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Court Summons Wema Bank Chairman, Others for Disobeying Order

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Chukwujekwu Aneke, presiding Judge of a Federal High Court, sitting in Lagos south west Nigeria has ordered that Wema bank Plc and its six officials cited for contempt or disobeying the order of the court should appear before it on Monday, February 17, 2020.

Court Summons Wema Bank Chairman, Other for Disobeying Order

 

They are to explain why they should not be sent to prison for flagrant disobedience of the extant positive orders of the court.

The affected officials of the bank are: Ademola Adebise, managing director; and Babatunde Kasali, chairman.

Other are Moruf Oseni, deputy managing director; Wole Akinleye, executive director; Folake Sanu, executive director; and Johnson Lebile, company secretary.

The order of the court was sequel to two different similar garnishee suits filed before the court by Chief Ajibola Aribisala, SAN Lagos lawyer, on behalf of Heritage Bank.

The first one against Ondo State  Government and the Attorney General of the state, and the second one against Idanre Local Government Universal Basic Education Authority, Ondo State Government and Attorney General of Ondo State.

Heritage Bank having obtained judgement against the two parties at an Ondo state high court in the sum of N1billion out of which N600million has been paid, leaving a balance of about N400million, while the judgement against Idanre Local Government Universal Basic Education Authority  is in the sum of N405.4 million.

Heritage Bank then initiated garnishee proceedings against  the parties in the two suits.

On  6th of December 2019, the   court made the order nisi against Wema bank Plc absolute, attaching the principal judgement sum of N134 million.

Wema Bank Plc, thereafter deposed to an affidavit that Ondo State Government has N745 million standing to its  credit and same has been attached in compliance with the order of the court.

However, the bank refused to comply with the order of the court to pay the money despite the demand made by Chief Aribisala on behalf of Heritage Bank.

However, Wema  Bank, in its response  letter claimed not  to comply with the order of the court based on the Noticed of  Appeal and Motion for Stay of Execution filed by the Ondo state Government at the Court  of Appeal.

Thereafter, Heritage Bank caused the Registrar to issue form 48, notice of consequence of disobedience of order of the court against the officers of the bank. Still, the order of the court was not obeyed,hence the need for the issuance of form 49 asking the parties cited for contempt to show cause why order of committal should not be made against them.

On the 5th day of February, 2020 when the matter came up for hearing, Chief Ajibola Aribisala, SAN, in his argument and submission before the court contended that it is obvious that parties cited for contempt are not in court and that the court must compel their presence. He then urged the court to issue bench warrant against officials of Wema Bank Plc, cited for contempt to compel them to appear.

However, the counsel for the officials of Wema Bank cited for contempt, Mr Wemimo Ogunde, SAN, contended that the form 49 was filed and served on the parties and before then Wema Bank had already filed an application for stay of execution pending appeal and that the record of appeal had already been entered at the Court of Appeal.

Consequently, after listening to the two parties  the court adjourned till 14th February 2020, for ruling.

Justice Aneke in his ruling relating to the two suits  said: “The said appeal lodge by the parties cited for contempt has nothing to do with the form 49 served on them for their failure to comply with the order of the court in respect to the order made absolute against Wema Bank Plc .

Accordingly, the parties cited for contempt are hereby given 72hours from today till Monday 17th of February, 2020 to appear before the court to explain why committal order would not be made against them for flagrant disobedience of the extant positive orders of the court.”


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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