank, deliver consistently better returns to shareholders and build up to become the a top tier bank, imagine what we would do with more capital. Our shareholders have no reason whatsoever not to be excited in participating in the rights issue. You can’t regret it,” Adeola assured.

    He noted that the rights issue marked the beginning of the bank’s capital raising plan, which is meant to put the bank on stronger footing and further position it to compete effectively.

    He said the bank plans to raise $80 million through the rights issue and $120 million through private placement to shore up the lender’s tier one capital.

    Mr Adeola pointed out that the bank is embarking on additional capitalisation because size has become very key and relevant in the banking industry and the bank needs to open more branches and put in place enabling infrastructure for its unique retail banking franchise.

    He added that additional working capital would enable the bank to expand the scope of its corporate banking business, noting that the lender is currently limited by the single obligor limit, which is a function of available.

  • Unity Bank receives IT certification

    Unity Bank Plc has received the Payment Card Industry Data Security Standard certification, the global information security standard that helps prevent card-related fraud, the lender said in a statement.

    Presenting the certificate to Unity Bank, Mrs. Adedoyin Odunfa, Managing Director of Digital Jewels, a consulting firm on the project, said Unity Bank – which currently issues MasterCard and Interswitch Verve cards to its customers – had demonstrated leadership in the industry, being the fifth bank to receive the certification in the country.

    Mrs. Odunfa said: “After achieving the ISO270001 last year, Unity Bank has shown that it is one of the banks at the forefront of good security and compliance by now attaining the PCIDSS certification. You are the second bank in the country to have attained both of those certifications. That is quite a formidable feat given that there are several other banks who may claim to be more technological advanced than Unity Bank.”

    She however, advised Unity Bank’s management not to rest on its oars. “It is a feat that is evidenced by the fact that it is a global certification and not a local one and so I will like to say that having attained this, yes, we congratulate ourselves, but we must look forward and ensure that we are able to sustain this certification. That is extremely important,” she said.

    Unity Bank’s Managing Director, Ado Yakubu Wanka said the bank is aware that banking is about confidence and as the world economy moves towards card-related transactions, it becomes more important for customers to know that their data is safe with their bank.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Skye Bank rethinks growth strategy

    Skye Bank rethinks growth strategy

    Skye Bank Plc is rethinking its growth model into a more assertive and forward-looking option that seeks to consolidate its historical value-based organic growth strategy with expansionary and competitive verve with a view to leapfrog and sustain the bank into a top tier bank within the medium to long term.

    Focused on internally-driven value creation, Skye Bank had raised comparatively lower capital and did not make any acquisition in the rush for large capital and acquisitions by several banks. The new growth model, according to a statement from the bank, will combine this historic growth model with a stronger competitive strides aimed at exploring all available opportunities for growth.

    The bank is expected to drive growth largely internally through increased capitalisation and market-facing initiatives but it would also seek to acquire value-adding commercial banking assets that could leverage its balance sheet, spread and customer base.

    The lender has outlined a three-year short-term plan that is expected to double its balance sheet and customer deposits by the end of the plan in 2015. Skye Bank’s total assets opened 2013 at N1.07 trillion while customer deposit stood at N790.1 billion.

    The bank is also expected to significantly improve its profitability in tandem with the targets for total assets and customer deposit.

    A new strategy framework that emanated from a brainstorming retreat between the board and management of the bank and top-flight professional advisers indicates that the bank needs to consolidate its size and expand both organically and inorganically.

    The retreat, meant to chart a new course for the bank, outlined several strategic initiatives to achieve a three-prong objective of continuous survival, enhanced industry ranking and improved returns to shareholders.

    The Asset Management Corporation of Nigeria (AMCON) has announced plan to sell its three banks- Keystone Bank, Enterprise Bank and Mainstreet Bank – starting with the sale of Enterprise Bank. AMCON indicated there were more than 20 bidders for Enterprise Bank.

    Shareholders of Skye Bank last Wednesday approved resolutions empowering the directors of the bank to raise more than N81 billion in new equity and debt capital. At the annual general meeting of the bank in Lagos, shareholders approved a resolution to enable the board raise N50 billion in new equity funds and as much as $200 million in tier 2 capital, otherwise known as debt or quasi-debt issuance. Shareholders also empowered the board to absorb over-subscriptions, which implies the bank could access more than face target of N81 billion.

    Group managing director, Skye Bank Plc, Mr. Kehinde Durosinmi-Etti, last week explained that the bank would raise tier 2 capital before the end of the third quarter of 2013 and seek additional funds through tier 1 issue in the nearest future.

    He noted that given the way the bank has optimised its current capital base, additional capital would lead to better value creation for all stakeholders.

    He said the bank has been strengthening its processes and resources to improve efficiency, reduce costs and enhance risk management noting that the bank is in the process of finalising the centralization of its back-office.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2012 showed that profit after tax leapt to N12.64 billion in 2012, representing an increase of 872.6 per cent on N1.30 billion recorded in 2011. Profit before tax had jumped by 480.9 per cent from N2.84 billion in 2011 to N16.51 billion in 2012. The bank maintained steady top-line in 2012 with net interest income and net non-interest income of N44.50 billion and N22.60 billion. On the basis of the impressive bottom-line, it increased cash dividend per share from 25 kobo paid for 2011 business year to 50 kobo for 2012.

