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OPINION

GTBank and Innoson’s day at the Supreme Court; how it went down, By Festus Igbinosa

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The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

It began with the claim, contained in Press Release circulated by Innoson, that the Supreme Court had ordered “GTB to Pay Innoson’s N14Billion Judgment Debt into an Interest Yielding Account.” The records of the Apex court show no such thing, instead it asked both parties to return to the Court of Appeal, Enugu Judicial Division, for a hearing on GTB’s appeal scheduled for the 14th of June, 2018.

GTB has also released a statement on the actual events of the day at the Supreme Court. “The attention of GTBank has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers,” the Bank said in an official statement. “There was no directive or Order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers. We again reiterate that there is no iota of truth in the falsehood being peddled by desperate and mischievous elements and the General Public should disregard same in its entirety,” the Bank added.

In fact, the Supreme Court simply directed GTB and Innoson to return to the Court of Appeal for a hearing of the Bank’s substantive appeal on the matter. It is actually in the tradition of the apex court to issue definitive rulings only on Fridays, and what it delivered today was more or less a directive. However, court feelers say this is actually a win for GTB as it grants what the Bank has always wanted—and what Innoson has consistently stalled, which is for the Court of Appeal in Enugu to hear the Bank’s appeal.

The Bank’s appeal of a 2013 High Court judgment gotten by Innoson had stalled at the Court of Appeal for the past two years due to the pending motions filed by both parties at the Supreme Court. On Thursday, 7th of June, 2018 the Apex Court finally sat on the matter and asked both parties to withdraw their motions and return to the Court of Appeal, because GTB’s appeal at the lower court had not been heard.

“The implication [of the Supreme Court Directive] is that both parties are going back to the court of appeal for the Bank’s substantive appeal to be heard,” a source in one of the legal teams of the parties said. “The court said it won’t hear any applications and asked all parties to withdraw their applications.” One of the applications that was withdrawn and struck out by the Supreme Court is the plea filed by Innoson on 27th of February, 2015 askingfor the court to order GTB to issue a money guarantee to the court. This is interesting because it means that, rather than rule for the Bank to pay Innoson 14bn as the latter had claimed, the apex court struck out that particular request.

 

Back to the Appeal Court

Following the directive by the Supreme Court, the substantive appeal filed by GTB will now be heard at the Court of Appeal, Enugu Judicial Division, on the 14th of June, 2018.This appeal has been repeatedly delayed by the Innoson camp using moves such as itsmotion filed by on October 3, 2017to prevent the appeal from being heard. Back then, the Court of Appeal had expressed surprise that Innoson (the Judgment Creditor) is not desirous of allowing the appeal to proceed.

Again, in the proceedings of 24th October 2017 in CA/E/275/2015 between same parties, the same Prof. Mbadugha appearing for Innoson and other Respondents had scuttled proceedings when he refused to proceed with Appeal even though it was clear that the Appeal was ripe for hearing and opted to pay costs. Prof Mbadugha said to the courts: “I ask for an adjournment even though all motions have been taken… I offer N50,000.00. The Appeal Court responded; “This application for adj. has no basis, but in the interest of justice it is hereby granted. The appeal is ripe for hearing. Cost of N100,000.00 to the Appellant against the Respondents. Appeal adjourned to 17/4/18 for hearing.”

However, following today’s hearing at the Supreme Court, it seems all hurdles have been cleared for GTB’s substantive appeal to be heard by the Court of Appeal.

 

Festus Igbinosa is a financial analyst and he writes from Abuja

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OPINION

Uduaghan: 64 garlands for an indefatigable achiever

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By Julius Akpovire-Enyeh

 

When great men celebrate, even the stars bow in solemn hallow. As the immediate past governor of Delta State and the All Progressives Congress candidate for Delta South Senatorial District, Dr. Emmanuel Eweta Uduaghan celebrates his 64th birthday today (October 22, 2018), the periscope is focused on a man who has given his all to create peace, tranquility and progress for his people and the Niger-Delta region as a whole.

Gradually, the former governor is stepping into the septuagenarian club, healthy, hearty, resolute and focused. As he ages, it is never a dull moment for a man who has spent the greater part of his life to render selfless service to humanity.

