News
UK Court Asks Prest, Nigerian Oil Magnate to Settle Former Wife with $27m
Michael Prest, Nigerian oil tycoon has lost a legal battle with Yasmin, his estranged English wife and is to cough out some 17.5 million pounds ($27 million) in divorce settlement.
The United Kingdom’s Supreme Court on Wednesday ruled in favour of Yasmin in the closely watched case that had raised concerns about the accessibility of corporate assets in wealthy divorces.
Family law practitioners and wealth managers were watching to see how the court could issue a fair judgment without piercing the legal “corporate veil” which treats companies and their shareholders as separate entities.
But the court told Mr. Prest who founded Petrodel Resources, one of Africa’s biggest energy trading companies, to transfer properties held by firms owned and controlled by him to his ex-wife as part of a divorce award.
The Supreme Court judgement marks the latest round of a lengthy legal cash dispute between the couple over the oil tycoon’s fortune.
In October, the Court of Appeal ruled that a High Court judge had earlier wrongly ordered Mr. Prest, claimed to be worth about £48million, to transfer properties, worth millions of pounds and held in the names of companies he controlled, to Yasmin.
She then asked the Supreme Court – the highest court in the UK – to assess the case, where seven judges on Wednesday unanimously allowed Yasmin’s appeal.
.But Yasmin said he was worth much more than that – “tens if not hundreds of millions” of pounds.
She said after the decision: “I’m delighted and relieved that the Supreme Court has ruled as it did.
“I’m grateful to the judges for the care and thought they gave the case.
“It is more a case of satisfaction and relief than celebration.
“None of this would have been necessary if Michael had been sensible and played fair.”
Judges heard the couple – in their early 50s – married in 1993, spent most of their time in London, had properties in Nigeria and the Caribbean and lived to a “very high standard”.
Lawyers said the new ruling could have significant implications for divorcing couples.
The challenge concerned the position of a number of companies belonging to the Petrodel Group which are “wholly owned and controlled” by Mr. Prest.
One of the companies is the legal owner of five residential properties in the UK and another is the legal owner of two more.
The question the Supreme Court had to tackle was whether the court had power to order the transfer of the seven properties to Yasmin, given that they legally belonged to his companies, not him.
Allowing Yasmin’s appeal, the court declared that the seven disputed properties vested in the companies were ones that Mr. Prest was “entitled, either in possession or in reversion”.
Mr. Prest was not in court to hear the judgement being delivered.
Telecommunications services provider, Globacom, has admonished Nigerian workers to reflect on more ways of contributing further to the growth of the country.
In a solidarity message on the occasion of the 2024 International Workers’ Day, the company noted that Nigerian workers were resilient in spite of the challenges they encounter in the course of discharging their duties.
The telecommunications giant further noted that the story of Nigeria cannot be adequately chronicled without acknowledging the immense contributions of workers, both in the public and private sectors.
The day is observed on May 1 yearly in recognition of the contributions of workers all over the world and to advance fairer and more sustainable future by advocating for workers’ rights.
“We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation,” Globacom said.
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
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