    Interim report and accounts of Skye Bank for the first quarter ended March 31, 2013 also showed that gross earnings rose by 24.6 per cent to N34.69 billion in first quarter 2013 as against N27.84 billion recorded in comparable period of 2012. Interest income had grown by 18.2 per cent from N23.04 billion to N27.22 billion, underlining the increasing market share in the banking industry. Profit before tax stood at N4.63 billion as against N4.09 billion in corresponding period while profit after tax rose from N3.48 billion to N3.71 billion.

  • Bank vehicle kills student

    Bank vehicle kills student

    The University of Ibadan (UI) community was, last Monday, thrown into mourning when the driver of a new generation bank crushed one of the institution’s students.

    Deborah Asha Odunayo, 200-Level Guidance and Counselling, left the campus after reading in preparation for her next exam.

    The university is conducting its first semester examination.

    CAMPUSLIFE gathered that the late Deborah was crushed by the vehicle as she tried to cross the Ojoo road to buy some food items.

    Our correspodents learnt that the late student was immediately rushed her to a hospital but gave up the ghost a few hours later.

    This incident shocked students when the news hit the campus. According to the deceased’s close friend, Hiqmat Abdulsalam, Deborah left the campus to buy food stuffs after she wrote her first paper but she was hit by the vehicle while she was trying to buy the items. Hiqmat said she was yet to believe her close friend was dead.

    Yomi Alli, 200-Level Political Science and the late Deborah’s secondary school classmate at International School Ibadan, described the deceased as easygoing. He added she would be greatly missed.

    Fadekemi Folarin, 100-Level Guidance and Counselling, said the late Deborah never looked down on people, which was why she moved close to the deceased.

    The late Deborah, 20, was said to be dreaming to become a Public Relations consultant.

  • ‘World Bank didn’t delist Nigeria from loans’

    ‘World Bank didn’t delist Nigeria from loans’

    World Bank Country Director for Nigeria Ms. Marie Francoise Marie-Nelly, yesterday cleared the air on her statement at a news conference on Monday in Abuja.

    A statement by Mr Dele Oladokun of the World Bank Nigeria country office communications unit said: “During the briefing, the Country Director explained that from the fiscal year 2014, Nigeria would gradually move to a ‘blend’ country status which means that the country would not only be able to continue to enjoy resources from the IDA concessional window, but would start accessing from the Bank’s IBRD (International Bank for Reconstruction and Development) window. Nigeria would enter into what is commonly called a transition period whose duration varies from country to country. On average, countries which recently graduated from blend to IBRD status enjoyed an average transition period of about 7 years.

    “Countries are eligible for IDA on the basis of (a) relative poverty and (b) lack of creditworthiness. Nigeria’s graduation to the ‘blend’ status is due to the fact that the country has been assessed to be credit worthy for IBRD financing and its GNI (Gross National Income, formerly GNP) per capita has exceeded the IDA threshold per capita for three consecutive years. Based on World Bank Atlas methodology, 2011 per capita GNI for Nigeria was US$1280, which is slightly above the IDA operational cutoff of US$1,195.

    “For your information, countries that currently borrow under IDA, including Nigeria have a repayment period of 40 years, including a grace period of 10 years. Under the ‘blend’ status, Nigeria would still have access to IDA funding with a maturity period of 25 years, and a grace period of 5 years. As mentioned above, the country would be able to receive IBRD Credit which also has a maturity period of up to 25 years.

    “Ms Marie-Nelly further explained that this positive move would allow Nigeria access more funding from the World Bank in addition to knowledge and technical assistance to support Nigeria’s development programme.

     

  • Skye Bank targets 15,000 PoS

    Skye Bank Plc has concluded plans to deploy 8,000 Point of Sale (PoS) terminals in states covered by the second phase of the Central Bank of Nigeria (CBN) cashless policy. This is in addition to 7,000 PoS already deployed in Lagos being the total figure to 15,000.

    The CBN recently announced that by July, the cash-less policy would be extended to Ogun, Anambra, Rivers, Abia states and the Federal Capital Territory after a successful pilot test in Lagos State.

    In a statement, Group Head, e-Channels, Skye Bank Plc, Mr Chuks Iku, said that to ensure the success of the exercise, branches of the bank in Kano and Abuja have been trained and had consequently commenced customer education in relation to how PoS could be used, providing product knowledge and creating awareness about the policy and other payment channels. He said the awareness exercise would commence in the other states ahead of the roll out.

     

     

     

  • Braithwaite’s case against bank adjourned

    Braithwaite’s case against bank adjourned

    A Lagos High Court, Igbosere, yesterday adjourned till April 25 the hearing of a suit filed by Lagos lawyer, Dr. Tunji Braithwaite, against Standard Chartered Bank Plc for a reply on points of law to the defendant’s counter-affidavit and written address.

