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Shares purchase:Tony Ganger company slams N500million suit on Quantum Zenith Trustees investments company

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      An Onitsha based Limited liability company TONY GANGER INVESTMENT COMPANY LIMITED has slammed N500 million suit on a member of Nigeria stock Exchange QUANTUM ZENITH TRUSTEES AND INVESTMENT LIMITED over alleged damage suffered by the plaintiff when the defendant retained it’s shares without accounting for them and without generating any profit or income therefrom. In an amended statement of claim, accompanied by sworn statement on oath of it’s managing director Mr. Tony Ozor,  filed before a Federal high court sitting in Lagos south west Nigeria by Onitsha based legal practitioner Barrister B.O.Okpemandu,The Tony GANGER Investment Limited Comp alleged thus:
     That the defendant formally answered Zenith Security Limited which was the name of the Defendant when the Defendant contracted with the Plaintiff but later Changed its name to QUANTUM ZENITH SECURITIES LIMITED and now QUANTUM ZENITH TRUSTEES AND INVESTMENTS LIMITED. The Plaintiff vide an offer letter dated the 10th of September, 2007 entered into a margin facility contract of N200milliom with the Defendant. The acceptance of offer was signed in Onitsha and duplicate copy was sent to the Defendant in Lagos.
    The Plaintiff in the Lagos office of the Defendant caused to be deposited its blue chip shares worth N309Million, as security for the margin facility of N200Million and unspecified shares of the Plaintiff worth N50,050,134.46 which N50,050,134.46 worth of shares did not form or constitute part of the contract the Plaintiff entered with the Defendant and was not used as security for the said margin facility.
     The Defendant acknowledged the receipt of the contributory blue chip shares of the Plaintiff worth over N309million and the fact of taking custody of other acquired shares of the Plaintiff worth N50,050,134.46. The Plaintiff pleads that the entire shares the Defendant took custody of were worth over N359,050, 134.46 as at the date of the margin facility contract.
    The worth of shares taken custody of by the Defendant was acknowledged by the Defendant in the letter the Defendant addressed to the Visa Consular, United States Embassy, Maitama District, Abuja dated 18th July, 2007 under the hand of Hafford Udochukwu and Yomi Ogunfowora the staff of the Defendant.
The shares above pleaded as at 18th July, 2007 were worth over USD 2,821,612.00
       The Defendant produced cash statement of account which showed that the Defendant opened an account for the Plaintiff on 1st July, 2006 and did not deal with the shares of the Plaintiff until about 12th September 2007, a period of about one year and two months the Defendant took custody of the blue chip shares and other shares of the Plaintiff.
       Defendant granted N200million facility to the Plaintiff which the Plaintiff through its directors accepted and pleads that the purpose of the margin facility was to enable the Defendant to finance the acquisition and trading of blue chip shares on the floor of the Nigerian stock exchange.
   The repayment sources in the alleged N200 million facility the Defendant granted to the Plaintiff were proceeds from sale of shares and cash flow from other sources which did not include nor comprise the N50,050,134.46 acquired shares aforementioned or the N309million worth of blue chip shares used as security.
The Plaintiff pleads that save the Defendant had custody of the acquired shares of the Plaintiff worth N50,050,134.46, there was no time in the margin facility entered between the Plaintiff and the Defendant,that the Defendant was authorized to finance the acquisition and trading of the Plaintiff’s acquired shares of N50,050,134.46.
     It was only on the blue chip shares the Plaintiff contracted with the Defendant as a lien to repay the facility and which blue chip shares or security, the Defendant was not allowed to dispose of or trade on during the period of the facility.
    The said blue chip shares worth over N309million was to be used as security for the alleged margin of facility of N200 million and available to the Defendant to recover the alleged N200million in the event of a default in repayment of the alleged margin of facility of N200million by the Plaintiff at the end of or the misused tenor of the facility Defendant and not during to be  traded period on, or disposed tenor of thereof,
The Plaintiff deposited the above acquired shares with the Defendant when the Plaintiff sought from the Defendant to make confirmation to the Visa Consular, the United States Embassy that the Managing Director of the Plaintiff Mr. Tony Ozor had enough investment in Nigeria to be considered for United States Visa.
     The total shares of the Plaintiff with the Defendant amounted to N359,050,134.46 as at 18th July, 2007
 out of which its blue chips shares worth over N309Million only was used as security for the purpose of repaying the margin facility and which did not rope the sum of N50,050,134.46 shares of the Plaintiff in the custody of the Defendant into the margin facility the Plaintiff entered with the Defendant on 10th September, 2007.
     The defendant who allegedly credited the account of the plaintiff in the sum of  N200million on 12th  September 2007 charged the account of the plaintiff  N500,000.00 alleged to be the processing fee,the charge was contrary to the processing fee of 0.25 percent which was spelt out  in the margin facility.
    The  Defendant from inception  of the trading facility kept making monstrous deductions in the account  of the plaintiff  making it impossible for the alleged margin facility given to the plaintiff to work .
     The  Defendant did not  issue comprehensive statement of account to the Plaintiff and the plaintiff shall at the hearing of this suit urge the court to order the plaintiff to avail to the plaintiff  comprehensive  statement from 10th of September,2007 till date to enable the plaintiff to retain a chartered accountant to compute the account of the plaintiff in the defendant company to give fair debit/credit balance of the margin facility entered between the plaintiff and the defendant.