Describing Uduaghan as a child of circumstances with a great destiny is like stating the obvious. It is often said that some were born great, while others attained or achieved greatness. For Uduaghan, it is a combination of being born great and working hard to attain greatness.

At 64, Dr. Uduaghan has packed in that relatively old age, a record of achievements that is the envy of his peers. Born on October 22, 1954 in Abigborodo – Warri North Local Government Area of Delta State, his parents Chief Edmund D. Uduaghan and Mrs. Cecilia Uduaghan, may not have imagined the great heights their then little child was destined for. But as the legendary Professor Chinua Achebe would say, a chick that will grow to be a cock is known the day it was hatched.

That wise saying became manifest in the boy, Emmanuel, when he enrolled in Baptist Primary School, Mosogar in Ethiope West Local Government Area of Delta State, between the years 1961 and 1966 marking the commencement of his intellectual quest that saw him pass through the famous Federal Government College, Warri, between 1968 and 1974 and the prestigious University of Benin (UNIBEN) where he studied medicine and graduated with a Bachelor of Medicine and Surgery (MBBS) degree and a Diploma in Anesthesia.

Uduaghan began work in 1983 at the Delta Steel Company, as a medical officer. From 1989 to 1994, he worked in a number of hospitals including Westend Hospital, Warri; Benoni Hospitals, Benin City and Shell Hospital, Ogunu, where he was a Consultant Anaesthesiologist. In 1994 he set up a private medical practice. He has held positions in the Nigerian Medical Association in Warri, Bendel State and Delta State. He was also active in the Junior Chamber International (Jaycees) leadership development organization. A founding member and Chairman of the All Nigeria Congress Association for the Warri South Local Government Area in Delta State, a founder and executive member of the Grassroots Democratic Movement (GDM), and a foundation member of the Peoples Democratic Party (PDP).

A former Commissioner for Health, a former Secretary to the Delta State government and a two-term governor of the ‘Big heart state’. For those familiar with activities in Delta State, you will agree with me that one thing that is synonymous with the name, Uduaghan is development. As commissioner for health, Dr. Uduaghan improved the pay of medical staff and upgraded infrastructure.

For eight years that he was at the helm of affairs of Delta State, the state experienced massive development in all the sectors. His achievements are endless. He succeeded in turning the fortunes of the state around with the available resources. Dr. Uduaghan’s developmental strides speak volumes. Most of his legacies are still being enjoyed in the state presently.

Uduaghan distinguished himself in all the sectors he served. He is arguably one of the most successful politicians the Niger Delta have produced in recent times. His influence and popularity were not earned through a walk in the park, rather by the dint of his determination to make his people happy. His story is a very loaded one, his development efforts also extended to the Niger Delta region even though he was the governor of a state. He was deeply involved in negotiations with Niger Delta agitators and militants alike which let to peace in the region. Of course, where there is peace, there is development.

If one counts every infrastructure dotted all over the state, a greater percentage of them would definitely bear his finger of approval.

Even his ardent critics concede to him that his sojourn in office garnered stellar propensities that have till date remained a yardstick for measuring performance in that resource – rich state.

Uduaghan, a man of peace and a man of the people is married to another achiever and distinguished professional, Her Excellency, Mrs. Roli Uduaghan. Their marriage is blessed with two children.

As this enigma celebrates his birthday today, I join other teeming Deltans and Nigerians to wish him a happy birthday and pray that God grant him more strength to carry on’. Amen.

Happy birthday sir!

 

*Julius Akpovire-Enyeh is a Delta born journalist.

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OPINION

Before you crucify Primate Ayodele, By Lukmon Akintola

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Those who know Primate Babatunde Elijah Ayodele would acknowledge that he is one of the finest prophets of God.

As far as prophesy is concerned, Ayodele, has been the most consistent, prophesying on both local and international fronts.

His prophesies that have come to pass are countless and as such it would be a waste of time reeling them out. However, for the sake of those just familiarizing themselves with the servant of God who leads the flocks of Inri Evangelical Spiritual Church both home and abroad, his prophesies includes demise of Oba Adeyinka Oyekan, death of General Sanni Abacha and the return of Olusegun Obasanjo as President.

