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
Nigerian Institute of Public Relation’s (NIPR) governing council has announced the appointment of Rasheed Bolarinwa as the Chairman of its newly established FinanceHub Committee.
Rasheed Bolarinwa
Bolarinwa, who serves as the President of the Association of Communication and Marketing Professionals in Banks (ACAMB), will lead the committee aimed at enhancing sustainable Public Relations practices within the banking, insurance, and pensions sectors.
Bolarinwa, currently the Head of Brand Management and Corporate Communication at Polaris Bank, brings extensive experience from journalism, public relations, and the financial sector.
Read Also: NIPR Lagos Chapter Announces Date for 11th conference, sets to discuss climate change, environment
His leadership is expected to drive significant improvements in PR practices across these financial sectors.
The FinanceHub Committee, which includes experts from banking, insurance, and pensions, is part of NIPR’s broader initiative to strengthen public relations across various sectors.
The committee’s formation aligns with NIPR’s strategy to foster sustainable and impactful PR practices in these critical areas of the economy.
In addition to Bolarinwa, NIPR has appointed other chairpersons for newly created sectoral hubs.
Mrs. Thelma Okoh will lead the Maritime Hub, Dr. Jossy Nkwocha will head the Energy Hub, and Mr. Basil Agboarumi will oversee the Aviation Hub. Dr. Ahmad Sajoh has been appointed to lead the Anti-Corruption and Consumer Protection Hub, while Miss Chimdi Neliaku will head the Young Practitioners Hub.
The appointment letters, signed by Uzoma Onyegbadue, Registrar/Secretary to the NIPR Governing Council, reflect NIPR’s commitment to enhancing public relations practices across these sectors.
NIPR Appoints Rasheed Bolarinwa as Chairman of FinanceHub Committee
At the inauguration of the new chairpersons and committee members, NIPR National President Dr. Ike Neliaku praised the appointees, highlighting their expertise and dedication.
“Your appointments are well-considered and reflect the confidence the NIPR council has in your abilities to advance the objectives of the Hub,” Neliaku stated.
He expressed enthusiasm for collaborating with the new appointees and emphasized the council’s support in driving positive change in public relations practices within their respective sectors.
The operator behind www.score808.com.ng, a website notorious for streaming MultiChoice content illegally, has been arrested by the the Intelligence Response Team (IRT) of the Force Intelligence Bureau of the Nigerian Police.
The Police said that the arrest is a significant victory against internet piracy.
This domain was allegedly infamous for illegally streaming MultiChoice (SuperSport) content, drawing millions of visits from across Africa and beyond.
According to a statement, the arrest, which took place recently, in Osogbo, Osun State, marked a major milestone in the ongoing battle against intellectual property theft and online streaming piracy.
The capture followed an extensive investigation that spanned several months.
Despite efforts to evade detection by frequently changing locations, the IRT’s relentless pursuit ensured the eventual arrest.
The suspect remains in Police custody, with substantial evidence pointing to involvement in large-scale illegal streaming activities.
If convicted, the suspect could face a prison sentence of up to five years, the statement added.
“he scale of the illegal operation is evident from the website’s traffic statistics. The domain www.score808.com.ng garnered 3.1 million visits globally, with over 1.2 million visits originating from Africa alone,” it added.
Frikkie Jonker, director of Broadcasting and Cyber Piracy at Irdeto, expressed appreciation for the Nigeria Police’s dedication and support in this operation.
He commented, “All forms of piracy continue to pose a significant threat to the creative industry. At Irdeto, we are fully committed to addressing every facet of piracy, whether it occurs online or through other means. The arrest of this notorious pirate is a testament to what can be achieved when law enforcement agencies and private sectors work hand in hand. We sincerely appreciate the Nigerian Police’s unwavering support, which has led to this positive outcome.
“Online streaming piracy is not only a criminal offense but also poses significant risks to customers. Users who access pirated content are often exposed to malware, phishing attacks, and other cybersecurity threats that can compromise their personal information. Additionally, by engaging with illegal streams, customers inadvertently contribute to the erosion of the creative industry, undermining the livelihoods of thousands of people involved in content production and distribution.
Senator Liyel Imoke, former Minister for Power and Steel, has been confirmed as the keynote speaker at the annual conference of the Guild of Corporate Online Publishers (GOCOP) scheduled for October 3, 2024 in Lokoja, the Kogi State capital.
This is just as attendance and participation by other highly fecund speakers and panelists have been confirmed.
They comprise, among others, former Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd); the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida; a Professor of Political Science at the Federal University Lokoja, Rotimi Ajayi, and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma.
Read Also: GOCOP Takes 8th Annual Conference to Lokoja
Chairman, 2024 Conference Planning Committee, Danlami Nmodu, mni, disclosed these in a press statement issued by the Publicity Secretary of GOCOP, Sir Remmy Nweke.
According to the statement, Nmodu said that Imoke would lead discussion on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” at the Reverton Hotel, GRA Lokoja, Kogi State on Thursday, October 3, 2024 by 10am.
Senator Imoke was at a time Special Adviser to President Olusegun Obasanjo on Utilities and Chairman, Presidential Committee on OMPADEC and NEPA Technical Boards.
In 2007, Senator Imoke was elected Governor of Cross River State and served his people in that capacity from 29 May 2007 to 29 May 2015.
Imoke studied Law at the University of Buckingham, England for his LLB degree in 1985, and then studied at the American University in Washington, D.C., where he gained a master’s degree in Law. He completed his legal education at the Nigerian Law School, Lagos, in 1988.
He was earlier elected a Senator in 1992 and was in the National Assembly until the military incursion, following the annulment of the presidential election of June 12,1993.
He then went into private enterprise in 1993 as a Managing Consultant.
Retired Lt-General Buratai would be joined by Dr. Aminu Maida as Guest Speakers.
The statement stated that Professor Ajayi would join other panellists, including a former Commissioner in Kwara state and National Coordinator of West African Media Network (WAMNET), Ms Ogazuma.
The 2024 GOCOP conference is the 8th in the series and would be chaired by former Nigeria’s Ambassador to Spain, Yusuf Mamman.
The 2023 edition was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, as the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on Covid-19, keynoted the conference and spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote at the 2022 edition themed “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.
Telecom Services Risk Shutdown as Workers Embark on Strike
NCC Unveils DMS to Protect Mobile Phone Users
Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize
UBA Rewards 30 Customers with N17m in UBA @ 75 August Draw
SEC Gives Reasons for Approving Digital Exchanges
NDIC Plans to Liquidate 87 Microfinance Banks, Others
Introducing TECNO POP9: The Smartphone That Redefines Affordability
NIN: NCC Tightens Loose Ends, Introduce Self-Help Measure
SentBe Enters the Global $5.9B Digital Overseas Remittance Market
Tokenized Economy Conference Focuses on Addressing Nigeria’s Challenges with Blockchain, AI
Telecom2 days agoTelecoms Workers Begin Nationwide Strike
E-Financial2 days agoOpay, Moniepoint others to Begin Deduction of N50 eTransfer Fee
Telecom2 days agoNCC Partners EFCC, Police to Track Identity Thieves
E-Business2 days agoKonga’s Back-to-School Campaign Empowers Learners and Educators with Unbeatable Deals
Telecom2 days agoAIT Embraces AI Driven Learning to Revolutionise Higher Education
Telecom2 days agoMTN Refutes Allegations against CEO after Independent Report
E-Financial19 hours agoSEC Gives Reasons for Approving Digital Exchanges
E-Financial2 days agoFRC Accuses Banks of Colluding with States to Bypass Fiscal Law