     The Plaintiff pleads that in line with the offer of a margin facility, the offer was made subject to the availability of funds and the Defendant had the right to call in the facility at any time, furthermore, all transactions in the margin facility were executed or handled by the Defendant,as the defendant continued charging illegal, unjustified and monstrous interest in the account of the Plaintiff and making other deductions to deplete and exhaust the blue chip shares of the plaintiff without making any positive steps to deal with the plaintiff in line with the offer letter, purpose which formed the  basis contract between the plaintiff and the defendant.
 The Defendant mismanaged the margin facility and traded on the Plaintiff’s aforesaid Blue chips shares used as security without the consent and authorization of the Plaintiff during the tenor of the facility.
The Defendant without any further communication to the Plaintiff on 8th
August, 2019  sold some shares of the Plaintiff and acquired Federal Government Bond of unspecified amount of money in the name of the Plaintiff to be managed or to be mismanaged by the Defendant in the name of the Plaintiff and to the credit of the Defendant.
 The Defendant dealt with the blue chip shares of the Plaintiff in total disregard of the provision in the offer letter which stipulated that the margin facility was to be drawn after three hundred and sixty day.
The Defendant mismanaged the entire transaction and traded with blue chip shares of the Plaintiff used as security without the consent and authorization of the Plaintiff and is still in custody of the aforementioned N50,050,134.46 worth of shares which it has unduly retained.
   The Plaintiff was not and is not indebted to the Defendant in any sum at all.
     The Defendant after misusing the blue chip shares of the Plaintiff used as security is selling shares of the Plaintiff and have unduly retained the N50,050,134.46 worth of shares of the Plaintiff
      From the foregoing, the Plaintiff seeks the following reliefs from the Defendant;
An order of the Court directing Quantum Zenith Trustees and investment company to send comprehensive cash statement of account to the Plaintiff to enable the Plaintiff retain a Chartered Accountant to compute the account of the Plaintiff to enable the Plaintiff determine the fair balance in the margin facility the Plaintiff entered with the Defendant.
     An order directing the Defendant to pay the Plaintiff any shortfall or credit balance in the account of the Plaintiff after the computation of the account by a chartered accountant.
     An order directing the Defendant to return the Blue chips shares of the Plaintiff sold by the Defendant without the authorization of the Plaintiff during the tenor of the Margin Facility.
        An order directing that the acquired shares of the Plaintiff N50,050,134.46 which the Defendant took custody of which did not form part of the margin facility be returned to the Plaintiff forthwith.
    An order restraining the Defendant by itself, agents, privies, assigns from further acquiring, de-acquiring and trading in the blue chip shares of the Plaintiff and in the other acquired shares of the Plaintiff at all times and for all purposes.
Alternatively
N500,000,000.00 damages which comprised the market value of the blue chip shares and the other shares of the Plaintiff acquired by the Defendant without consideration including damages suffered by the Plaintiff when the Defendant retained the shares of the Plaintiff without accounting for them and without generating any profit or income therefrom.
   Interest from the date of judgment until the above sum is liquidated
However, in a statement of defence accompanied by statement on oath sworn to by a compliance officer of the defendant Adewale Ajala and filed before the court by a Lagos lawyer,Chinasa Unaegbunam on behalf of Quantum Zenith Trustees and investments Limited,the defendant stated that:
In response to the Statement of Claim  the Defendant avers that its letter to the United States Embassy of 18th July 2007 only reflected the value of the Plaintiff’s portfolio with the Defendant as at the date of the issuance of the letter.  The Defendant states that it did not take custody of any shares worth N50,050, 134.46  as alleged by the Plaintiff.
Between 19th July 2007 and 31st August 2007, the Plaintiff made several purchases and sales of shares forming part of his portfolio as well as inflows and outflow of funds.
       The Plaintiff requested for a margin facility in the tune of N200million on or about 30th August 2007. As of 31st August 2007, when internal approval was sought and granted for the facility, the market value of the Plaintiff’s blue-chip shares listed on the approval document was in the sum of N309,672,000. Three (3) non-blue-chip shares and shares below a value threshold, with a market value of N3,955,302,00 were not included, The Plaintiff was also indebted to the Defendant to the tune of N3,470,306.38. This portfolio as at the date of the grant of the Facility and shares to be acquired by the Facility formed the collateral for the Facility granted to the Plaintiff.
 The Defendant did not take custody of any shares as alleged or at all and the Plaintiff actively traded in shares throughout the period in question.
     Given the Plaintiff’s trading activity and the differences and fluctuations in sale and purchase prices; the value of the Plaintiff’s portfolio was not static but had declined as at the date of approval of the Facility. The entire portfolio at the date of approval formed the collateral for the Facility granted to the Plaintiff.
    The Defendant states that there was no credit of N200million into the Plaintiff’s account. The grant of a margin facility signifies the extension of a line of credit of up to N200million which the Plaintiff can draw on for the purpose of purchase of shares. Further, the deduction of the sum of N500,000 (Five Hundred Thousand Naira) was in line with the terms of the Facility which was accepted by the Plaintiff and the said sum represents 0.25% of the facility sum which is the processing fee.
The Defendant denies the allegation of “illegal and monstrous deductions”or any unjustifiable deduction from the Plaintiff’s trading account averred by the Plaintiff.
The Defendant avers that the Plaintiff’s suit is unmeritorious, speculative, vexatious and should be dismissed with costs as the Plaintiff is not entitled to any of the reliefs sought.

