Broadcasting
Multichoice Nigeria Reportedly Defrauded of N7.9Bn
Multichoice Nigeria Limited, owners of DStv and GOtv, popular cable television services was allegedly defrauded of the total sum of N7.9 billion.
Premium Times citing court documents reported that the botched foreign currency exchange transaction involved Akintunde Giwa, a currency exchange broker; JNFX Limited, a currency exchange firm; Ashay Mervyn, a representative of JNFX, and Frontier Financial Technologies Limited.
Mr Giwa is a currency exchange broker who earns a commission by assisting those looking to buy US dollars with Nigerian Naira. JNFX is a private limited company incorporated in England and engaged in foreign exchange and international money transfer business.
Frontier Financial Technologies Limited is a Nigerian company where Mr Mervyn is a director, court documents showed.
The case was brought before Stuart Isaacs, who sat as a Deputy Judge of the High Court, in the Business and Property Courts of England and Wales.
The judgment was delivered remotely to the parties’ representatives by e-mail and released to the National Archives on 2 April.
While the claimant, Mr Giwa, was represented by Matthew Bradley and Rumen Cholakov as instructed by Peters & Peters Solicitors LLP, Joseph Wigley (instructed by Cooke, Young & Keidan LLP) appeared on behalf of the first defendant, JNFX Limited.
Mr Mervyn and Frontier Financial Technologies Limited – listed as second and fourth defendants, respectively – had no representatives in the case.
The claim against the third defendant, JNFX Nigeria Limited, was discontinued and the company was excluded from the judgment.
Botched Contract
Premium Times review of court documents showed that MultiChoice Nigeria had engaged Mr Giwa and his companies for many years to arrange the exchange of Naira for dollars in connection with MultiChoice Nigeria’s business.
According to Mr Giwa, he acted on Multichoice Nigeria’s behalf in arranging with JNFX, under 10 Multichoice contracts, for the exchange of Naira into dollars.
In the proceedings at the UK court, MultiChoice Nigeria assigned its claims to Mr Giwa, whose primary dealings with JNFX were conducted with Mr Mervyn, a representative of JNFX “who had ostensible if not actual authority from JNFX to enter into the MultiChoice Contracts.”
Court documents showed that Multichoice Nigeria Limited paid N7.9 billion (N7,914,209.196.50) to Mr Giwa, the currency exchange broker, who in turn made payments to JNFX Limited, a currency exchange firm, under the MultiChoice contracts.
Details showed that the satellite service company paid the Naira into the bank accounts of companies controlled by Mr Giwa and were then sent to bank accounts nominated by JNFX through Mr Mervyn in return for dollars to be paid into an account held at Standard Chartered Bank in London in the name of MultiChoice Africa, another company within the MultiChoice group of companies.
However, no dollar payments (amounting to $16.2 million) were received by the company in return, according to Mr Giwa.
Backend Details
From early 2021, court documents show, Mr Mervyn increasingly instructed Mr Giwa to send the Naira to a bank account held at First City Monument Bank in Nigeria in the name of Frontier Limited.
Mr Giwa alleged that JNFX and Mr Mervyn failed to pay into the MultiChoice Account the full equivalent dollar sums or to reimburse MultiChoice Nigeria its Naira. A total of N7.9 billion (N7,914,209.196.50) was paid to JNFX under the MultiChoice contracts for which no dollar payments (amounting to $16,230,369) were received in return.
The tenth and last contract, concluded on 8 September 2021, provided for the conversion of N4.9 billion into $10 million but no dollar sum was paid in return for the Naira amount paid.
Meanwhile, the court documents showed that Mr Mervyn and Frontier, a Nigerian company where Mr Mervyn is a director, have not responded to the claims against them and have taken no part in the proceedings.
Interestingly, Mr Mervyn had been declared wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of obtaining money under false pretence and fraudulent conversion of funds. The UK court said that his whereabouts are unknown and a worldwide freezing order (WFO) had earlier been granted against him and Frontier in 2022 but was discontinued in June 2023.
JNFX in its argument stated, among others, that Mr Mervyn lacked actual authority to enter into the Multichoice contract and act as its agent.
