Connect with us

Uncategorized

Before the Crucifixion of Ibrahim Magu

Published

on

By DELE MOMODU (PENDULUM)

Fellow Nigerians, please, allow me to make some quick clarifications as a preamble to my epistle to you this week. I do not know Ibrahim Magu personally. What I know of him comes mainly from what I have read on the pages of newspapers and saw on television and social media platforms. On a few occasions, I have been privy to and been regaled with stories about some of his exploits and that of his agency, the much dreaded, all-consuming Economic and Financial Crimes Commission (EFCC) From a distance, I have always been bemused by Magu’s swashbuckling gait and palpable arrogance, bathed in what I could only perceive as his unfortunate ignorance of his ephemeral position and circumstances. He appeared rude and crude, an all-conquering Emperor in front of whom trembled and quaked his pitiless, pitiable and pitiful victims. God forgive my perception. He probably is not totally like that. He might actually be a nice man, although simple, you cannot definitely classify him as! Indeed, to a lot of his fans and admirers he was Nemesis come to render judgement and punishment upon his hapless quarry, who were considered worthy of his iron fist approach because of their looting and brigandage.

I have often wondered how Nigeria handed the power of life and death to such a man. He is of course not the first. His predecessors have, save for maybe one of them, been exactly the same. The trappings, appurtenances and incidents of power seems to not only becloud their judgement, it turns them into monsters who have no sense of fairness, equilibrium or justice, and certainly little or no respect for the laws of the land especially the constitution. It is an understatement to conclude that Nigeria has been an extremely backward country in our choice of leaders. No private company in its right senses would hand over the position of Chief Executive to a man who has never managed One Million Naira in a Trillion Naira conglomerate, particularly when that man had previously been indicted.

But what have we not seen in Nigeria in the name of ethnicity, religion, quota system, zoning, Federal character, gender balancing, godfatherism, nepotism and all such nonsense? A nation that derides and sometimes even hates talent, diligence, intelligence and merit in all their ramifications and instead rewards mediocrity, failure, fraud and also felons would always find it hard to make any progress. We all know this fact but are irredeemably jinxed and foolishly and carelessly we are reluctant and refuse to change our perfidious ways and habits, or at least our leaders are.

I will waste no tears and lay no wreaths at the political burial of Ibrahim Magu. What goes around comes around. He is about to have a sad taste of the poison he forced others to swallow. But I will never join those who would bury him without an inquest. I have no doubt that his end has come at the Nigerian Economic and Financial Crimes Commission (EFCC). As they say in America, he is a gonna, as dead as a dodo. Even if he survives the probe, that usually leads nowhere, and bears no fruits, he has already been stripped naked in the marketplace. There is no longer any hiding place for him. He has definitely fallen in the public esteem. He cannot live the allegations against him down. No amount of denials and protestations of innocence can cure the ills visited upon him or clean the mud which has enveloped him like a miasma of cow dung or horse shit. He’s been used and dumped, like others before him. I’m surprised that as a marksman himself, he did not see the bullets coming and could not escape being hit by dodging the fusillade and barrage of shots. Now, this is the crux of the matter.

I will not rejoice over the fall of a man who was easily one of the most powerful souls in our country. Magu should have memorised Isaac Newton’s Law of Motion and Gravity. You don’t have to be a student of Physics to understand the simple principle of the law of gravity, that whatever goes up must come down ultimately unless you enter another orbit. Magu forgot that he was merely a tin god with feet of clay. He was a mere mortal after-all. Those before him did their own gra-gra before being booted out, sometimes, unceremoniously. In his own case, he fought on too many fronts. He had enemies within and enemies without. He was a master at viciousness and vindictiveness. Some even wonder if he has any milk of human kindness inside him. He fought like he had personal scores to settle in a position where equity and justice should be the watchword. He jettisoned the famous legal principle that a man is innocent until proven guilty. His tenure witnessed the worst examples of media trial. He spent more time feeding the media with junk stories than supplying the courts with copious and valid evidence. He murdered the rule of Law and the few of us who pleaded against kangarooism were called unprintable names. Now that the chickens have come home to roost, we shall still plead that Magu and his collaborators be given fair hearing. I won’t jump to hurried conclusions like all those spreading lurid rumours that he has stolen billions of Naira, that he bought many expensive houses by proxy, and so on, but it is good for him to now know how it feels when EFCC regales the public with the stuff of which successful thriller novels are made when he was dealing with people who were merely suspects.