    This followed the request for a short adjournment by the claimant after the defendant, which was represented by Mrs. Oluwatosin Iyaye, announced his compliance with the penalty for responding out of time.

    The court allowed Mrs Iyaye to move her counter-affidavit and written address, which Braithwaite did not oppose. The frontline lawyer, however, requested a short adjournment to enable him file a reply on points of law.

    Dr Braithwaite is seeking a declaration that the construction of a 14-story building at 142 Ahmadu Bello Way, Victoria Island, Lagos, and a five-level park at Plot 141, Elias Close, Victoria Island, Lagos, by the bank, is unlawful and damaging to his rights.

    He is also seeking a perpetual injunction restraining the bank or its agents from using or causing or permitting to be used for any purpose other than residential the site in contention.

    The claimant is demanding N10 billion as general damages for the alleged nuisance caused by the noise and pollution of the bank’s giant electric generating sets, which he said led to his discomfort for over 10 years.

    Besides, he is asking for interest at the rate of 21 per cent till final judgment.

    In his statement of claim, Braithwaite averred that the proposed building, if erected, would affect the amenities in his home in terms of availability of air as well as constant noise pollution, thereby breaching the peace and quiet of the neighbourhood.

    The claimant also swore that every plan for development of the various sites suitable for building on Elias Close was designed and approved for “High Class” residential purposes only.

    He stressed that the proposed 14-story building and five-level car park would infringe on his fundamental right to access to light.

    Baithwaite had declared, in a 34-paragraph affidavit deposed to on his behalf by Ismaila Usman, that the 14-storey building and five-level car park being built close to his home on Victoria Island by the bank, is illegal.

    He prayed for an order of the court to stop the bank from putting up such a building in the residential area.

    However, the bank urged the court to dismiss the application, saying the structure is not harmful and does not infringe on the rights of the claimant.

    Justice Doris Okuwobi adjourned the matter till April 25.

     

  • Court refuses bank’s plea for extension in Braithwaite’s suit

    ALagos State High Court, Igbosere, has refused to entertain a plea for extension of time by Standard Chartered Bank Nigeria Limited in a N10billion suit filed against it by a lawyer and former Presidential candidate, Dr. Tunji Braithwaite.

    The bank requested for extension in response to Braithwaite’s Motion on Notice, but Justice Doris Okuwobi said the defendant’s prayers would not be heard because it was yet to pay a default fee to the court.

    Standard Chartered’s counsel, Oluwatosin Iyayi, asked for a short date when their application would be considered, by which time they would have paid the penalty for replying out of time.

    The court granted the bank’s prayers.

    Braithwaite had sought a declaration that the bank’s construction of a 14-storey building and a five-level car park at 142 Ahmadu Bello Way/Plot 142 Abutting Elias Close, Victoria Island, Lagos, is unlawful and damaging to his rights.

    He asked for a declaration that the commercial building, which he claimed is now at its 10th floor, constitutes an illegal structure.

    The claimant alleged that the defendant’s Development Permit is illegal, and that the building constitutes a nuisance to him, obliterating his access to light, air and linkages – rights he had enjoyed for 40 years while living in his house.

    He prayed for an order that “the illegal commercial building” be “demolished and pulled down by the defendant at its cost.”

    He also sought general damages of N10billion “for the nuisance caused and inflicted on the claimant by the defendant over a period of years.”

    In a supporting affidavit, the claimant said he needed to make necessary amendment to his Write of Summons, Statement of Claim and Written Statements on Oath because the events on the building have overtaken the earlier processes he filed.

    Braithwaite said he would call three additional witnesses, adding that when his original suit was filed, the defendant was still proposing to build the house. Now, construction has gone to an advanced stage, he said.

    “As at the date hereof…the defendant has now rushed the construction of its illegal structure to the 10th floor level in an attempt to steal a match on the claimant, which act makes it necessary for the claimant to amend his processes and the consequential reliefs being sought,” the claimant said.

    Among others, Braithwaite claimed that he complained that the building, previously occupied by Reliance Bank Limited, had facilities which disturbed him.

    According to him, the defendant’s predecessor had installed some giant electric generating plants directly opposite his house at Plot 158 (No. 9) Elias Close, Victoria Island, with a narrow road of nine metres separating the two properties.

    He said the generating sets were “pumping gases into the living rooms of the claimant’s residence, and also causing deafening noise.”

    Braithwaite said the 14-storey building infringes his fundamental right to access to light as a result of it being in excess of stipulated height, which he said contravened existing guidelines in its host environment.

    The elder statesman averred that the development permit which the defendant purportedly obtained from the state government authorising a mixed development in the area was invalid and unlawful.

    However, the bank in its defence, denied that the building would constitute any nuisance to the claimant.

    The defendant contended that the action is frivolous, vexatious and an abuse of court process.

    It urged the court to dismiss the action.

    The bank said the Lagos State government reserves the power and authority, acting by itself or through its ministries, parastatals or agencies to designate/zone all areas within the state as residential, commercial and/or mixed uses.

    It said it obtained the relevant permits from the state government before embarking on the construction.

    Justice Okuwobi adjourned further hearing till April 16.