Connect with us

Uncategorized

Confusion in Ecobank As Customer Drags Bank to Court Over N2Billion Loss

Published

on

 A Federal high court sitting in Lagos south west Nigeria has adjourned
till 10th of December, 2018 for report of settlement or trial if
amicable settlement fails, the suit instituted by a
Lagos business man Rev. Chukwuemeka Ngubo and his company Elim Motors Nigeria limited against  Ecobank Nigeria limited  for
allegedly buying United States Dollar on their behalf at the rate of
N475 to one United States Dollar whilst the Central Bank approved rate
was at N300 to one United States Dollar as at the time of purchase. 
     
By wrongfully sourcing foreign exchange from the parallel market,the
Plaintiffs alleged that Ecobank exposed them to the sum of over
N2Billion loss. 

 By the provision of the Foreign
Exchange (monitoring and miscellaneous Provisions )Act, Cap F34,laws of
the Federation of Nigeria 2004,Ecobank ought not to have sourced foreign
exchange from the parallel market.

    
The plaintiffs further averred that, the action of the bank is in
flagrant breach of the Central Bank of Nigeria’s extant rules regulating
the conduct of foreign exchange  transactions in Nigeria which has
adversely affected the credit rating and financial credibility of the
company to the benefit of the bank. 
 
     According to statement of claim filed before the court ,The
Plaintiffs aver that pursuant to the banker-customer relationship
between Ecobank Nigeria limited and  Elim Motor limited,the bank had, 
in the past granted  Elim Motor limited several credit facilities which
the company  always repaid as at when due. 
 
  
The company averred that,it applied for and the bank issued a bank
guarantee in the sum of $12million in favour of Credit Trading Company
,through Deutche Bank AG London  in the sum of $8,750,000,  By the
foregoing the plaintiffs aver that, a balance of $3,250,000 was left
unutilised. 
       
The loan was secured with the following. 
1.lien on cash Collateral of N200 million being held at the bank’s Treasury Department. 
 
2.legal mortgage on blocks of lecture Halls Complex student centre Okota, Isolo Lagos State valued at N383Million.
 
3.Legal Mortgage on Block of Lecture hall complex at Elim Mordern Student Centre Okota. 
 
4.Stock Hypothecation of one Billion Naira. 
 
5.Persobal guarantee of the Managing Director with a notarised  statement of net worth.
 
6.Promisory
note of Elim Motors Limited for the payment of all present and future
principal and outstanding balances in the account.
 
 Upon the expiration of the tenor of the bank guarantee ,and  in
honouring the bank guarantee, Ecobank Nigeria limited unilaterally and
wrongly sourced the sum of $8,750,000. It
paid to Cedric Trading Company LLC from parallel market rather than
from Central Bank of Nigeria by purchasing the foreign exchange at the
rate of N475 to one US Dollar, whilst the Central Bank of Nigeria’s
approved rate was at N300 to one US Dollar as at that time. 
 
  
By wrongly sourcing foreign exchange from the parallel market, the
bank exposed the Plaintiff Company to the sum over N2billion as loss. 
 
  By the provision of the foreign Exchange (motoring and Miscellaneous
provision) Act, Cap F34,Laws of the Federation of Nigeria 2004,Ecobank
ought not to have sourced foreign exchange from the parallel market. 
 
  Due to the wrongful actions of the bank,the bank  is still demanding
for the sum of N4,410,017,358.51 from the plaintiffs as their
outstanding indebtedness. 
 
  
However, the Plaintiffs averred that they are not in any way indebted
to Ecobank,consequently urged the court to declare that the unilateral
purchase of foreign exchange by Ecobank at the parallel market rate
rather than at the Central Bank of Nigeria ‘s inter-bank rate is in
breach of the Ecobank’s fiduciariary duties owed the Plaintiffs by
Ecobank Nigeria limited. 
        
 An order directing Central bank of Nigeria to conduct a detail enquiry into  the purchase of foreign exchange
by the bank at the parallel market, and if the bank is found to have
breached ethical standards in the banking industry, penalized the bank
in line with its extant Guidelines and Monetary Policies.

The
bank in its statement of defence denied almost all the claims of the
plaintiffs instead the bank is contending that  the plaintiffs are owing
the bank the sum of N4,693,438,781.10 as at 28th of February, 2016.

    The bank therefore urged the court to dismiss the claim of the plaintiffs as being frivolous and baseless.

Uncategorized

Elated Polaris Bank Customer commends Bank for excellent customer service

Published

on

By

Polaris BAnk

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

 

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

Continue Reading

Sports

Cristiano Ronaldo wants to leave Manchester United

Published

on

By

 

Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

Continue Reading

Trending News

CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

Published

on

By

 

-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.

 

Continue Reading

Trending News