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Supreme Court Orders Stanbic IBTC Bank to Pay Customer N2.5Bn Damages

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Supreme Court of Nigeria has affirmed the judgement of a Federal High Court sitting in Lagos, Southwest Nigeria that ordered Stanbic IBTC bank Plc to pay one of its customers, Mr Patrick Akinkuotu and his company Long Term Global Capital Limited the sum of N2.5 billion for breach of contract.

 

The judgement of the apex court arose from the judgement of a Federal High Court in Lagos, who had earlier awarded the N2.5 billion as damages against the bank.

 

The case of Akinkuotu and his company against Stanbic IBTC bank Plc as presented by their lawyer, Chief Felix Fagbohungbe SAN was that, the bank granted overdraft facility of N600 million to Long Term Capital Ltd on the 11th of April, 2007.

 

The bank also granted two additional facilities of N400 million and N250 million to Akinkuotu on the 11th of May, 2007 and 17th of July, 2007 respectively. The facilities were for a term of 365 days with an option of rollover among other terms.

 

Upon application by Akinkuotu, the facilities granted them were merged and same were secured with shares held by them in various companies. The bank, upon instruction received via e-mail sold 28,745,400 units of GTB PLC shares held by Akinkuotu and his company at the sum of N267,775,799.21.

 

The Plaintiffs became aggrieved and contended that the proceed of the shares sold by the bank was very low. They also contended that they have liquidated the overdraft facilities granted them by Stanbic IBTC bank Plc, consequently they sued the bank for breach of contract and claimed damages for loss of business opportunity.

 

Fagbohungbe, SAN on his part, argued that the case of his client was that of gross negligence and unprofessionally selling the shares separately owned by Mr Akinkuotu and his company at significantly lower and unauthorized prices whilst purportedly acting on Mr Akinkuotu’s unsigned e-mail alone between him and the officer of the bank Mr.N.Udoh while ignoring entirely the specific terms of the sale mandate officially issued by his clients

 

The trial court while entering judgement in their favour awarded them N2.5 billion damages, and said “The law stipulates that court should discountenance an unsigned document as its contents cannot override a duly executed mandate in the circumstances”

 

Dissatisfied with the judgement of the court, Stanbic IBTC bank Plc appealed the judgement, however, its case was dismissed by the Court of Appeal.

 

Thereafter, the bank took its case to Supreme Court, the court after appraising the facts and submission of Fagbohungbe appearing with Barrister Abayomi Adeniran as presented on behalf of Akinkuotu and his company and O. Ayanlaja, SAN appearing with Tayo Oyetibo, SAN for Stanbic IBTC Plc, in a judgment delivered by five panel members of judges dismissed the appeal of the bank for lacking in merit and awarded cost of N50,000 in favour of Akinkuotu and his company and against Stanbic IBTC Bank Plc .

 

 


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Covid-19: MainOne, AWALE Partner to Support CIV’s Fight Against Pandemic

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MainOne, West Africa connectivity and data center provider, has partnered with AWALE, a neutral network operator that provides high speed data transmission capacity via its fiber optic cables installed on the national transport and electricity, to support the Crisis Cell of the Ivoirian Government in its fight against the COVID-19 pandemic.

This measure of solidarity will reinforce the emergency deployment plan of the Ministry of Digital Economy and Postal Services of the country.

The joint initiative includes the provision of free connectivity capacity and Internet services to strategic state institutions for a period of three (3) months.

According to both MainOne and AWALE, this is part of their continuous efforts to support Government’s response plan to COVID-19. MainOne and AWALE are jointly contributing their broadband connectivity infrastructure and ICT services for the delivery of critical online and real-time public services during this challenging period

With civil lockdown, social distancing and remote work patterns becoming the new-normal in Côte d’Ivoire and globally, MainOne and AWALE are determined to ensure the Ivorian Crisis Committee continues to dispense its socio-economic and public security responsibilities through virtual platforms.

The enhanced connectivity offering provides the Government’s Crisis Committee with robust access to real-time information management, whilst seamlessly connecting essential workers across the nation. It is also helping to drive dynamic exchange of scientific findings and access to global knowledge related to control and management of the disease by researchers in Côte d’Ivoire, enabling them to collaborate with colleagues around the world and participate in the global fight against the pandemic.

While speaking on the impetus for the joint COVID-19 intervention, MainOne’s Regional Executive Director, West Africa, Kazeem Oladepo, explained that “as an organization committed to enabling the digital economy of West Africa, MainOne is well aware of the impact of the pandemic on public services, infrastructure and businesses, as well as the economic challenges faced by Governments.

“As a premier provider and responsible Ivorian business, we will continue to support the efforts of Governments at every level by providing world-class internet infrastructure and value-added services that reduce cost, drive operational continuity and seamless communication for good governance in Côte d’Ivoire.