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Parthian Partners wins Inter Dealer Broker of the year, lauded for pioneering IDB model in Nigeria

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Parthian Partners Limited, Nigeria’s first interdealer broker and founder of i-invest, the first fixed income investment app in Nigeria, has won the BusinessDay Banks and Financial Institutions (BAFI) Awards for the ‘Interdealer Broker of the Year 2022’ in recognition of its impact and contribution to the overall growth and stability of the fixed income market, its financial performance – credit rating affirmed Bbb+, as well as its innovativeness and growth across different product lines.

 

According to the organisers of BAFI, the Inter-Dealer Broker of the Year Award was initiated this year in recognition of the critical role this little-publicized corner of the fixed income market’s microstructure plays in ensuring its efficiency. “We congratulate Parthian Partners on the celebration of its tenth anniversary. Reading reports of how the journey of building the first interdealer broker in Nigeria, at a time when the regulations did not even exist, attests to the foresight and determination of the founding team and its backers. This is the type of grit to follow the path less travelled that we celebrate at the BAFI Awards,” they explained.

Representatives of Parthian Partners Limited: (L-R) Gafar Bashiru, Senior Associate; Yinka Arewa, CFO; Ronke Akinyemi, Assistant VP; Nonso Nduanya, Head of Brands, Marketing & Communications and Oluwaseun Dosumu, Head of Investment Research, receiving inter-dealer broker of the year award from Ogho Okiti (2nd r), MD, BusinessDav Media Limited.

Commenting on the award, the Group Managing Director of Parthian Partners, Mr. Oluseye Olusoga thanked the staff of the company for their commitment to the actualisation of the company’s vision, while dedicating the award to the firm’s clients. “Since we pioneered the wholesale fixed income financial intermediary model in Nigeria 10 years ago, Parthian Partners has remained steadfast in its commitment to matching buyers and sellers, providing independent data to participants in the fixed income market, enabling confidence in transactions, creating liquidity and price discovery, as well as facilitating the unfettered flow of capital for an efficient market,” he said. He stated that the company will not rest on its laurels but will continue to provide the best services while increasing shareholder value and returns on investment.

 

Now in its 10th year, the BAFI Awards were created to recognise and celebrate organisations, teams and individuals that are achieving excellence in the delivery of financial services across the entire client and customer spectrum.