Arguments
In his arguments, Mr Giwa, on whom the burden of proof lies, submitted that JNFX has no realistic prospect of showing that Mr Mervyn is not guilty of deceit and lacked ostensible authority to act as its agent in entering into the MultiChoice contracts and that it is not therefore liable for Mr Mervyn’s deceit. He also argued against the claim that JNFX would not in any event have been obliged to fulfil any of its obligations under the MultiChoice contracts due to the requirement in its standard terms of business which would have governed them that all payments to it must be made to a bank account in the name of JNFX.
JNFX on its part argued that the quantum of Mr Giwa’s claim should be reduced to $8.4 million ($8,429,369) in light of dollar payments made by it for which no credit has been given, adding that his application raises complex issues of fact which need to be the subject of disclosure and evidence at a trial.
Mr Giwa submitted that the defendants have no real prospect of defending the claim and that there is no other compelling reason for a trial. He argued that he is entitled to summary judgment; and that the amended defence discloses no reasonable grounds for defending the claim. JNFX, on its part, submitted that its defence has a real prospect of success, and that summary judgment should therefore be refused.
JNFX argued that the failure of Mr Mervyn to fulfil his intention and execute the exchange contract is not evidence of the falsity of those intentions when made. Based in particular on the evidence of JNFX’s solicitors, the company claimed that it was “perfectly possible” that Mr Mervyn only subsequently got into difficulties related to the depreciation of the Naira against the dollar which resulted in his original intentions not being able to be fulfilled.
Verdict
The court agreed that the matters presented by Mr Giwa are not themselves evidence of the falsity of Mr Mervyn’s intentions on which the contractual agreements are founded. But when taken together with all the other matters relied on, the court rejected JNFX’s solicitors’ alternative explanation as the more plausible explanation.
Commenting on JNFX’s claim that Mr Mervyn had no actual authority to represent the company, the court dismissed the claim and agreed with Mr Giwa based on the facts that Mr Mervyn corresponded from a JNFX email address, was described in the emails’ signature block as JNFX’s “Head of Global Markets” with the contact and website details of JNFX given, and also described himself as “Head of Emerging Markets”.
“Importantly, it is also clear that Mr Green (JNFX’s managing director) and Mr Eisenberg (of JNFX) were aware from having been copied into or forwarded communications from Mr Mervyn to Mr Giwa and third parties such as MultiChoice and Dubai Islamic Bank of the role being claimed by Mr Mervyn and at no time disclaimed that role or indicated that he lacked the authority to transact the business which he was transacting,” the court ruled.
After reviewing the various arguments and evidence presented by the parties, the court held that Mr Giwa is entitled to summary judgment in respect of his claim of deceit against JNFX and Mr Mervyn in the sum of N7.9 billion (N7,914,209.196.50) together with interest.
It also held that JNFX’s defence be struck out to the extent that it pleads a defence to the claim of deceit, and refused permission to amend JNFX’s defence in so far as the amendments relate to a defence to the claim of deceit.
“The application for summary judgment or to strike out JNFX’s Defence so far as concerns the contractual claim against JNFX is dismissed and that claim shall proceed to trial,” the court held.
Credit: Premium Times
Stakeholders at the Values for Daily Living International (VDLI) inaugural annual conference have recommitted to continuing efforts in promoting ethical values and moral principles, inspiring positive change in individuals and communities worldwide.
Group photograph of participants
The VDLI inaugural annual conference convened by Sandra Ani, was a resounding success, bringing together students, parents, scholars, educators, and community members to engage in meaningful discussions and celebrate achievements in value-based education.
The conference, held at the at The Parliament Hall, Post Primary School Management Board, Enugu State, attracted more than 1000 participants from various sectors, including education, business, healthcare, and government online and on-site.
The theme, “Take It Back: Building Today for a Greater Tomorrow” resonated deeply with attendees and speakers alike.
Prof. Peter Ndubueze Mbah (Ph.D.), the Hon. Commissioner of Education, Enugu State, in his keynote address emphasized the importance of integrating core values into every aspect of life, from personal interactions to professional endeavors.
