The Nation Newspaper

Tag: Ecobank

  • Lagos marketer arraigned for N1.6m property theft

    Lagos marketer arraigned for N1.6m property theft

    A 39-year-old marketer, Nicholas Uzomba, was on Monday charged with stealing a company’s products worth N1.6 million at an Ikeja Magistrates’ Court.

    Uzomba, who lives in Surulere area of Lagos, is facing a three-count charge of false pretences, fraud and stealing.

    He, however, pleaded not guilty to the charges.

    But the Police Prosecutor Simeon Imhonwa told the court that the accused committed the offences sometime in August 2016 at No. 24, Odetola St., Surulere.

    He alleged that the accused obtained property worth N1.6 million from Aurum Group of Companies owned by the complainant, Mrs Maurice Etim, on the pretext of promoting the products.

    Imhonwa also said that the accused also collected an EcoBank cheque for N300,000 from the complainant for logistics in promoting the products using his company — Buzz Technic Consult Ltd.

    “Uzomba sold  the products and converted the money to personal use and absconded; efforts to reach him on phone were unsuccessful.

    “He was, however, apprehended by the police.”

    The offences contravened Sections 285, 312 and 409 of the Criminal Law of Lagos State, 2011.

    The News Agency of Nigeria (NAN) reports that Section 285 prescribes three years imprisonment for stealing, while Section 312 provides seven years for false pretences.

    Ruling on the bail application of the accused, the Chief Magistrate, Mrs B.O. Osunsanmi, granted the accused bail in the sum of N300,000 and two sureties in like sum.

    She adjourned the case until June 26 for mention.

  • Marketer impersonates dispatcher, steals N12m from bank account

    Marketer impersonates dispatcher, steals N12m from bank account

    A marketer, John James, who allegedly impersonated a firm’s dispatch delivery man and stole N12 million from its Ecobank account, has been charged before an Igbosere Magistrates’ Court, Lagos.

    James, ‎62, of No. 23b, Anuoluwapo Street in Egbe area of Lagos, was docked Thursday before Magistrate O. O. Oshin on a four-count charge of conspiracy, forgery, impersonation and attempted fraud.

    Prosecuting Sergeant Cyriacus Osuji said James conspired with accomplices, who are at large, to commit the alleged offences at about 10:30am on April 11, at Ecobank Plc, Lagos.

    He alleged that the defendant impersonated a dispatch ‎rider of Oxford Hydrocarbon Ltd and forged the firm’s transfer of funds instruction form for its Ecobank account.

    James then allegedly transferred the sum of N21million from the account to a Zenith Bank account from where he attempted to defraud the company‎ of the said sum.

    According to Osuji, the offences contravene and are punishable under Sections 318, 361(b), 404 and 409 of the Criminal Law of Lagos, 2011

    James pleaded not guilty.

    Magistrate Oshin granted him N500, 000 bail with two sureties in the like sum and adjourned till May 10.

     

  • JAMB Registration: Candidates decry stressful, complex process

    JAMB Registration: Candidates decry stressful, complex process

    The prospective 2017 Joint Admission Matriculation Board (JAMB) candidates in Ilorin have decried the rigorous process of registering for the Unified Tertiary Matriculation Examination (UTME).

    The candidates, who were seen in long queues in Banks and registration centres, including JAMB Office, told the News Agency of Nigeria (NAN), in Ilorin on Friday that the registration process was frustrating, stressful and beyond human comprehension.
    A candidate, Biola Adams, told NAN in EcoBank, Ilorin, that he had being queuing under the sun since Wednesday to make payment and acquire pin code.
    “It is becoming unbearable as the process is tough. Every bank in Ilorin here is filled up with JAMB candidates under this hot weather as the process is very slow.
    “Just because we want to write JAMB and we are subjected to this kind of stress. It is unfair on the path of our leaders in this country.
    “They don’t care about the consequence of the stress,” he said.
    Another candidate, Folaranmi Oyekunle, who was in a queue in Zenith Bank at Unity, Ilorin, said she took ill when started the registration process.
    “I have being surviving on drugs as the stress of queuing for long under the sun is affecting me. The banks officials are too sluggish and are taking us for granted,” Oyekunle said.
    Similarly, Azeez Ibrahim, told NAN that he began the registration on Monday and was yet to achieve anything tangible because of the surging crowd at the banks.
    “We don’t know why it is like that this year. The process is too complex and stressful. One of us even collapsed on the queue on Thursday following the unbearable stress,” Ibrahim said.
    An official of Zenith Bank, who pledged anonymous, said the banking hall was congested with JAMB candidates, adding that it was not good for the security of the bank.
    “It is dangerous for the Bank to be filled up with this uncontrollable number of people queuing up inside and outside the bank.
    “I even pity their situations as the weather is too hot for young people to stand in it for hours,” the official said.

