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ERISCO FOOD LIMITED DRAGS CENTRAL BANK OF NIGERIA BEFORE THE LAGOS FEDERAL HIGH COURT, DEMANDS 20 BILLION NAIRA AS DAMAGES

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A tomato processing Company, Erisco Food Limited, situated in Oregun Lagos, Nigeria alleged to have dragged the Central Bank of Nigeria before a Federal High Court in Lagos in suit no: FHC/L/CS/402/17 claiming N20 billion as general damages in consequence of illegal, wrongful, unlawful and unconstitutional conduct by the Apex bank denying the company to buy foreign exchange because of its refusal to offer gratifications to officials of the bank.


The company claim that it heeded the Federal Government of Nigeria offer under the CBN Commercial Agriculture Credit Scheme CACS, by which the FGN gives financial support to Nigerian manufacturers in the agricultural sector by way of loans/credit facilities at interest rates not exceeding 9% per annum and also granting FX to them at the CBN official rates.

The company avers that it set up a tomato processing plant with three production lines at its factory premises at Erisco Industrial Complex, 2, Oyeleke Street, Oregun, Alausa, Ikeja, Lagos using its own initial capital of about USD$150 Million.
Erisco further claim that under the scheme, it enjoyed a facility of N500million through its bankers, Stanbic IBTC Bank and Keystone Bank Limited, and it generated employment opportunities as it additionally employed several hundreds of Nigerians.
In the normal course of its business and need for expansion, Erisco avers that funding from its own sources on 16
th June, 2015 paid USD$460,000.00 to its foreign suppliers (Messrs Urumqi High Tech Development Zone Elite Trading Co. Ltd.) in China (being 50% of the total cost) for importation of tomato concentrate, the major raw material for its operations. The balance sum of USD$460,000.00 was to be paid by the company (Erisco) to the supplier before the supplier would ship the imported tomato concentrate to the plaintiff in Nigeria. 

However, before the plaintiff could pay the foreign suppliers the balance of USD$460,000.00, the CBN on 23rd June, 2015 by a circular banned 41 listed items as items that will no longer be valid for foreign exchange (“FX”). In otherwords, importer of the 41 listed items in the said circular of 23rd June, 2015 will have to independently source for FX to pay for such goods as the CBN will no longer sell FX for the importation of such goods at the official exchange rate of the Naira to the US Dollars. 

Amongst the 41 listed items was “tomatoes/tomato paste”. By this ban, Erisco avers that it could no longer access or obtain FX from the CBN through its bankers (STANBIC and KEYSTONE) for the purpose of its tomato business particularly the importation of tomato concentrate which is the major raw material for the its tomato processing lines.
EOOD
Erisco disclosed that it was shocked and surprised at the action of the CBN in banning access to FX at the official exchange rate for the importation of tomato concentrate, the major raw material of the plaintiff’s tomato processing business as the CBN was fully aware of and had approved and disbursed funds to them under the CAC’S scheme for setting up of additional four tomato processing lines which uses only imported tomato concentrate as its major raw material and by which hundreds of millions of Naira credit facilities are outstanding and that it (Erisco) employs thousands of Nigerians in its tomato business.

Erisco alleged further that in view of the fact that it had prior to 23rdJune, 2015, when the CBN circular dated 23rd June, 2015 took effect, already paid USD$460,000.00 to its foreign suppliers leaving a balance of USD$460,00.00, it applied through its bankers to approve the purchase of the balance sum of USD$460,000.00 at the official exchange rate to enable it fully pay the foreign suppliers for the importation of the already secured tomato concentrate and thereby conclude the already existing and ongoing transaction for the purchase of imported tomato concentrate. 
Erisco claims it was surprised to be informed by its bankers that all its request foresaid to the CBN to approve the purchase of the balance sum of USD$460,000.00 at the official exchange rate was not approved, and that CBN’s circular dated 23rd June, 2015 was not retroactive. It took effect from 23rd June, 2015 and regulate transactions from 23rd June, 2015 onwards. According to the company, it does not regulate prior, ongoing or existing and part performed transactions, Only fresh transaction commenced after 23rd June, 2015 that ought to be regulated by the 1stDefendant’s circular dated 23rdJune, 2015.

Erisco further avers that by its corporate operational philosophy of zero tolerance for corruption refused to offer gratifications to CBN officials, consequently, the official of the bank resolved that it will be dealt with for refusing to “play ball” as all those who “play ball” purchased their needed FX at the official exchange rate from the CBN not notwithstanding that the items they want to import are amongst the 41 listed items banned from accessing FX at the official exchange rate in the CBN’s circular dated 23rd June, 2015.
The company in its statement of claim listed over 50 companies with newspaper publication attached, that were granted FX by the CBN despite the CBN circular of 23rd June, 2015 thereby claiming that its refusal to offer bribe to officials of the CBN resulted to its action against it (Erisco).

Consequently, the Erisco company is urging the court to order Central Bank of Nigeria to pay it the sum of N20 Billion as General damages to assuage the Economic misfortune it has suffered.

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Elated Polaris Bank Customer commends Bank for excellent customer service

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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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