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CBN drags MTN to court…. Who Blinks First??

Published

6 years ago

October 30, 2018

A
Federal high court sitting in Lagos south west Nigeria today adjourned
till 4th of December, 2018 for the hearing of preliminary objection
filed by the Central Bank of Nigeria (CBN) and other pending
applications in the suit filed by MTN Nigeria communications Limited
against the Central bank of Nigeria CBN fine of $8,134,312,397.63 .

Joined as co-defendant is the Attorney General of the Federation AGF

When the case was mentioned Chief Wole Olanipekun SAN leading four
other Senior Advocates of Nigeria and 15 other lawyers informed the
court that CBN has filed defence and counter claim to the suit filed by
MTN and his client had also filed response to the said defence and
counter claim.

However the counsel representing the CBN Mr Seyi Sowemimo SAN,
leading Mr Demola Akinrele SAN and nine other lawyers told the court
that the CBN has filed preliminary objection in addition to the already
filed statement of defence and counter claim, though the Attorney
General of Federation has not filed any defence, the presiding Judge,
Justice Saliu Saidu also observed that there is no proof of service
before the court to show that the AGF has filed any response, though
there is proof of services of other process filed by other parties.

Thereafter, by the agreement of the the counsels of the two parties, Justice Saidu adjourned for hearing.

In a statement of claim jointly filed before the court by Chief
Wole Olanipekun and four other Senior Advocates of Nigeria,MTN states
that between 2001and 2006 its shareholders invested the total sum of
$402,590,261.03 into it to meet the various obligations ,including
statutory payments to the government of Nigeria which was confirmed by
the CBN.

The investment were issued by authorized dealers who are Standard
Chartered bank, Diamond bank and Citibank,the CCI were converted into
equity and preferential shares, as the article of the association allows
it to alter its share capital.

However by a letter signed by the Governor of Central bank CBN
communicated a decision to MTN through the Managing Director of Stanbic
Chartered bank limited whereby it decided amongst others, against the
plaintiff, that “the action of your company and the banks represent a
flagrant violation of the extant laws and regulation of the Federal
Republic of Nigeria on foreign exchange matters.

The sum of $8,134,312,397.63 illegally repatriated by MTN on the
basis of illegally issued of Certificate of Capital importation CCIs
should be refunded to the covers of the central bank of Nigeria with
immediate effect “

MTN posits that the CBN lacks power to make a finding of illegality
and it also has no power to penalise the plaintiff on its illegality in
the sum of $8,134,312,397.63 or in any sum whatsoever.

Consequently the plaintiff claims against the defendants thus :A
declaration that the CBN lacks the power to determine the civil
obligations or penal liabilities of the plaintiff.

A declaration that the plaintiff is not liable to pay the sum of
$8,134,312,397.63 demanded as penalty from it by the defendants vide his
letter of 3rd September,2018.

An Order of injunction restraining the defendants ,their agents
whatsoever acting on their authority from giving effect to the
decisions,demands and directive contained in the letters of August
28,2018 and September,2018 issued by the CBN.

However in a statement of defence and counter claim filed before
the court by the CBN counsel, Mr Seyi Sowemimo,the Apex bank averred
that MTN Nigeria communication limited deliberately withheld information
on What proportion of the sum of $402,590,261,03 was imported into the
Federal Republic of Nigeria as Shareholders loan and was equity.

In the course of its supervision of the foreign exchange market, an
issue of foreign exchange with irregular CERTIFICATE OF CAPITAL
IMPORTATION (CCI) arose in respect of certain foreign exchange
transactions carried out by Standard Chartered bank Limited,Stanbic
IBTC bank limited,Citi bank Nigeria limited and Diamond bank Plc
collectively referred to as “the banks”

CBN carried out a special investigation of the said transactions and
it came to light that the banks had at the material time between 2007
and 2015 issued irregular CCI to remit foreign exchange amounting to$8
134,312,397.63 on behalf of MTN Communications Limited and for the
benefit of its shareholders.

CBN met the banks and MTN’s representatives on 25th May,2018 on the
issue and they each made copious representation to CBN. Upon
consideration of all the relevant issues including MTN and the banks’
representations CBN demanded immediate refund of the foreign currenci es
repatriated to its account.

Standard Chartered bank limited, one of the banks involved in the
irregular transactions admitted in writing that it repatriated foreign
exchange for MTN without obtaining a final approval from CBN, it further
stated that its action was unintentional omission which is regretted,
and the MTN conceded this in its statement of claim. CBN intended to
rely on the Standard Chartered bank limited letter at the trial of this
suit.

CBN averred further that contrary to the statement of claim of MTN, it
was condition precedent to obtain the CBN’s final approval before
foreign exchange currency can be repatriated in the circumstances and
MTN and the banks are aware of this condition.

CBN contended that MTN would not make a similar claim of right as is
being made in this suit in United States Of America, in the United
kingdom, the Republic of South Africa or other countries of the world.

MTN did not comply with the conditions attached to the CBN approval
in principle,as MTN refused to provide an undertaking that no remittance
for both interest and principal would be made on loan to its
shareholders from the date of the loan to the date of its conversion
into preference shares. CBN averred that the names of the banks were cleverly omitted by MTN from this suit.

The CBN did not deny that the plaintiff has a right to alter its
share capital structure, but such alteration has a corresponding effect
of CCI from shareholders loan to equity, its approval became
necessary.

The action of the banks and the circumstances of MTN leads to the
inference that the foreign investment transaction may have been
premeditated and contrive as a scam to make maximise profits, defraud
the Federal Republic of Nigeria and to enjoy unlimited foreign exchange
laws and regulation.

Contrary to the averments of the plaintiff, CBN averred that it is
empowered by statute to summarily exercise certain disciplinary powers
on the dealers and the participants of the foreign exchange for its
Naira equivalent the foreign currencies irregularly repatriated through
the banks by the MTN. Most importantly, and contrary to the averments of the plaintiffs,
the $8,134,312,394.63 improperly repatriated by the plaintiff and the
banks were purchased from the foreign reserve of the Federal Republic of
Nigeria maintained by the CBN for the welfare and benefit of all
Nigerians.

CBN avers further that the amount improperly purchased signifies a
large fraction of the current total reserves of the CBN which stood at
$45,000,000,000.as at 20th September, 2018.

The CBN maintains that MTN is not entitled to the award of any
reliefs against it and shall prove at the trial that the plaintiff’s
claims against it are frivolous, baseless, unmeritorious ,and a tactic
to frustrate the enforcement of the directive of the CBN.

Consequently, the defendants counter claim in the sum of
$8,134,312,397.63 and the sum of N400million as the solicitors fees and
litigation cost. Interest on same at the rate of 15% per annum from 28th
August, 2018 till judgement and thereafter, at the rate of10% till
final liquidation.

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Elated Polaris Bank Customer commends Bank for excellent customer service

Published

1 year ago

December 2, 2023

D'SHOW

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.

Sports

Cristiano Ronaldo wants to leave Manchester United

Published

2 years ago

July 28, 2022

D'SHOW

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.”

CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

Published

3 years ago

April 4, 2022

D'SHOW

-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.