He highlighted the need for a collective effort in nurturing a society grounded in respect, empathy, and honesty.
Throughout the conference, participants engaged in a series of interactive workshops, panel discussions, and networking sessions.
During the panel session, discussants reiterated the role of the church, school, and home in restoring values to society was a key topic of the panel discussions.
This interactive session provided deep insights into shared responsibilities in moral value restoration.
These narratives provided a powerful reminder of the impact that integrity and compassion can have on society.
Feedback from attendees was overwhelmingly positive, with many expressing a renewed commitment to fostering values in their personal and professional lives. “This conference has reignited my passion for ethical leadership and community service,” said one participant. “I leave here today inspired and ready to make a difference.”
Sandra Ani, the convener, in her address expressed gratitude to all participants, speakers, and sponsors for their contributions to the success of the conference. “Together, we have taken a significant step towards building a more compassionate and ethical society. I am confident that the conversations and connections made here will continue to inspire positive change in our communities.”
The event served as a platform for open dialogue and interactive learning, fostering a sense of shared responsibility in nurturing moral values within the community.
Other notable speakers included Hon. Chibueze Ofobuike, the chairman of Aguata Local Government Area of Anambra State; Barr. Doris Chinedu-Okoro, CEO of Evergreen Group; and Mr. David Folaranmi, an advocate of drug abuse and addiction recovery.
Essay Competition
Highpoint of the conference includes an essay contest which focused on senior secondary school students from both government and private schools on the topic: “What are the common reasons why teenagers might be tempted to experiment with drugs, and what strategies can they employ to resist peer pressure and make healthy choices regarding substance use?”
The contest attracted over 500 entries, which were narrowed down to 100 students for the second stage, and finally, 20 students made it to the finals.
During the conference, the top 20 essay writers were invited to receive an award of excellence. The top three essay winners were each given an award plaque, a gold medal, a certificate of excellence, and a cheque of 200,000 NGN for the second runner-up, 300,000 NGN for the first runner-up, and 500,000 NGN for the overall winner.
These students came from Anambra State, Osun State, and FCT Abuja, respectively. The remaining 17 students, representing Benue State, Kwara State, Ireland, Ebonyi State, and Enugu State, were awarded a gold medal and a certificate of excellence each.
Brand Ambassadors
All top 20 essay contest finalists were appointed as brand ambassadors of VDLI. Their faces will appear on billboards in five states of the country. As ambassadors, they are expected to uphold and promote the moral values advocated by VDLI in their various environments.
Awards and Recognitions
All speakers were presented with recognition awards from the organization. The Hon. Commissioner of Education received an award for his profound impact on enhancing education; Hon. Chibueze Ofobuike was recognized for empowering youths and transforming communities; Barr. Doris Chinedu-Okoro received an award for her outstanding contribution towards advancing education; and Mr. David Folaranmi was acknowledged for his efforts in creating awareness on drug abuse and helping people overcome addiction.
Special Presentations
A notable presentation on the role of the girl child in upholding Nigeria’s values and ethics was made by Akpem Comfort Msuurshima from Jewel Model Schools, Makurdi, Benue State.
Additionally, a cultural display by students of Seat of Wisdom Secondary School, Enugu, showcased the rich cultural heritage of Nigeria.
About Values for Daily Living International Conference:
Values for Daily Living International (VDLI) is an organization dedicated to the global promotion of ethical values and moral principles. Founded in 2019, VDLI has been at the forefront of inspiring positive change in individuals of all ages. Through innovative programs, impactful initiatives, and engaging resources, VDLI strives to encourage individuals to lead more fulfilling lives, guided by morals such as honesty, integrity, and respect.
The mission is to use the teaching of values to change minds, thereby transforming lives.
VDLI’s vision is to cultivate a society deeply rooted in strong moral values, ensuring individuals contribute meaningfully to society.
The Organization emphasizes values such as Integrity, Leadership, Compassion, and Respect guide all aspects of VDLI’s work, from program development to community engagement.
