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Court orders attachment of SEC accounts, CBN and 10 other banks to satisfy N5.6billion Judgement sum in favour of SPDC

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A Federal high court sitting in Lagos south West Nigeria has ordered that all Securties and Exchange Commission’s SEC accounts or funds in the custody of Central bank of Nigeria and ten other commercial Banks in Nigeria should be attached to satisfy the judgement sum of N5,643,753,404.92,awarded in favour of SPDC West Multipurpose co-operative society Limited by Lagos Division of Appeal court. The order was issued on  2nd of November,2020. The order of the court was sequel to an application filed before the court by the counsel to SDPC multipurpose cooperative Society Limited, Barrister Ayoola Ajayi.
 In an affidavit in support of the application for order Nisi attaching the accounts or funds of the judgement Debtor SEC in the custody of the Garnishees in any or all of their branches anwhere in Nigeria or within the jurisdiction of the court sworn to by a legal practitioner Mr Solomon Ojo filed and argued before the court by Mr Ayoola Ajayi, the deponent averred that on 3rd of June,2015, the investment and Securities Tribunal delivered judgement in the case of SDPC multipurpose cooperative Society Limited versus Security Exchange Commission,in which the Tribunal dismissed the claim of the cooperative Society.
       Being dissatisfied with the decision of the Tribunal, the cooperative Society filed Appeal against the judgement at the court of Appeal.
        On 24th June 2019, the court of Appeal delivered judgement, whereby the appeal was allowed,and set aside the Tribunal’s judgement and replace it with the judgement of the court of Appeal.
       In its judgement, the Appellate court granted  all the claims of the Cooperative Society as claimed in its amended statement of claim except for the claim for general damages of N500million which was reduced to N100
Million.There is no appeal against the said judgement of the Court of appeal.
      Pursuant to the order for registration of the said judgement which the court made on 4th March 2020, the said judgement was registered in the Federal high court’s Register of Judgement and a certificate of judgement dated 4th of March 2020 was accordingly issued.
    The court of Appeal granted the judgement Creditor’s claim for its return money in the sum of N1,118,481,000.
00 as claimed in the Appellant’s claim,plus interest thereon at the rate of 14%from 2nd January 2008 up till the date the judgement Debtor satisfied the judgement fully.
      The court of Appeal also granted the judgement Creditor claim for general damages by awarding the sum of N100 million as general damages against the judgement Debtor SEC instead of the sum of N500 million claimed by appellant.
     The return money in the sum of N1,118,481,000 plus interest thereon at the rate of 14% per annum from 2nd of January,2008 as awarded by the court of Appeal has accumulated up to the sum of N5,543,753,404.92 as at 20th of March,2020.
       The Judgement debtor SEC has not paid the aforesaid judgement sum  to the cooperative Society up till date despite having become obliged to pay the Judgement sum to the Judgement creditor from 24th of June 2019 when the court of appeal ordered the judgment debtor to pay the Judgement sum plus interest to the cooperative Society .
       Consequently,Mr Ajayi urged the court in the interest of justice to grant the application as the Garnishees and the Judgement Debtor SEC will not be prejudiced if the application is granted.
The presiding Judge,Muslim Hassan in his ruling said,Upon reading the affidavit in support of the motion Ex-parte sworn to by Solomon Ojo Male, Nigerian citizen and legal practitioner with the law firm of Oak Partners of 187 of Igbosere Road,Lagos and filed at the Federal high court registry,Ikoyi,Lagos.
 After hearing Ayoola Ajayi with Solomon Ojo Judgement/Creditor/applicant’s application Ex-parte dated and filed on the 23rd day of March,2020, the applicable laws, the relief sought including the exhibit attached and the written address of the Counsel for the Applicant, this application is granted as prayed. That the Garnishees are directed to appear before the court to show cause why an order should not be made against the Garnishees for payment of the amount of debt due to and owing or accruing from the Garnishees to the Judgement debtor or so much thereof as will satisfy the total outstanding Judgement sum due and owed by the Judgement debtor under the Judgement Creditor against the judgement debtor in the judgement entered for the Judgement of the investment and Securities Exchange Tribunal delivered on the 3rd June 2015 in the total sum of N5,643,753,404,92.until the entire judgement sum is fully  satisfied.
   
That order Nisi is granted, attaching the accounts or funds of the Judgement Debtor in the custody of the Garnishees in any of their branches anywhere in Nigeria or within the jurisdiction of this court.
That the Garnishees are directed to immediately disclose the comprehensive statement of the accounts and sums in whatever form or shape standing to the credit of the Judgement debtor with the Garnishees in the said account as at the date of service of the order of the Court on the Garnishees and such disclosure must be on oath and verify affidavit sworn and filed before the court and serve on Judgement creditor within seven days of the service of the order of the court. Meanwhile, the case has been adjourned till 7th of December,2020 for further hearing.

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Pyrates March with Ogun State First Lady and Women Affairs Commissioner against Gender Violence

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The National Association of Seadogs’ Pyrates Confraternity, Abeokuta chapter, Ogun State, in collaboration with the Ministry of Women Affairs and Social Development, Ogun State, commemorated the World Human Rights Day 2024 with a rally from the center of Abeokuta the capital city of the state to the Governor’s office and ended the procession at the state house of Assembly.