    JAMB staff in Ilorin, who pleaded anonymity, appealed to students to bear with the organisation and endure for a time being, adding that success doesn’t come easy.

    He said Jamb offices and banks are working hard to speed up the registration process in order to reduce the stress students are passing through at the moment.

    “JAMB wants a perfect and authentic registration this year. We don’t want any dubious registration. We are sorry for the inconveniences,” he pleaded.

     

  • Ecobank seeks to stay proceedings in Honeywell’s suit

    Ecobank Nigeria Ltd has urged Justice Mohammed Idris of the Federal High Court in Lagos to stay proceedings in a suit by Honeywell Flour Mills Plc and its sister companies  Anchorage Leisures Ltd and Siloam Global Ltd.

    The companies are praying the court to hold that they are not indebted to the bank, having made a full and final payment of N3.5billion.

    But, Ecobank, through its lawyer Kunle Ogunba (SAN) said the companies were still indebted to it to the tune of N5.5billion.

    The pending application for stay of proceedings could not be heard because of a further affidavit that was served on the plaintiffs counsel, Olabode Olanipekun, to which he was yet to respond. He said it was not ripe for hearing.

    Ecobank, in the application, is praying for an order staying proceedings in the suit pending the hearing and determination of its appeal against a ruling delivered by Justice Idris last November 17.

    The judge had, in the ruling, refused to recuse himself from adjudicating on the case after Ecobank accused him of bias and applied to the Chief Judge to re-assign the case.

    The bank said it subsequently filed a notice of appeal at the Court of Appeal to challenge the ruling.

    The grounds of appeal raises threshold and arguable issues bordering on the propriety of Hon. Justice M.B. Idris refusal to recuse himself from the proceedings in clear defiance of established etiquette for judicial officers faced with allegation of bias, which we seek to test on appeal, hence the urgent need to stay further proceedings before this Honourable Court.

    The orders sought for in this application are of utmost importance and urgency in order not to foist a fait accompli on the Court of Appeal, the bank said.

    The defendant/application added that Order 32 of the courts Civil Procedure Rules 2009 empowers parties to bring such an application when an appeal has been filed.

    In a supporting affidavit, a lawyer in the firm of Kunle Ogunba & Associates, Abdulazeez Balogun, claimed that all rulings save one in this suit have been in favour of the plaintiffs to the detriment of the defendant.

    For instance, the bank said the judge relied on a nocturnal affidavit filed by the plaintiffs at the close of work last November 4 to refuse its previous application for stay of proceedings.

    The filing of the instant motion for stay of proceedings is a mechanism deployed to save the filed notice of appeal from being a mere academic exercise.

    The issue to be settled by the Court of Appeal is one of the flagrant breach of fair hearing which goes to the root of any matter, hence the need for a temporary stop to every substantive and interlocutory applications before this honourable court pending the hearing and determination of the appeal, the bank said.

    But, the plaintiffs/respondents in their counter-affidavit are praying to refuse the application.

    According to them, all the averments in the banks affidavit in support of the motion for stay are false and deliberately calculated to mislead this honourable court.

    The companies said the defendant failed to take cognizance of the CJs refusal to reassign the case.

    They said the bank does not have the right to choose which judge it wants to hear its case and give judgment in its favour.

    Prior to the filing of this application particularly on 1st July 2016 and 4th November 2016, the defendant made applications for stay of proceedings which have all been refused without any appeal against those decisions, the plaintiffs/respondents said.