Please, let me now break it down gently. Those who decided to set up EFCC and ICPC without giving them total autonomy and absolute authority knew what they were doing. They were aware that otherwise people at the helm of affairs would have to live in perpetual fear and trepidation of not stepping on too many powerful toes. They would have to permanently study and gauge the body language of their avuncular benefactors. How would a junior Police officer control more power than the Inspector General of Police. Is that not the height of foolhardiness? However, by creating those agencies, the Federal Government, under the President Olusegun Obasanjo Administration, had wittingly or unwittingly whittled down the power of the Police to investigate crime, prosecute criminals and maintain Law and Order. They had created an alternative law enforcement agency, which under the control of unprincipled men could wield unbridled power and inflict incalculable terror on those that came within their purview.

I will continue to say that the overlapping duplication of functions within the different arms and tiers of government have been a major factor in the total confusion that continues to put many things in disarray in our country. The motive behind setting up EFCC was always suspect and suspicious when we already had other Police agencies like the Criminal Investigation Department, Special Fraud Unit, and also headed still by Police officers. Why do we like frittering away our very scarce resources on needless white elephant institutions?

I have been writing about the excesses of EFCC since the time of Nuhu Ribadu who, I believe, later saw the sense in my admonitions. On one occasion in 2007, I virtually exchanged verbal fisticuffs with Nuhu Ribadu’s aides on the pages of Thisday. They came after me and I went after them. Men with absolute power hate to be told the truth. And it was a simple and straightforward advice I gave that became a problem. I told them to follow and obey the rule of Law. Under Obasanjo, like they did against Judges not too long ago, they broke into people’s homes in the dead of the night, tore down window units, of reputable businessman in the bad books of government, when there were better and decorous ways of doing things. They were fond of going after Chairmen of limited liability companies instead of going after the supposedly erring companies and chose to destroy everything and everyone in sight! They crippled many businesses and many families on the assumption that allegation meant conviction. In the end, they usually had little or compelling evidence to secure conviction in a court of law. Sometimes it was so ludicrous because their evidence was not just based on salacious hearsay, but on scurrilous tales found in shady and oftentimes shadowy media platforms. A really sad state of affairs.

I warned Ribadu that his day would come when he himself would be a victim of a witch-hunt. And it didn’t take forever before he fell from the pinnacle of the temple and landed with a thunderous fall. He had to flee and as soon as humanly possible he ran out of the country and sought refuge and solace abroad. I expected others who took over his post, from time to time, to learn useful lessons for history, but hell no.

Madam Farida Mzamber Waziri came with her own dark goggles and became as menacing as they come. The fear of Farida was the beginning of wisdom. But at least she was knowledgeable, charming and smart. She was later sacked by President Goodluck Jonathan. Ironically, a rival agency, the Independent and Corrupt Practices and other related offences Commission (ICPC) was asked to probe her. I wonder what became of the investigation. I guess that like all such nebulous enquiries, its report is gathering dust in somebody, cobweb covered cabinet.

Ibrahim Lamorde soon took over. He was younger and more urbane and seemed to have learnt didactic lessons that nothing lasts forever. He had served briefly in 2008 after Ribadu was sacked and Madam Waziri came in as substantive Chairman. He later took over from the same Waziri. He at least was not as abrasive as his predecessors and was more civilised and less prone to sensationalism. He was sacked by President Muhammadu Buhari in November 2015 and was succeeded by Ibrahim Magu. Interestingly, Magu was never confirmed by the Senate as a substantive Chairman because of allegations of impropriety levelled against him by the Department of State Security (DSS) another powerful security agency. One would have thought that this experience would have chastened Magu and made him act with great circumspection and integrity. Instead, it seemed to give him the hump. It was like he had a chip on his shoulders and was determined to force himself upon those he considered as his traducers and trample on those he felt had persecuted him unjustly.

My take is simple, despite the important roles assigned to EFCC, it is impossible for the agency to do its job efficiently and efficaciously. How would an agency go after those who funded the Presidential campaign of the man who nominated their head and signed his appointment letter? Is it possible for any President to pretend that the funders brought the money from heaven or any legitimate business? This is the real dilemma of fighting corruption in a country where it is absolutely impossible for supposed saints to win elections without sinners. In my view, the head of such an agency can only be truly independent if he is appointed by an independent body like the Senate, possibly from a short list of 3 to 5 candidates nominated by the Police Commission and not the Executive. After all, the head of the EFCC is still a police officer and a Commissioner of Police, not even an Assistant Inspector – General of Police. This police officer should spend only one term in the agency and must be absorbed back into the force upon the completion of his tenure.