“We are proud to partner with AWALE, a subsidiary of the Pan-African Group ERANOVE, who shares our commitment to supporting Government efforts to manage the impact of the COVID-19 pandemic across the sub region.”

Expressing similar sentiments, Daniel Sampah, Founder and Managing Director of AWALE, added that “AWALE appreciates the efforts of the Ivorian Sate in deploying an effective response plan to COVID-19 disease.

We are honored to support the CIV’s actions by making available to Operators and Internet Service Providers, our carrier-neutral network entirely based on fiber optics. Our partnership with MainOne will enable the provision of quality connectivity infrastructure to the Governments’ Crisis Committee and thus minimizes the impact of the COVID-19 on activities in the country.”


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COVID-19: Group Rebuke Restrictions on Rights and Freedoms Using Cybercrimes Legislations

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Nine (9) civil society organizations under the aegis of African Internet Rights Alliance ( AIRA), on Wednesday 27 May, 2020 came together and submitted two (2) joint letters to the Special Rapporteur’s – African Commission on Human and Peoples’ Rights and the United Nations – focused on freedom of opinion and expression and access to information.

These two letters expressed deep concern about the use of Kenya’s Computer Misuse and Cybercrimes Act (or CMCA, 2018) and Nigeria’s Cybercrimes (Prohibition, Prevention, etc) Act, (or CA, 2015).

The partner organisations of AIRA – ARTICLE 19 Eastern Africa, the Centre for Intellectual Property and Information Technology Law (CIPIT), Paradigm Initiative (PIN), BudgIT, Co Creation Hub (CcHub), Legal Resources Centre (LRC), the Collaboration on International ICT Policy for East and Southern Africa (CIPESA), Kenya ICT Action Network (KICTANet) and Amnesty International – strongly urged the two Special Rapporteur’s to call on the Kenyan and Nigerian governments to place a moratorium on the use of cybercrimes legislation in both Kenya and Nigeria.

Specifically, the partner organisations called for a moratorium to be placed on the ‘fake news’ and cyber-harassment provisions in Kenya and the cyber-harassment and records- retention provisions in Nigeria;

They further called on both governments to drop all charges imposed on any individuals under the CMCA, 2018 and the CA, 2015; review any current civil and/or criminal cases where persons have been fined and/or imprisoned using the provisions in the CA, 2015 and the CMCA, 2018; and initiate participatory and transparent processes to reform the CMCA, 2018 in Kenya and the CA, 2015 in Nigeria, whilst ensuring their strict compliance with regional and international standards relating to freedom of expression, privacy and media freedom.

The partner organisations insisted that the situation in Kenya and Nigeria is dire, especially during the COVID-19 period where freedoms, particularly movement, access to courts, as well as economic and social rights are being curtailed owing to the Kenyan and Nigerian governments’ possession of extraordinary powers.

The partner organisations of AIRA urged the two Special Rapporteur’s to publicly call on the governments of Kenya and Nigeria to ensure that their cybercrimes frameworks do not restrict fundamental rights and freedoms during the COVID-19 pandemic.

 


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Makinde Rolls out First Set of Digitized C of Os to Mark One Year in Office

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Governor Seyi Makinde of Oyo State will today distribute the first set of digitized Certificate of Occupancy to successful applicants under the Oyo State Home Owners Charter (OYHOC) scheme.

Makinde Rolls out First Set of Digitized C of Os to Mark One Year in Office

Governor Seyi Makinde of Oyo State

This is in continuation of activities commemorating his one year in office

The land title document, “Made Easy Initiative,” is what the governor called his administration’s promise to speed up the process of getting land title documents at an affordable cost and also within 60 days.

These title documents include Certificate of Occupancy, Deed of Assignment, Deed of Sublease, and Deed of Mortgage Consents.

A release issued on Sunday by Barrister Abiodun Abdu-Raheem, commissioner for Lands, Housing and Urban Development, and made available to Vanguard, said the event which would take place at the Government House, Agodi, Ibadan was part of activities commemorating the one year in office of the present administration.

He further explained that the programme which would hold at 12.00 noon would be done with strict adherence to COVID-19 safety measures which would, therefore, limit the number of applicants that would be invited for the symbolic presentation.

Barrister Abdu-Raheem also called on eligible property owners without title or approved documents to take advantage of the window of opportunity, while encouraging people with outstanding applications to visit Room 4 of the Ministry of Lands, Housing and Urban Development, State Secretariat, Agodi, Ibadan to find out the status of their applications with a view to ensuring they get their title document as this administration is determined to provide title documents within 60 days of application.

He, however, told applicants to also call 070069652637 (0700 OYO LANDS) or send an email to lands@oyostate.gov.ng to make any inquiries.


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