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Unpaid Debt: FBN urges court to Close Niger Insurance PLC

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  Based on alleged failure and inability to pay a debt of N137,248,000.00, First bank of Nigeria has filed a petition before a Federal high court sitting in Lagos southwest Nigeria urging the court to wind up Niger insurance plc. In a petition filed before the court by a Lagos lawyer Onyeka Ofoegbu, First bank of Nigeria Limited alleged that a Vessel LB Tamuno was pledged to it, the Vessel was insured and registered with a consortium of Insurance companies including Niger Insurance sometime in 2016.
Sometime in  August  2018,  the  Vessel was submerged and sank in deep waters as all efforts made to salvage the said Vessel proved abortive.
The Petitioner subsequently demanded the sum of N2, 496, 000, 000.00 as the total loss resulting from the sinking of the Vessel LB Tamino from the consortium of Insurers which sum was adjusted downward to the sum of N1,263,600.00 by the consortium of Insurers.
The Petitioner disagreed with the Net Underwriters Liability in the sum of N1,263, 600, 000.00 (One Billion, Two Hundred and Sixty-Three Million, Six Hundred Thousand Naira) with respect to the claim for insurance on the Vessel, LB Tamuno.
    Following an investigation carried out and a report provided by loss adjusters (Consultants) appointed by the consortium of Insurers to review the insurance claim, the amount claimed was adjusted and an upward review to the sum of N1, 572, 480, 000.00 (One Billion, Five Hundred and Seventy-Two Million, Four Hundred and Eighty Thousand Naira) was agreed as the claim sum and a form of acceptance executed by the Petitioner in May 2019.
The Petitioner avers that Niger Insurance  amongst other insurers was to pay 10% of the agreed sum amounting to N157, 248, 000.00
The Petitioner avers further that the Respondent has only paid the sum of N20 million, against the agreed sum of N157, 248, 000.00  and has since failed and refused to pay the outstanding sum due to the Petitioner.
The Petitioner avers that to date, Niger  Insurance Company has failed and refused to liquidate its indebtedness to the Petitioner and is now indebted to the Petitioner in the sum of N137, 248, 000.00(One Hundred and Thirty-Seven Million, Two Hundred and Forty-Eight Thousand Naira) being outstanding sum due on a claim for insurance on the Vessel, LB Tamuno.
   Due to the Respondent’s failure and refusal to liquidate  its indebtedness,  the Petitioner  wrote a letter of demand  to the respondent demanding the immediate liquidation of the  said debt but the respondent has  refused to liquidate its indebtedness
The Petitioner avers that the insurance company is financially weak and as a result, incapable of liquidating its debt owed to the Petitioner in the said sum of N137, 248, 000.00(One Hundred and Thirty-Seven Million, Two Hundred and Forty-Eight Thousand Naira). The Respondent’s indebtedness to the Petitioner is not in dispute.
The Petitioners contend that justice of this case will best be served if the Directors of the Respondent are personally made liable to liquidate the Respondent’s indebtedness having become unable to repay its debt.
    In the circumstances, it is just and equitable that the Company be wound up
The Petitioner therefore humbly prays as follows:
  That the Respondent, Niger Insurance Plc be wound up by the Order of the Court under the provisions of the Companies and Allied Matters Act 1990 due to its inability to liquidate its indebtedness of the sum of N137, 248, 000.00
An Order lifting the veil of the Respondent’s Directors and making them personally liable to liquidate the indebtedness of the Respondent to the Petitioner should the Respondent’s assets be unable to satisfy its indebtedness to the Petitioner
And for such other Order that the Honourable Court may deem fit to make in the circumstances
         The presiding Judge, Ayokunle Faji has adjourned the matter till the 23rd of June,2022.

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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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