My advice to the EFCC itself remains constant. Formulate a standardised approach to fighting crime. Stop going after alleged criminals as if it is a personal vendetta. Investigate the alleged crimes critically and diligently before approaching the courts. Rely on evidence properly obtained and not clutched from the air. Stop destroying alleged offenders and their businesses by shutting them down, defaming their promoters and the like unless absolutely necessary and must seek court orders on sound and truthful grounds. Stop being the accuser, prosecutor and Judge rolled into one. Avoid media trial as much as possible. It is often counter-productive because it sends negative signals globally that we are a country of criminals. Again, note that not all cases prosecuted by you are won by you. How would you compensate those who win their cases in court? You would have damaged them beyond redemption. Finally, try to prioritise your cases and accept plea bargaining as well as urgent refunds in order to save time and litigation courts, as well as manage the expectations of the public.

I also hope and pray that successive Federal Governments will stop using the EFCC as a tool of oppression and victimisation, and that the new Chairman would understand how transient his power is and show fairness to all, regardless of ethno-religious affiliations and political associations.

Ibrahim Magu did his best, despite his glaring shortcomings, and should be given a fair hearing and a free trial which he denied his luckless casualties.

One Emperor has fallen and is now writhing in a macabre dance of death. We await the new Emperor, benevolent or malevolent, we shall see!

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

How to sell Gift cards, Bitcoin & cash App at a very High Rate – Bitcardy

Published

on

By

Recently, Gift cards, Bitcoin and cash app has proven to be good alternatives for cashing out money fast. Unlike other methods, no middle man is involved, no waiting for days before funds reflect. In this article, we will discuss how to sell cash app, gift cards and bitcoin for cash online at high rate in Nigeria and get paid into your bank account.


Before we proceed, let’s discuss some challenges you may encounter when selling cash app, gift cards and bitcoin for cash in Nigeria, these are:


Getting ripped of your card

Losing cash app, gift cards and bitcoin to rippers can be very painful, the facts is that rippers or scammers are all over the internet thus anyone could become a victim.
Bitcardy.com is the recommended platform to trade cash app, gift cards and bitcoin securely in Nigeria and Ghana. They have proven to be trustworthy and reliable over the years and have earned the trust of over 50,000 customers and still counting.
Whenever you have gift card or bitcoin for sell just head to www.bitcardy.com and trade securely with peace of mind.

Why bitcardy.com is the best site to redeem gift card and sell bitcoin online in Nigeria.

Bitcardy is duly registered with the Nigerian Corporate Affairs Commission. Bitcardy has proven to be trustworthy and reliable thus have earned the trust of over 50,000 customers and still counting.

Very fast and efficient service – Get paid in less than 10 minutes for your cash app, gift cards and bitcoin. Isn’t that amazing?

They buy at High Rates – You may realize that you have been losing some extra money to your previous buyer when you start trading with bitcardy. So why keep selling at low price when there’s a place to sell higher? Try bitcardy today!

How to get the best of your gifts cards?

 
Before requesting for gift cards, there are some important things you should know or else you’ll end up losing money.

The country: The most traded gift cards are US cards, thus most US gift cards have high value.

However, other countries like the UK, Canada, Australia, Singapore, Spain, Germany, Switzerland, Newzealand etc… have their own gift cards too but not all their gift cards are good.

For instance, you may find it difficult to sell UK iTunes card for naira  at the moment. So collecting UK iTunes card is not advisable now. At the same time, there are other UK gift cards with high rate and demand.
To get a list of highly demanded gift cards in  UK, Canada, Australia, Singapore, Spain, Germany, Switzerland, Newzealand etc… visit  www.bitcardy.com now.

The Card Rate: Cash app, gift cards and bitcoin prices ain’t stable. It’s important you stay updated.

Bitcardy has the best rates and they offer free daily price updates on WhatsApp and this helps their customers to know the best card to collect at any particular time.

To start selling your cash app, gift cards and bitcoin at high rates visit www.bitcardy.com now to get started

Contacts:

Website: www.bitcardy.com
Call/WhatsApp: 07045601175


Frequently asked questions

What is cash app

Cash app is a payment app that allows users to send money to friends and family or pay vendors and merchants.
This has grown beyond many digital payment platforms like PayPal or Perfect money, it makes users feel very secured while using it.