    They contended that they would be greatly prejudiced if the application is granted.

    The grant of this application would be counter-productive to the extant orders of the Court of Appeal for accelerated hearing of the suit. It is in the interest of justice to refuse this application, the companies said.

    At the last proceedings, the plaintiffs closed their case after calling their last witness, Honeywell Groups Deputy Manager, Portfolio Management, Mrs Oluwakemi Owasanoye, who was cross-examined by Ogunba.

    The court had refused Ogunbas bid to move the application for stay on the basis that it was not ripe for hearing and to enable Olanipekun respond.

    The judge also refused the SANs application to adjourn to for hearing and directed Ogunba to proceed with the cross-examination. Justice Idris said non-hearing of the application for stay would not stop the trial.

    Owasanoye, under cross-examination, said the facilities were given to the companies separately by the defunct Oceanic Bank, which was acquired by Ecobank.

    She said she did not know what the indebtedness was before the N3.5billion was agreed, adding that the companies paid within three months of the agreement.

    Owansanoye the fact that Honeywell Groups chairman Oba Otudeko was a former Oceanic Bank director was not a factor in determining the repayment terms.

    Justice Idris adjourned till May 9 for hearing and continuation of trial.

  • Ecobank seeks to appeal ruling in bankruptcy case against Otudeko

    Ecobank seeks to appeal ruling in bankruptcy case against Otudeko

    • Honeywell Group chair opposes application

    Ecobank Nigeria Limited has asked the Court of Appeal for extension of time to enable it seek leave to appeal the Federal High Court’s ruling in a winding-up petition against chairman of Honeywell Group, Oba Otudeko.

    The bank initiated the bankruptcy proceedings against Otudeko over an alleged N5.5billion debt which arose from loans granted Honeywell Flour Mills Plc, Siloam Global Services Limited and Anchorage Leisures Limited, said to have been guaranteed by Otudeko.

    The appellant is seeking an order by the Appeal Court granting it leave to appeal the ruling delivered last February 19 by Justice Babs Kuewunmi.

    The ruling followed the winding-up petition filed by Ecobank on October 17, 2015, accompanied by  motion ex-parte and motion on notice.

    The bank said the petition was a bid to recover the money from Otudeko “considering  the looming and impending danger of having its banking licence withdrawn after the respondent failed to liquidate its indebtedness after several demands.”

    Justice Okon Abang, who first handled the case, asked the bank to put the respondent on notice to show cause. After being put on notice, Otudeko filed a motion on notice seeking to dismiss/strike out the petition.

    Justice Kuewumi, who took over from Justice Abang, ruled that he would accord higher priority to Otudeko’s motion on notice ahead of other pending applications.

    Dissatisfied with the ruling, Ecobank appealed. The Court of Appeal, last October 21, struck out the appeal on the basis that the appellant did not first obtain leave of the lower court before appealing.

    The bank is, therefore, seeking for reliefs to enable it invoke the Court of Appeal’s jurisdiction to entertain the appeal.

    “The applicant (Ecobank) ran out of time to appeal as a result of the previous proceedings in suit no CA/L/227/16 which was not determined on the merit as a result of failure to procure the needed leave.

    “The leave of this court is required to extend time to obtain leave of court to appeal the ruling of lower court. It is in the interest of justice that this application be favourably considered and granted accordingly,” the bank prayed.

    The bank, through its lawyer Mr Kunle Ogunba (SAN) is seeking a receiving order against Otudeko’s estate, funds, investment and shares in Honeywell Group, Honeywell Flour Mills, among other companies, as well as an order declaring him bankrupt.

    Ecobank prayed for an order commanding Otudeko to immediately avail it the companies’ statement of affairs as well as net worth and other credible financial details as required by the Bankruptcy Act.

    It asked for a consequential order empowering the bank to sell Otudeko’s properties wherever they are situated, as well as an order enabling it to utilise the investments or shares in companies in which Otudeko has interest.

    In a motion on notice, Ecobank, among others, is also seeking an interlocutory order appointing a special manager and receiver over Otudeko’s assets.

    But, Otudeko, in its counter-affidavit sworn to by Omolade Adeyemi, has urged the Court of Appeal to refuse Ecobank’s application.