Nigerians will now be paying N7,000 per month, as video streaming platform, Netflix, has once again increased its subscription prices with its Premium Plan going up by 40 per cent to N7,000 from N5,000 per month.
Recall that Netflix has been raising the rates of its Basic and Premium plans starting in October 2023 in several major areas across the world, such as the United States, the United Kingdom, and France.
The streaming platform stated earlier in April that the price of its Premium Plan in Nigeria would increase to N5,000 from N4,400.
Simultaneously, the Basic Plan stayed at N2,900, and the Standard Plan was raised from N3,600 to N4,000.
At the time, Netflix said the price adjustment was part of a broader strategy to revise its subscription fees across various regions.
The changes, according to the company, were aimed at accelerating its revenue and earnings growth, following a pattern of periodic price hikes to support the expansion of content offerings.
The latest price increment makes it the second price adjustment by the platform within the space of three months in Nigeria, having implemented a price increment earlier in April this year.
According to the price update on the company’s website, the Standard plan subscription, which is popular among Nigerian subscribers for its HD quality and multi-screen viewing options, has been increased from N4,000 to N5,500. This represents a 37.5 per cent increment.
The Management of the University Bookshop Nigeria Limited (UBN Ltd) has been cautioned to desist from the sales of pirated works following the continuous display of pirated books for commercial purposes on the shelves of the bookshop as observed during routine operations by the Commission’s operatives.
The advice was given during a meeting of the NCC Ibadan Office with the Managing Director, UBN Ltd, Mr. Agbola Olatunji Israel and his team at the University of Ibadan.
State Coordinator, Ibadan Office, Mrs. Oluropo Oke, while displaying evidence of the bookshop’s involvement in selling pirated books, explained to the team that pirated works had been removed from the University’s Bookshop shelves on three different occasions. She used the opportunity to sensitise the management of UBN Ltd on what constitutes Copyright offences from section (44) of the Copyright Act.
The Ibadan Office, Chief Copyright Officer, Legal, Mrs. Adeola Apara, stated that the University Bookshop must desist from selling pirated books and patronise genuine publishers, authors, accredited book vendors and agents rather than buying from pirates adding that ignorance is not an excuse before the law.
Responding, the MD UBN, appreciated the Commission for the meeting and promised to put an end to the illicit act while admitting that the books showed to him were seized from the University bookshop.
He however, requested the Ibadan Office to organise a seminar for the management team of the University Bookshop to learn the features that differentiate original works from pirated ones.
The NCC and the MD, UBN agreed that a Memorandum of Understanding (MOU) will be signed in due course to ensure the purchase of books from legitimate sources.
In another development, NCC Ibadan Office on Wednesday, 5th June 2024, organised a Seminar for the Association of Professional Printers of Nigeria, (ASPPON), Ibadan District, with the topic: Applicability of the Copyright Act in the Printing Industry. The seminar was aimed at sensitising and guiding printers on the relevance of the Copyright Act to the printing industry.
Chief Copyright Officer, Legal, NCC Ibadan Office, Mrs. Adeola Apara, while sensitising the printers, explained some sections of the new Copyright Act : Section 36 – Copyright Infringement, 38 – Order for inspection and seizure, 40 – Forfeiture of infringing copies, 44 – Criminal liability, 48 – Duty to keep record and 86 – Duties of Copyright Officers.
She stressed on the importance of keeping proper records of all their work,s showing all the columns as indicated in section 48 of the Copyright Act.
The Printers were advised to do their businesses within the ambit of the law and warned that offenders will be arrested and dealt with according to the law.
Responding to questions about what should be done if their works are pirated, the State Coordinator, explained that the best approach is to report such offence to the office of the Nigerian Copyright Commission. She encouraged authors to register their works on the Commission’s e-registration platform in order to have their records in the Commission’s data bank.
Mr. Kayode Famurewa, the Chairman, ASPPON, appreciated the Commission for the seminar and having their interest at heart and assured that members will abide by the tenets of the law in the day to day running of their businesses.
A new “Job Register Book” with extract of section 48 of the Copyright Act stated on the 1st page was introduced by the chairman, ASPPON, to members in order to guide them on how to work in line with the Copyright laws.
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