This is a very trending app in the United States and the UK, citizens can comfortably send money to another within the country without any fear or issues.

Nigerians have developed an interest in this app, only that we are restricted from using it, and is also difficult to have someone at the US send money to someone outside the US through Cash app.

But with bitcardy.com you are fully covered. We would provide you $cashtag and have your dollars transfer to our cash app, you show us Receipt generated for the transfer and receive your money in Naira immediately.

Bitcardy took all the lawful steps to make everything totally possible and secured to render a good service to you. Your payments are remitted immediately after confirmation.


What is Bitcoin?

Bitcoin is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.


How to sell bitcoin online in Nigeria?
There are many ways to sell bitcoin online in Nigeria. But you have to be careful when choosing where to sell your bitcoin because you may risk losing your bitcoin to rippers. www.bitcardy.com is the recommended site to sell your bitcoin online in Nigeria.

Convert bitcoin to Naira

Converting bitcoin to Naira is very easy now. The naira equivalent will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell bitcoin for cash in Nigeria

To sell bitcoin for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell bitcoin for cash in Nigeria.

Best site to sell bitcoin in Nigeria

The best site to sell bitcoin in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 bitcoin in naira?

The price of $50 $100 $500 $1000 etc. bitcoin varies from time to time. To know the current price today visit www.bitcardy.com


How to sell Amazon gift card online in Nigeria

There are many ways to sell Amazon gift card online in Nigeria. But you have to be careful when choosing where to sell your Amazon gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem Amazon gift cards online in Nigeria.

Sell Amazon gift card for cash in Nigeria

To sell Amazon gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell Amazon gift card for cash in Nigeria.

Best Site to sell Amazon gift card in Nigeria?

The best site to sell Amazon gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable. Amazon cash and Debit receipt are accepted.

How much is $100 Amazon gift card in naira?

The price of $25 $50 $100 etc. Amazon gift cards varies from time to time. To know the current price today visit www.bitcardy.com

Convert Amazon Gift cards to Naira or bitcoin

Converting Amazon gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

How to sell iTunes gift card online in Nigeria

There are many ways to sell iTunes gift card online in Nigeria. But you have to be careful when choosing where to sell your iTunes gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem iTunes gift cards online in Nigeria.


Sell iTunes gift card for cash in Nigeria

To sell iTunes gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell iTunes gift card for cash in Nigeria

Best site to sell iTunes gift card in Nigeria

The best site to sell iTunes gift card in Nigeria
is www.bitcardy.com. Their service is very fast and reliable.
Convert iTunes gift card to Naira or bitcoin

Converting iTunes gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

How much is $100 iTunes gift card in naira
The price of $25 $50 $100 etc.. iTunes gift cards varies from time to time. To know the current price today visit www.bitcardy.com


How to sell steam gift card online in Nigeria

There are many ways to sell steam gift card online in Nigeria. But you have to be careful when choosing where to sell your steam gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem steam gift cards online in Nigeria.

Convert steam gift card to Naira or bitcoin
Converting steam gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell steam gift card for cash in Nigeria
To sell steam gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell steam gift card for cash in Nigeria

Best site to sell steam gift card in Nigeria
The best site to sell steam gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 steam gift card in naira?
The price of $25 $50 $100 etc. steam gift cards varies from time to time. To know the current price today visit www.bitcardy.com


How to sell Google play gift card online in Nigeria
There are many ways to sell google play gift card online in Nigeria. But you have to be careful when choosing where to sell your google play gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem Google play gift cards online in Nigeria.

Convert Google play gift card to Naira or bitcoin
Converting google play gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
Sell google play gift card for cash in Nigeria
To sell google play gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell google play gift card for cash in Nigeria

Best site to sell google gift card in Nigeria
The best site to sell google gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.
How much is $100 Google play gift card in naira?
The price of $25 $50 $100 etc. google play gift cards varies from time to time. To know the current price today visit www.bitcardy.com

How to sell Nordstrom  gift card online in Nigeria
There are many ways to sell Nordstrom  gift card online in Nigeria. But you have to be careful when choosing where to sell your Nordstrom  gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem Nordstrom  gift cards online in Nigeria.
Convert Nordstrom  gift card to Naira or bitcoin
Converting Nordstrom  gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell Nordstrom  gift card for cash in Nigeria
To sell Nordstrom  gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell Nordstrom  gift card for cash in Nigeria
Best site to sell Nordstrom  gift card in Nigeria
The best site to sell Nordstrom  gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 Nordstrom  gift card in naira?
The price of $25 $50 $100 etc. Nordstrom  gift cards varies from time to time. To know the current price today visit www.bitcardy.com
How to sell Sephorah gift card online in Nigeria
There are many ways to sell Sephorah gift card online in Nigeria. But you have to be careful when choosing where to sell your Sephorah gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem Sephorah gift cards online in Nigeria.