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Polaris Bank rewards the first set of winners in its ongoing ‘Save & Win’ promo

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Polaris BAnk

The first set of 62 winners has emerged in the ongoing Polaris Bank Save & Win promo. The Bank in a statement said that the 62 lucky winners emerged across the six geo-political zones, winning N100,000 each during the draw held on Friday at its headquarters in Lagos is in commemoration of Nigeria’s 62nd Independence Anniversary.

The winners emerged through a transparent draw witnessed by officials of the Federal Competition and Consumer Protection Commission (FCCPC), and the Advertising Regulatory Commission of Nigeria (ARCON).

The draw was conducted using a hybrid media technology which enabled in-premises event as well as over 400 customers through the Bank’s virtual network and social media handles.

Speaking at the unveiling of the winners, Polaris Bank’s Group Head, Strategic Brand Management, Mr. Nduneche Ezurike, said that the event was significant because it was a testament of the Bank’s unwavering commitment to impact and enrich the lives of Nigerians.

Ezurike noted that the reward is aimed at encouraging more people, existing and prospective customers alike to save and invest their money. “In tough times like this, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day,” he added.

He emphasised that customers can still participate in, or increase their chances of winning by depositing a minimum of N5,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N5,000 before the next draw date.

Ms. Susie Onwuka of the FCCPC; Doris Itegbe and Bolajoko Odusoga of ARCON attested to the free, fair and transparent draw that threw up the winners.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the independence draws.

Below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

  1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal at https://accounts.polarisbanklimited.com/opening/

  1. Grow your account by N5,000 or more for 30 days or 3 months to qualify for monthly & quarterly draws respectively; by N50,000 for 3 months to qualify for special draws.

  1. If your account is dormant, you can reactivate your account without visiting the Bank by simply logging into the portal: https://accounts.polarisbanklimited.com/reactivate/, accepting the terms and conditions and updating the required details the Bank may need.

  1. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website at www.polarisbanklimited.com to stay updated.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.

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Man’s Inhumanity to A Teenage Girl

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By Olori Janet Afolabi

Labake is a mentally challenged teenager. Two years ago someone took advantage of her condition, impregnated and abandoned her. She was begging for food and money to survive. The first time l saw her was in October 2020 when she strayed into my event. She was being dragged out by security men when she caught the attention of Kafayat Oyetola, Osun state, First Lady, who was my guest.

The First Lady took Labake to Oshogbo, rehabilitated them, and took care of her till she delivered. Then she brought Labake back to Apomu, the headquarters of Isokan local government area of Osun state.

This year again, in 2022, an unknown man whose name according to Labake is “Operator” impregnated her and disappeared.

On Thursday, November 3, l was told Labake was at the Palace gate.I thought it was her usual visit for support. I asked my staff to take some things to her. He came back with a paper and said Labake was crying profusely.
The paper was the Scan result which showed that she had been due since October 24 and the baby’s breech position in her womb posed great danger to her life, The baby’s head was up instead of down. The ideal position for birth is head down.

I asked security to let her in. When l saw her, l didn’t need to be told that she was in great pain, l called Julius Edet and Moses Bello (both members of the Medical team l set up for my project “Initiative To Stop Teenage Pregnancy,) to come to the Palace.

They took her to the Health Center. After payment was made for registration and tests, the officials said there was no doctor to attend to her.

She was taken to another Health centre. The Matron spoke to me She said Labake’s condition was beyond them, She advised that Labake be taken to a private hospital or General hospital Oluyoro in Ibadan because she could only give birth through the operation.

For me, Ibadan was not an option at all because of the distance and gridlock Labake may not have survived the stress in the condition that she was in.

I decided to call Goke Odetunde, Chairman of our local government He responded immediately.l told him about the situation on the ground. He said Labake should be taken to a private hospital in a neighbouring community.
He also paid the bill.

To the glory of Almighty God, the operation was successful. She delivered a baby boy. Mother and child are alive.

But the journey to save Labake has not ended, I would like to rehabilitate and provide a secure shelter for her. She can then acquire a skill or start a trade.

I want to thank the Chairman for the rapid response and kind gesture. Julius and Moses for devoting their time and attention to be with Labake throughout her agonising hours.

I want to appeal to the men who keep taking advantage of Labake’s mental condition to sexually harass/ abuse/ impregnate her, to desist. If she were your sister or daughter l do not think you will be happy if someone does that to her.

Most likely, you would describe such action as a man’s inhumanity to a vulnerable teenage girl.

 

Olori Janet Afolabi is a CNN Award-Winning Journalist, Author and Queen of Apomu Land

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