The Association, known for its humanistic ideals and advocacy for justice and equity, marked Human Rights Day on December 10, 2024. The Ogun State Chapter of the National Association of Seadogs’ Pyrates Confraternity visited the Speaker and urged the assembly to expedite the passage of laws that promote peace, human rights, and an end to gender-based violence in Ogun State.

The Capoon of Ash Montana Deck, Peter Oluwatoyin Adekunle, commended the Commissioner for Women Affairs and Social Development, Hon. Motunrayo Adijat Adeleye, for establishing a rehabilitation center. This center provides support for survivors of sexual and gender-based violence and introduces a free toll line : 08000000666 and 08000000555 to report abuse and offenders.

Additionally, the Capoon highlighted various forms of gender-based violence, including threats and coercion. The First Lady, Mrs. Bamidele Abiodun, educated attendees IN THE UNFPA ACKNOWLEDGED PROGRAM on forms of gender-based violence, such as:

– Sexual assault
– Rape
– Attempted rape
– Trafficking
– Prostitution
– Sexual harassment
– Manipulation within the home, workplace, or school
– Domestic violence
– Controlling behavior in intimate relationships
– Battery
– Confinement
– Emotional abuse
– Pornography
– Harmful traditional practices
– Early/forced marriage
– Widow ceremonies
– Punishment for defying cultural norms
– Denial of education, food, and clothing to girls/women

The Speaker, Hon. Oludaisi Olusegun Elemide, pledged to uphold his promise to pass laws protecting human rights.

*The Pyrates Confraternity has a long history of advocating for human rights and social justice, dating back to its founding in 1952 by seven students at the University College, Ibadan, including the renowned Professor Wole Soyinka.*

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ZENITH BANK KICKS OFF YULETIDE SEASON WITH SPECTACULAR AJOSE ADEOGUN STREET LIGHT-UP

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In keeping with its acclaimed annual tradition, Zenith Bank once again set the stage for the Yuletide season with the Light-Up of Ajose Adeogun Street and Roundabout, Victoria Island, Lagos on Saturday, 23 November 2024. The Light-Up ceremony was performed by the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) AdaoraUmeoji, OON.

The Light-Up ceremony is a Corporate Social Responsibility (CSR) initiative of Zenith Bank. Now in its 18th year, the beautiful Christmas decoration, which transforms the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s Corporate Headquarters) and Roundabout into a breathtaking yuletide wonderland, has come to be recognized as an iconic tourist attraction, bringing visitors from far and wide who visit with their families and friends to take pictures and enjoy the ambience of the street.

Speaking during the ceremony, Dame (Dr.) AdaoraUmeoji said “Over the years, Zenith Bank has hosted this spectacular event, transforming the entire Ajose Adeogun Street into a breathtaking yuletide wonderland. Our beautiful and elaborate Christmas decorations have become a centre of attraction and shared on social media platforms globally. As we light up the street tonight, we celebrate the essence of Christmas and Zenith Bank’s unparalleled CSR. Our customers will always be at the centre of all that we do in Zenith Bank.” She urged everyone to imbibe the message and spirit of Christmas which is about love, kindness, generosity and respect for humanity, and thanked the Lagos State Government for creating an enabling environment for the initiative.

She also praised the efforts of Quantum Markets, who have been responsible for the annual decorations, for their expertise and creativity in putting together the lovely decorations. In her words, “I want to thank the management of Quantum Markets for all the beautiful, creative and innovative ideas they keep coming up with. Quantum Markets always make it bigger and better every year, and we are always looking forward toit.”

Zenith Bank remains committed to furthering the economic, cultural and social development of its host communities. The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.

As a testament to its contributions and social investments in its host communities and the society at large, the bank was recognised as the “Most Sustainable Bank, Nigeria” in the 2023 and 2024 International Banker Banking Awards and “Most Responsible Organization in Africa” at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021.

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Izuchukwu Christian Ahuchaogu Wins Media Personality of the Year at TM News Awards 2024

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Izuchukwu Christian Ahuchaogu, the dynamic publisher of Truetells Nigeria, has been awarded the prestigious title of Media Personality of the Year at the TM News Awards 2024. The ceremony, held at Lagos Oriental Hotel in Lagos, celebrated the outstanding contributions of media professionals across the nation.

Ahuchaogu, known for his innovative approach to journalism and commitment to truth-telling, has significantly impacted the Nigerian media landscape. Under his leadership, Truetells Nigeria has become a trusted source of news, focusing on integrity, accuracy, and insightful reporting.

In his acceptance speech, Ahuchaogu expressed gratitude to his team and readers. “This award is not just for me, but for everyone at Truetells Nigeria who works tirelessly to uphold the values of honest journalism. We are dedicated to telling the stories that matter and serving the public with transparency,” he said.

The TM News Awards, an annual event that honors excellence in journalism, attracted numerous prominent figures from the media industry, government officials, and celebrities. This year’s event highlighted the crucial role of the press in fostering democracy and accountability in Nigeria.

Ahuchaogu’s recognition as Media Personality of the Year comes at a time when the media faces various challenges, including misinformation and censorship. His unwavering commitment to ethical journalism is seen as a beacon of hope for aspiring journalists and media practitioners across the country.

As Truetells Nigeria continues to grow, Ahuchaogu aims to expand its reach and influence, leveraging digital platforms to engage a broader audience and promote informed discourse. The award not only reinforces his status in the media community but also inspires a new generation of journalists in Nigeria.

The TM News Awards 2024 served as a reminder of the vital role media plays in society and the importance of celebrating those who strive to make a difference through their work.

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