Business
Character Assassination: Akpabio Risks N25bn Lawsuit From Emefiele
The embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is on the verge of suing the Senate President, Godswill Akpabio, for alleged character assassination.
Biztellers reports that Sen Akpabio on February 18, alleged that the President Bola Ahmed Tinubu’s administration was at sea on the charges to press against Emefiele.
He opined that the ruling All Progressives Congress (APC) was confounded with the level of economic mess it inherited, which is traceable to Emefiele.
Sen Akpabio spoke at at Sen Barinada Mpigi’s thanksgiving service in Koroma, Tai Local Government Area, Rivers State.
The camp of the deposed CBN governor is irked by the Senate President’s utterances and have given him the options of formally tendering an apology or facing legal action for defamation of character.
Emefiele made his position known in a letter through his lawyer, Mathew Burkaa (SAN).
The letter was dated February 19, 2024.
According to Emefiele, the legal meaning of Sen Akpabio’s view is that the former CBN governor was a serial offender whose action had given rise to the untold hardship visiting Nigerians.
The letter partly read, “We are solicitors to Dr. Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (hereinafter referred to as “Our Client”), on whose brief and instruction, we write this letter.
“The above statement, whether taken in their ordinary, figurative, or literal meaning portrayed our Client as:
“The cause of the entire hardship in Nigeria today is as a result of the policies of the previous administration.
“A serial offender whose action is responsible for all the hardship experienced by Nigerians today.
“A person who has committed offences that are so numerous that the government is confused as to which of the offences to prefer a charge against him.”
According to Emefiele, the thoughts expressed by Sen Akpabio undermined the integrity of the court and its independence, which made it detrimental to his ongoing trial.
“As the President of the Senate of the Federal Republic of Nigeria, you certainly know, or have reasons to know that the Federal Government of Nigeria had since August 14, 2023, preferred charges against our client to which he had long pleaded not guilty and is presently defending same to exonerate himself and show that he is not guilty of the said allegations.
“It is therefore disturbing, that such a statement would be made by the Head of the Legislature of the Federal Republic of Nigeria on a matter that is clearly subjudice.
“Your statement, with the greatest respect, clearly undermines the honour and integrity of the Court and its independence and indeed has the propensity of prejudicing the case against our Client.
“Having submitted to the jurisdiction of the Court, it is only fair and proper that the Court should be allowed to determine the issues submitted to it without unnecessary pressure from any other arm of Government,” he stated.
Emefiele also averred that since Sen Akpabio served as a Minister under the President Mohammadu Buhari administration, holding him solely responsible for hardship ravaging Nigeria was atrocious.
He added that without the approval of the President and/or the Federal Executive Council (FEC) of which Sen Akpabio was an influential member, he could not have done the things, the Senate President now accuse him of.
Emefiele said, “Secondly Sir, as a Senior member of the Bar, a former Governor of a State, A Senator of the Federal Republic of Nigeria, and a former Minister under the immediate past Administration, Your statement attributing the present economic woes of the country solely on our Client is most appalling and exposes the inaccuracies in your assertions, especially, as you were a major player in the immediate past administration and worked closely with our Client and indeed witnessed the innovations he introduced in the banking sector and its impact on the economy whilst in office, as well as the role he played despite all odds in salvaging Nigeria in the P & ID Saga and the positive result it brought for Nigeria.
“You are also aware that no single policy was carried out by our Client without the approval, directive, or authorization of the President and/or the Federal Executive Council of which you were a key and powerful member.”
Consequently, he demanded that Sen Akpabio should immediately retract his statement or be ready to meet him in court.
“It is pursuant to the above and without delving into the matter presently pending in Court that our Client has instructed that we write to your good offices and demand the immediate retraction of your statement which has gone viral and is considered defamatory of our Client;
“These baseless and false allegations defame the character of our Client and have also caused him great pains and embarrassment as it has lowered his esteem before the right-thinking members of the society in addition to the obvious odium and opprobrium from the unsuspecting members of the society as a result of the falsity contained in that statement.
“We, therefore have our Client’s further instruction to demand from you an unreserved apology in writing, published and circulated by the same medium with which you have defamed his character, and the sum of N25,000,000,000 as reasonable compensation for the willful and unjustifiable denigration of his hard-earned reputation.
“If you fail, refuse, or neglect to comply with this legitimate demand, our Client will be at liberty to seek the appropriate redress available to him under the laws of the Federal Republic of Nigeria,” it added.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
The 63rd Annual General Meeting (AGM) of the Nigerian Exchange Group Plc (NGX Group), held at the Nigerian Exchange Group House on Monday, April 29, 2024.
During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.
The meeting’s agenda, approved by the Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorizing, and disclosing remuneration, among other undertakings.
Notably, the NGX Group, subject to regulatory approval, discussed its authorization on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue.
All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.
Following substantial authorization across its agenda, the NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others.
The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.
On the development, the Group Chairman, NGX Group, Umaru Kwairanga said, “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders.
“NGX Group is positioned to capitalize on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”
On his part, Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, said, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.
Addressing the digital transformation agenda, Popoola stated, “The future of our business and the capital markets hinges on technology. That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa”.
Key insights and proceedings from the NGX’s AGM can be accessed via the live recording available on NGX Group’s website at www.ngxgroup.com.
. . . Firm Declares N4.5bn Dividend For 2023
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it had received an interim dividend payment of N450 million out the N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.
The NCDMB made the disclosure on Monday, adding that the payment represented NCDMB’s 30% share in the company for the year ended 2023.
Recall that the NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels-per-day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.
Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary, NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM).
The company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30 percent of the outstanding N3bn dividend after the AGM is convened later this year.
He added that the receipt of this interim dividend payment was a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited.
He said, “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future.”
He affirmed that the company was upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project was already 44 percent completed and on time to be commissioned by early 2025.
The NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.
Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.
The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.
Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.
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