Convert Sephorah gift card to Naira or bitcoin
Converting Sephorah gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
Sell Sephorah gift card for cash in Nigeria
To sell Sephorah gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell Sephorah gift card for cash in Nigeria

Best site to sell Sephorah gift card in Nigeria
The best site to sell Sephorah gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.
How much is $100 Sephorah gift card in naira?
The price of $25 $50 $100 etc. Sephorah gift cards varies from time to time. To know the current price today visit www.bitcardy.com
How to sell eBay gift card online in Nigeria

There are many ways to sell eBay gift card online in Nigeria. But you have to be careful when choosing where to sell your eBay gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem eBay gift cards online in Nigeria.
Convert eBay gift card to Naira or bitcoin
Converting eBay gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell eBay gift card for cash in Nigeria
To sell eBay gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell eBay gift card for cash in Nigeria
Best site to sell eBay gift card in Nigeria
The best site to sell eBay gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 eBay gift card in naira?
The price of $25 $50 $100 etc. eBay gift cards varies from time to time. To know the current price today visit www.bitcardy.com
How to sell vanilla gift card online in Nigeria
There are many ways to sell vanilla gift card online in Nigeria. But you have to be careful when choosing where to sell your vanilla gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem vanilla gift cards online in Nigeria.

Convert one vanilla gift card to Naira or bitcoin
Converting vanilla gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
Sell vanilla gift card for cash in Nigeria
To sell vanilla gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell vanilla gift card for cash in Nigeria

Best site to sell vanilla gift card in Nigeria
The best site to sell vanilla gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.
How much is $100 one vanilla gift card in naira?
The price of $25 $50 $100 etc. vanilla gift cards varies from time to time. To know the current price today visit www.bitcardy.com

How to sell Walmart gift card online in Nigeria
There are many ways to sell walmart gift card online in Nigeria. But you have to be careful when choosing where to sell your walmart gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem walmart gift cards online in Nigeria.
Convert Walmart gift card to Naira or bitcoin
Converting walmart gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell Walmart gift card for cash in Nigeria
To sell walmart gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell walmart gift card for cash in Nigeria
Best site to sell Walmart gift card in Nigeria
The best site to sell walmart gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $200 Walmart gift card in naira?
The price of $25 $50 $100 etc. walmart gift cards varies from time to time. To know the current price today visit www.bitcardy.com


How to sell American express gift card online in Nigeria
There are many ways to sell american express gift card online in Nigeria. But you have to be careful when choosing where to sell your american express gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem american express gift cards online in Nigeria.

Convert American express gift card to Naira or bitcoin
Converting american express gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
Sell American express gift cards for cash in Nigeria
To sell american gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell offgamer gift card for cash in Nigeria

Best site to sell American express gift cards
The best site to sell american gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.
How much is $100 American express gift card in naira?
The price of $25 $50 $100 etc. American Express gift cards varies from time to time. To know the current price today visit www.bitcardy.com

How to sell offgamer gift card online in Nigeria
There are many ways to sell offgamer gift card online in Nigeria. But you have to be careful when choosing where to sell your offgamer gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem offgamer gift cards online in Nigeria.
Convert offgamer gift card to Naira or bitcoin
Converting offgamer gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell offgamer gift card for cash in Nigeria
To sell offgamer gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell offgamer gift card for cash in Nigeria
Best site to sell offgamer gift card in Nigeria
The best site to sell offgamer gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 offgamer gift card in naira?
The price of $25 $50 $100 etc. offgamer gift cards varies from time to time. To know the current price today visit www.bitcardy.com
How to sell Apple store gift card online in Nigeria
There are many ways to sell apple gift card online in Nigeria. But you have to be careful when choosing where to sell your apple gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem apple store gift cards online in Nigeria.