Others are the reorganisation of the Special Anti-Robbery Squad (SARS), the travails of the Lagos state governor, Akinwunmi Ambode, a loss in profit by social media platform Facebook, and attacks on camps of Internally Displaced People (IDP). Also, he did prophesied about about the sack of erstwhile Minister of Finance, Kemi Adeosun, and the death of Punch Newspapers Chairman, Gbadebowale Adeborin

His annually released collection of divine signals titled ‘Warnings To The Nations’ is verbosed on his prophesies, and till date remains one of the best collector’s item and reference point of call any day or time.

However, in recent times a misconception about a certain prophesy by the man of God involving the Senate President, Senator Bukola Saraki, has necessitated clarifications.

The spirit of God is necessary for the understanding of prophesies in some cases, while at other times common sense would suffice. One prophesy which has been consistently heard from Primate Ayodele remains his prophesy that “Only Saraki can up seat President Muhammadu Buhari if given the right support by Peoples Democratic Party (PDP)“. While there is no denying that the man of God had said this, there is the need to understand the meat of the prophesy. Primate Ayodele severally said “Only Saraki can up seat President Buhari if given the right support by the Peoples Democratic Party (PDP). He however didn’t make mention of the fact that he (Saraki) would win the PDP primaries, something which is currently being confused by a lot of people who have been trying to misconstrue the prophesy. Indeed, you have to win the primary election to be able to contest for the President.

While it might be easy to confuse both positions, they are indeed very clear cut and separate issues. There is a clear difference in the statement that “Only Saraki can up seat President Buhari if given the right support by PDP” and his winning the primaries. While the confusion has been ragging on for a while, it would make more sense if in February when the Presidential election hold Atiku Abubakar, the PDP candidate defeats President Buhari in the polls. Then, the talking point would be that the man of God was wrong in his prophesy and that someone other than Saraki had up seated President Buhari.

However, claims that because Saraki lost the primaries to Abukbakar, thus Primate Ayodele’s prophesy is wrong is like trying to tag the north and south pole as the same.

The need to be precise and on point when when analyzing cant be overemphasized, but at this point, it is very important to clarify that the the chance to crucify Primate Ayodele would only come after the general election. For now, please let Primate Ayodele be.

 

* Akintola wrote from Lagos? Nigeria.

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OPINION

A.B.C Orjiako, Shebah Petroleum and creditor banks: Getting the facts right

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Facts emerging in the on-going case between Shebah Exploration and its creditor banks which has been reported by few media channels since a Thisday newspaper publication of Sunday October 14, 2018 have provided actual  insights.

Further investigations into recent reports reveal that actual facts are at variance with contents of the publication.

In the said publication, the writer made references to an ongoing legal matter involving Shebah Petroleum, its owner Orjiako and some of their creditor banks.

Sources knowledgeable about the matter indicate that the story contained some misrepresentations leaving the facts of the matter at variance with the contents of the publication.

Contrary to the publication, it was the banks: Afrexim bank, Skye bank (now Polaris)  and Diamond bank who filed the action at the Lagos high court, where they registered the judgement of the English Court. So, any suggestion that the judgement was registered in Nigeria with the knowledge of the defendants is false.

The fact of the matter is that Shebah Exploration, Allenne Ltd and Dr Orjiako merely filed defensive action against the registration of the summary of the English court’s judgement.

Now to the issue of payment; contrary to the insinuation that Shebah had only paid back about $6.1million, the fact is that Shebah has been working to negotiate and settle with the creditor banks and meet its obligations in respect of the facility. Going by evidence filed at the Federal High Court Lagos, Shebah has paid back over $68 million in principal and interest to the creditor banks and is committed to full resolution of the issues of the loan.

Another fact that was glossed over in the report is that creditor banks suffered a huge setback when they made an attempt to obtain a Mareva injunction (freezing order) and failed as the presiding judge ruled against the creditor’s application on 25th September, 2018 according to the records of the court.

SEPCOL is a foremost indigenous player in the oil and gas industry in Nigeria, which became the first indigenous company to operate an offshore shallow water block with an FPSO, following the acquisition of 40% working interest in OML 108 from ConocoPhillips in 2004. SEPCOL was producing and meeting its obligations until 2014 when it suffered inconclusive workover program due to inadequate funding and collapse of oil prices. Consequently, the creditor banks called the facility on the company after two and half years tenure. The default in the facility was further triggered when the lenders declined a $50m repayment offer from a reputable Nigerian bank that offered to join the syndication with an additional facility in the sum of $200m

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