    He said the bank had prosecuted the subject-matter of the appeal and judgment had been given in which the Court of Appeal upheld his preliminary objection and struck out appeal.

    The respondent said the appellate court also attended to the appeal on its merits, considered arguments by parties and affirmed the correctness of Justice Kuewumi’s ruling.

    “It is in the interest of justice to refuse the applicant’s application,” Otudeko said.

    In the lower court, the Honeywell Group’s chairman said the alleged debt “is neither ascertained nor undisputed.”

    He added that Honeywell Flour Mills and its sister companies initiated a suit against the bank before another judge “owing to disagreements between it (Honeywell) and the respondent (Ekobank) as to the complete liquidation of their outstanding obligations to the respondent having regards to the terms and condition of the credit facility.”

  • Afreximbank, Ecobank sign MoU

    The African Export-Import Bank (Afreximbank) says it has signed a Memorandum of understanding (MOU) with Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, on investment financing.

    A statement by the bank on Wednesday quoted Dr Benedict Oramah, the President of Afreximbank, as saying that the collaboration would open more opportunities for African businesses to access the much-needed financing.

    Oramah said that inadequate access to trade finance remained one of the greatest obstacles to Africa’s economic development.

    “We are very proud at the opportunity to work with a pan-African financial institution like Ecobank to deliver on our shared goal of enhancing access to trade finance in Africa,” he said.

    Oramah said that under the agreement, Afreximbank and Ecobank would design joint innovative and tailor-made financial instruments and solutions for strategic public sector institutions as well as small and medium enterprises.

    He said the aim was to enable businesses to participate effectively in the production of value added goods and services in national, regional and continental value chains.

    According to him, the initiative will create a 500 million dollars programme dedicated to financing trade among Afreximbank member countries.

    Ade Ayeyemi, the Chief Executive of Ecobank Group, lauded the collaboration and  said that the initiative  was to create more efficient ways of channelling trade finance towards supporting growth of intra-African trade and industrialisation.

    Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

    The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

    It has approved more than 51 billion dollars in credit facilities for African businesses since 1994, including about10.3 billion dollars in 2016.

    Afreximbank had total assets of $9.4 billion as at April 30, 2016 and is rated BBB- (Fitch) and Baa1 (Moody’s). The Bank is headquartered in Cairo.

     

  • Judge halts Ecobank’s N5.5b debt suit against Honeywell

    Justice Mohammed Aikawa of the Federal High Court in Lagos on Tuesday suspended further proceedings in a suit filed by Ecobank Nigeria Limited seeking to recover an alleged N5.5billion debt from Honeywell Flour Mills Plc.

    The judge held that he would prefer to await the outcome of appeals on the case pending at the Supreme Court.

    According to him, it was not advisable to continue with the case since Honeywell was praying the Supreme Court to dismiss it.

    He said it would amount to an academic exercise if he went ahead to hear and determine the case and the Supreme Court ends up dismissing it.

    Justice Aikawa refused a prayer by the respondent’s counsel, Faith Adarighofua, to continue with the case.

    He held: “We have to await the outcome of the appeals pending at the Supreme Court even though there is no express order for stay of proceedings, because what is being challenged is the entirety of the suit itself.

    “Continuing with a case that is on appeal depends on the nature of the appeal. This appeal touches on the case in its entirety.

    “I’ll exercise my discretion to stay proceedings. If you go on with the matter and the Supreme Court rules otherwise, what you would have done here will be academic and an exercise in futility.

    “I don’t want a situation where we’ll create a judicial anarchy. Let me hear what the Supreme Court will say. If you want this court to hear this matter, then go to Supreme Court and withdraw your appeals,” Justice Aikawa said.

    Justice Aikawa, who was recently transferred to Lagos, took over the case from Justice Jude Dagat who inherited it from Justice Mohammed Yunusa.

     

     

  • Ecobank, Microsoft to drive Africa’s digital transformation

    Microsoft and Ecobank Transna-tional Incorporated, yesterday signed a memorandum of understanding (MoU) to complement African government’s efforts to modernise and raise the standards of the continent’s major cities through state of the art digital solutions.

