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Court Adjourns Pinnacle’s N1Bn Suit Against ICPC to Nov 6

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Federal High Court sitting in Abuja has adjourned a suit filed by Pinnacle Communications Ltd (PCL) against   the Independent Corrupt Practices and other related Offences Commission (ICPC) to November 6, for hearing.

 

In Suit Number FHC/ABJ/CS/779/18, Pinnacle is asking the Court to order ICPC to pay damages in the sum of N1billion for unlawfully withholding its money domiciled in Zenith bank without a valid court order.

 

The matter slated for hearing on Tuesday, could not hold due to the absence of the judge, Justice Taiwo Taiwo, who was said to be away for an official assignment.

 

Pinnacle in Suit Number FHC/ABJ/CS/779/18, filed on 23rd July 2018, is seeking for “An order for the payment of One billion naira as general, exemplary and punitive damages against the defendants for their unlawful and illegal act”.

 

The plaintiff wants “A declaration that the act of the 1st defendant (ICPC) in ordering the 2nd defendant (Zenith) to place a “post-no-debit” restrictions on the plaintiff’s account with the 2nd defendant without any court order and or any valid court order is ultra vires, unlawful, injurious, unconstitutional and a breach of the plaintiff’s right to its movable property”.

 

“A declaration that the act of the 2nd defendant (Zenith bank) in placing a “post-no-debit” restrictions on the plaintiff’s account number 1012875804 with the 2nd defendant without any court order and or any valid order is unlawful, injurious, unconstitutional and a breach of the plaintiff’s right to its movable property”.

 

“An order of perpetual injunction restraining the defendants from placing any restrictions on plaintiff’s account with the 2nd defendant without a valid and competent court order.

 

“An order of perpetual injunction restraining the 1st defendant from placing any form of restrictions on the plaintiff’s account with the 2nd defendant and or any other bank or financial institution in which the plaintiff maintains any account and or dealings, without a court order and or valid and competent court order.

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Ship Owners to Benefit from $200m Cabotage Fund- Amaechi

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Chibuike Rotimi Amaechi, minister of Transportation, has announced that Ship owners will now benefit directly from the $200 million Cabotage Vessel Financing Fund (CVFF).

Ship Owners to Benefit from $200m Cabotage Fund- Amaechi

Dr. Dakuku Adol Peterside, DG, NIMASA

A committee chaired by Dr. Dakuku Adol Peterside, director general, Nigerian Institute of Maritime Safety and Administration (NIMASA), has also been set up with guidelines for disbursement of the funds.

Amaechi made this known at a meeting organised by NIMASA for Cabotage Stakeholders in Lagos, Thursday. Speaking to newsmen shortly after the meeting, Amaechi said, “In the past, the money was applied to building maritime university and faculties of maritime in other universities across the country. This would be the first time the money is applied to Ship Owners directly.

“We have also agreed today to set up a committee that will come forward with the proposed guideline which will be presented to the National Assembly. It is the committee that will determine if it will be a single digit or not; and the committee would be chaired by the DG of NIMASA ,” he said.

Amaechi explained that as part of efforts to mitigate the risk involved in disbursing the funds, financial institutions would be involved and the fiscal risk would be borne by the banks involved.

“The banks will be involved in developing the criteria for the disbursement of the fund, so the risk will be borne by the lending institutions,” the minister said.

Amaechi also noted that the committee would determine the percentage interest to be inserted in the procurement of CVFF.

Earlier, director general, NIMASA and head of the Committee, said the meeting was convened on the instance of the minister to discuss the singular issue of CVFF disbursement.

He said after extensive discussions with the relevant stakeholders, it was decided that the committee should come up with the draft guidelines.

Dakuku said, “the minister will study this draft and pass on to the National Assembly for approval in line with the Cabotage Act. Thereafter, we will move to the next phase of actual disbursement, using the banks as platform.”

He also disclosed two factors that would determine the disbursement of CVFF, “One factor will be how soon the National Assembly approves the draft guidelines and the other factor will be that the provisions of the guidelines will have to be followed adequately by the participating banks. So stakeholders have to meet these requirements before the disbursement of CVFF.”

Responding, Mrs. Margaret Orakwusi, chairperson, Ship Owners Forum (SOF) expressed satisfaction at the development, noting that she would look forward to the disbursement of the fund and a better shipping industry where the fund would be utilized judiciously.

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Here’s How to Get More Value from your DStv & GOtv Subscriptions

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After Detty December, the New Year usually starts out with our pockets in recovery mode and so we embrace every deal or offer on items we consider important, just until the dry spells vanish. Thankfully, one of the deals we get to enjoy this January is the DStv and GOtv Step Up offer, because even though the holidays are over, great entertainment should always remain available.

 

MultiChoice Nigeria has brought back its Step Up offer to both active and disconnected DStv and GOtv users. With Step Up, customers who renew their subscription will be upgraded to a higher package for 30 days’ access to a wider viewing experience. DStv and GOtv customers will be able to enjoy a wide array of content on their upgraded packages including world-class sporting action alongside exciting local content, international movies, series, telenovelas, music, news and kids’ entertainment for less.

 

So if you are a DStv customer on Access, Family, Compact, Compact Plus or a GOtv customer on Lite, Value and Plus this is one deal you should take advantage of.

 

Also, Customers signed up on the new DStv Confam, DStv Yanga, GOtv JOLLI and GOtv JINJA packages equally qualify for the Step Up offer. The recently launched packages come loaded with top local and international channels, offering quality TV entertainment at great value.

 

MultiChoice Nigeria has not only expanded and increased access to entertainment for its customers with the addition of the DStv Confam, DStv Yanga, GOtv JOLLI and GOtv JINJA packages, it has also introduced Step Up, which enables viewers on lower packages to enjoy quality prgramming on higher packages at no extra cost!

 

 

 

 

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CBN hikes Cash Reserves Ratio to 27.5 percent

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The Central Bank of Nigeria, CBN, has increased the Cash Reserves Ratio, CRR, of banks from 22.5 per cent to 27.5 per cent.

The alteration was done by the Monetary Policy Committee of the CBN.

The Cash Reserve Ratio is the share of a bank’s total deposit that is mandated by the CBN to be maintained with the latter in the form of liquid cash.

The CRR is used by the CBN to ensure that a part of Deposit Money Bank’s cash is with the Central Bank and is hence, secure.

Godwin Emefiele, Central Bank of Nigeria, CBN’s Governor, while addressing journalists shortly after the committee’s meeting said the move was aimed at mopping up excess liquidity from the banking system which had become a threat to inflation.

According to him, nine members of the committee voted to alter the CRR from 22.5 per cent to 27.5 per cent.

He explained that apart from the CRR that was increased, the committee decided to retain the Monetary Policy Rate at 13.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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