Sell Apple store gift card for cash in Nigeria
To sell apple store gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell apple store gift card for cash in Nigeria
Best site to sell Apple store gift card in Nigeria
The best site to sell apple store gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

Convert Apple store gift card to Naira or bitcoin
Converting apple store gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
How much is $500 Apple store gift card in naira?
The price of $25 $50 $100 etc. apple store gift cards varies from time to time. To know the current price today visit www.bitcardy.com

How to sell Nike gift card online in Nigeria
There are many ways to sell nike gift card online in Nigeria. But you have to be careful when choosing where to sell your nike gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem nike gift cards online in Nigeria.
Convert Nike gift card to Naira or bitcoin
Converting nike gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.

Sell Nike gift card for cash in Nigeria
To sell nike gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered site to sell nike gift card for cash in Nigeria
Best site to sell Nike gift card in Nigeria
The best site to sell nike gift card in Nigeria is www.bitcardy.com. Their service is very fast and reliable.

How much is $100 Nike gift card in naira?
The price of $25 $50 $100 etc. nike gift cards varies from time to time. To know the current price today visit www.bitcardy.com
How to sell bestbuy gift card in Nigeria
There are many ways to sell  bestbuy gift card online in Nigeria. But you have to be careful when choosing where to sell your bestbuy gift cards because you may risk losing your gift card to rippers. www.bitcardy.com is the recommended site to redeem bestbuy gift cards online in Nigeria.

Convert bestbuy gift card to Naira or bitcoin
Converting bestbuy gift card to Naira or bitcoin is very easy now. You will be paid into your Nigerian bank account directly. Visit www.bitcardy.com to get started.
Sell bestbuy gift card for cash in Nigeria

To sell bestbuy gift card for cash in Nigeria and get paid immediately visit www.bitcardy.com It’s a legit and registered

Source link

Continue Reading

Uncategorized

Unilever Nigeria’s H1 performance reflects agility and resilience of the business

Published

on

By

Today, Unilever Nigeria announced its results for the first half of 2020, which show that overall underlying sales declined 0.1%, with developed markets up 2.4% and emerging markets down 1.9%.

Underlying sales declined 0.1% with volume declining 0.3% and price growth of 0.2%
Turnover decreased 1.6% including a positive impact of 1.1% from acquisitions net of disposals and negative impact of 2.5% from currency
Underlying operating profit excluding currency increased by 3.8%, before a negative impact of 3.2% from currency
Underlying earnings per share up 6.4%, including a negative impact of 3.7% from currency
Free cash flow up €1.3 billion to €2.9 billion, reflecting our objective to protect cash during the crisis
Quarterly shareholder dividend maintained at €0.4104 per share
Completed acquisitions of Horlicks brand from GSK, enhancing presence in healthy nutrition
Announced plans to unify the Group legal structure under a single parent company

A statement from CEO Alan Jope

“Performance during the first half has shown the true strength of Unilever. We have demonstrated the resilience of the business – in our portfolio, in a continued step-up in operational excellence, and in our financial position – and we have unlocked new levels of agility in responding to unprecedented fluctuations in demand.

We have also taken action to strengthen the strategic future of the company by announcing proposals to unify our dual-headed legal structure, progressing the strategic review of our global tea business and making new commitments to help protect the climate and regenerate nature.

From the start of the Covid-19 crisis, we have been guided by clear priorities in line with our multi-stakeholder business model to protect our people, safeguard supply, respond to new patterns of consumer demand, preserve cash and support our communities.

Our focus for the rest of 2020 will continue to be volume led to competitive growth, absolute profit and cash delivery, as this is the best way to maximise shareholder value.
– Advertisement –

I would like to thank every member of the Unilever team for the outstanding commitment they have shown in the most difficult of circumstances.”
Our markets

The spread of Covid-19, combined with the lockdowns and restrictions that have been implemented in many countries, has led to significant changes in the operating environment in our markets. Consumer demand patterns have been impacted by channel closures, more time spent in the home and the critical importance of hygiene.

China was the first of our markets to be impacted by Covid-19, entering lockdown in January. China slowed significantly during the lockdown period, with some recovery after April as the economy opened back up.

In most other major markets, sales patterns in January and February were normal and Covid-19 impacted from March onwards. In North America and parts of Europe, there was a positive impact from household stocking in March. Consumption patterns then normalised in the second quarter with heightened levels of demand for hygiene and in-home food products.
– Advertisement –

Market growth in India had already been slowing prior to the spread of Covid-19 and the market was further impacted by the introduction of the strict national lockdown at the end of March.

