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BILLIONAIRE BUSINESSMAN CHIEF CLETUS IBETO’S HEADACHE

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Chief Cletus Ibeto is currently not having a good time as two of his companies Ibeto Petrochemical Industries Limited and Odoh Holding Limited are dragged before the Federal High Court in Lagos over unpaid debt of N361,521,417.74  to Nigeria Deposit
Insurance Corporation. NDIC   (the liquidator of Metropolitan bank
limited). 

In an application for the recovery of debt filed before the court
by the law firm of Joe kyari Gazama, it was alleged that on the 27th of
May, 2003 Ibeto Petrochemical industries limited applied for and was
granted a revolving Bankers Acceptance facility by Metropolitan bank
limited in liquidation in the sum of N500million. 

The loan was secured by a deed of Tripartite legal mortgage between
Ibeto Petrochemical Industries limited and Odoh holdings Limited and
Metropolitan bank limited, Unconditional Personal guarantee of Chief C. M. Ibeto for N500millon plus accrued interest along with powers of attorney
    
The revolving Bankers acceptance was drawn down and utilized by the
Ibeto Petrochemical industries limited and was not repaid before the
license of the bank was revoked by the Central Bank of Nigeria.
As at the closure of the bank on
16th of January, 20006 the company had an outstanding debt balance of N643,506,785.67
 The respondents made a post closure payment in several
installments between 2010 to 2011 totalling the sum of
N243,233,089.16,the post closure payment was applied to reduces the
outstanding bankers acceptance facility from N500million to
N256,766,910.84.

Whereof NDIC claims against the respondents jointly and severally is
the sum of N361,521,417.74 being total outstanding debt owed
Metropolitan bank limited in(liquidation,) together with accumulated
interest as at the closure of the bank in January, 2006. Order attaching the properties used by the respondents in securing
the facility as may be sufficient in liquidating the outstanding debt.
An order granting the NDIC the right to exercise the power of sale over the properties.
However, in a reply and counter claim filed on behalf of the
respondents by a Lagos lawyer Barrister Ime Nya Asanga ,the respondents
averred that the facility subject matter of the applicant claim was
granted to Ibeto Petrochemical industries by the legacy Metropolitan
bank limited, originally as a bankers Acceptance Facility which was
subsequently converted by the said bank to a term loan at a reduced
interest rate.
 
Notwithstanding the above, the bank in computing the respondents
alleged exposure on the facility, continue to treat the same as bankers
acceptance facility at horrendous interest rates and thus unduly bloated
the alleged debt.
The respondents have since 2011 ,on the prompting of the applicant,
fully repaid the principal sum of the facility, therefore the
respondents are not indebted or liable for any outstanding sum of
361,521,417.74,consequently having liquidation the facility granted to
the respondents in full, an order attaching the properties used by the
respondents in securing the term loan granted cannot be made.
 
However in a counter claim, the respondents are seeking the following reliefs; The issuance of deed of release of the properties used as security for the facility The payment of the sum of N550,026,685.85 being excess interest /charges as evidence  in Auditor’s report.
    The sum of N8million being the cost of defending and instituting the counter-claim. The presiding Judge, Saliu Saidu has adjourned till
10th of April,2018 for hearing.

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Elated Polaris Bank Customer commends Bank for excellent customer service

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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.

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Cristiano Ronaldo wants to leave Manchester United

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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.”

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CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

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-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.

 

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