    The MoU will see the modernisation of sectors that will have the most immediate and significant impact for African countries.

    These sectors will include bursary, disbursements, and school fees collections in he education sector, market shop and small vendor municipality collections, vehicles and driving licensing as well as Vis and passport fee collections.

    The agreement also supports the implementation of a comprehensive sills and a digital literacy programme.

    Other key areas such as land registration and fee collection in the municipal and hospital services are all expected to see some tremendous modernisation.

    “At Microsoft, our aim is to help societies digitally transform from the single consumer to entire government departments,” General Manager Microsoft, Amr Kame, said.

    Ecobank Group CEO Ade Ayeyemi said: “Microsoft is a globally recognised brand. We are delighted to partner with Microsoft to move faster on our digital transformation strategy” the main focus of which is to increase financial inclusion in Africa.”

  • Ecobank opens agency banking outlet at Mowe

    Ecobank opens agency banking outlet at Mowe

    Ecobank Nigeria has commissioned an agency banking outlet at Airtel express shop in Mowe Ofada, Ogun state. This is in line with the bank’s determination to convert Airtel franchise locations to agent banking locations.

    In a statement, the bank said members of the public can now carry out their financial transactions such as cash-in, cash-out, transfers to Ecobank and other banks, bill payments and rapid transfer for inflow cash-out and domestic transfers in the outlet.

    Ecobank Agency Banking service which is the first of its kind to debut in Nigeria is aimed at offering affordable access to financial services to promote and deepen financial inclusion in the Nigeria economy.

    According to Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, agency banking is a part of the bank’s distribution strategy to take banking service to the door-step of the customer, adding that, it offers greater convenience and accessible financial services in a cost effective and secure manner

    Banking services provided by the agents banking locations include opening Ecobank Quick Account, cash withdrawal and deposit into Ecobank accounts; funds transfers into any bank account in Nigeria, bills payment (utilities, cable subscription, etc), mobile phone airtime top up amongst other services.

    Some of Ecobank agent partners already offering this service in Lagos as Buymore Supermarket chain (in Agungi-Lekki, Kilo Surulere, Ikeja GRA), Kenzo Retail Supermarket chain (in Lekki, Festac and Apapa) and Save-a-Lot Supermarket in Egbeda, among others.

  • Ecobank moves to take over Zamfara’s fund in bank

    Ecobank Nigeria Limited on Tuesday prayed the Federal High Court in Lagos for an order allowing it to take over funds belonging to Zamfara State Government which is domiciled in United Bank for Africa (UBA) Plc.

    Ecobank had initiated garnishee proceedings against UBA over an alleged N3.1 billion debt owed by the state.

    But, UBA, through its lawyer, Alfred Uwaka, filed a preliminary objection seeking to strike out an order nisi made by Justice Babs Kuewumi.

    A order nisi is a court order that does not have any force, meaning Ecobank cannot access the funds unless a particular condition is met and the ruling becomes an order absolute (binding).

    Uwaka contended that Ecobank failed to obtain the consent of Zamfara’s Attorney-General before initiating the garnishee proceedings.

    “Failure to comply with the application for consent makes the order null and void,” he said.

    Ecobank’s lawyer, Mr. Kunle Ogunba (SAN), however, urged the court to make the order absolute so that it can take over Zamfara’s funds in UBA.

    He said the onus was on UBA was to show how much of Zamfara’s funds it had or not, adding that filing a preliminary objection was an admission that the bank indeed has Zamfara’s money.

    Ogunba said: “I submit that a garnishee who files a notice of preliminary objection contending that no consent of the attorney-general was sought has unwittingly admitted that it has the judgment-debtor’s funds.”

    The senior advocate recalled that in a previous garnishee proceeding, UBA wasted no time in telling the court that Zamfara had no money in its account with the bank.

    “If they (UBA) have no money belonging to Zamfara, why file a preliminary objection? The approach they have taken shows that the court was right to have granted an order nisi.

    “Based on the procedure adopted by the garnishee, it has shown clearly that it has the funds. The money is there. We’re sure of our facts.

    “We urge the court to make the order absolute against UBA,” Ogunba said.