This national lockdown continued until early June when it was followed by further regional lockdowns. Latin America was impacted by Covid-19 later than other major markets, with the effects primarily in the second quarter, exacerbating already challenging conditions in the region.
Overall performance

Underlying sales declined 0.1% with volumes declining 0.3% and price growth of 0.2%. Developed markets grew by 2.4% whilst emerging markets declined by 1.9%.

The impact of Covid-19 on our business in the first half varied widely across our channels and categories. Channel closures as a result of lockdowns in our markets negatively impacted our food service, out-of-home ice cream and Prestige businesses.
– Advertisement –

Foodservice declined by nearly 40% and out-of-home ice cream declined by nearly 30%. Shoppers moved from offline to online channels, driving eCommerce growth of 49%.

As people spent more time in their homes, we saw growth in-home consumption of foods, ice cream and tea. It also meant that consumers had fewer personal care occasions from going to work or socialising, and we saw a decline in our personal care business, except for hygiene products.

The effectiveness of good hygiene practices against the spread of Covid-19 increased demand for our hand and home hygiene products, which each grew double digits.

Consumers eating and cleaning more at home, and focusing more on hand hygiene, led to underlying sales growth in North America of 9.5% in the second quarter, despite a negative impact of 3.7% from food solutions and Prestige channel closures.

The lockdowns introduced in our markets during the first half varied in severity, with some having a more significant impact on the supply and availability of goods, particularly those in India and China.

China entered lockdown in January and declined mid-teens during the first quarter. The market reopened from April, and China returned to mid-single-digit growth in the second quarter. Growth in India was impacted by the lockdown implemented from March.

Turnover decreased by 1.6%. There was a positive impact of 1.1% from acquisitions net of disposals and a negative impact of 2.5% from currency.

Underlying operating profit was €5.1 billion, an increase of 3.8% excluding a negative impact from currency of 3.2%. Underlying operating margin improved by 50bps.

As consumer habits and the status of lockdowns have been changing during this period, we have been quick to adapt and reallocate our brand and marketing investment week-by-week.
Read Also: Mouka Donates 200 Mattresses to Ogun State Government For COVID-19 Isolation Centres

In response to lockdowns in our markets, we reduced spend in some channels and geographies while maintaining investment in growth opportunities. This, combined with a deflationary environment in media rates, led to a reduction in brand and marketing investment by 100bps during the period.

In the second half of the year, we expect to see higher brand and marketing investment, as lockdowns ease and we support brand campaigns and product innovations tailored to the new environment.

Gross margin reduced by 30bps driven by costs to adapt and run our supply chain in response to Covid-19, ensuring the safety and continuity of our operations, as well as an adverse mix effect. Overheads increased by 20bps, including an adverse currency mix.

We delivered free cash flow of €2.9 billion, an increase of €1.3 billion. The increase was driven by favourable working capital movements, reduced capital expenditure and lower cash tax paid, primarily a result of a higher tax on disposals in the prior year relating to the disposal of the spreads business.
Covid-19 response and support measures

We have put in place a wide-ranging set of measures to support global and national efforts to tackle the Covid-19 pandemic.
Read Also: COVID-19: Actions To Curb Spread Send PMI To Very Weak Expansion

In our own operations, strict protocols for hygiene and physical distancing are in place for our sourcing units and distribution centres. Our office-based employees have been working from home since March, with some limited reopening of office workplaces in selected countries, where stringent requirements have been met.

We are supporting global efforts to tackle Covid-19, contributing €100 million through donations of soap, sanitiser, bleach and food. We are also working in partnership with others, including a programme to reach up to a billion people globally with the UK Department for International Development to urgently tackle the spread of the disease through raising hygiene awareness and changing behaviour.

We have also made available up to €500 million of cash flow relief for our most vulnerable small and medium-sized suppliers, though so far the levels of uptake have been low.

Our financial strength remains robust and we have not sought Covid-19 related financial support from any governments.
Strategic review of tea

In January, we announced a strategic review of the global tea business, which includes leading brands such as Lipton, Brooke Bond and PG Tips.

This review has assessed a full range of options. We will retain the tea businesses in India and Indonesia, and the partnership interests in the ready-to-drink tea joint ventures.

The balance of Unilever’s tea brands and geographies and all tea estates have an exciting future, and this potential can best be achieved as a separate entity. A process will now begin to implement the separation, which is expected to conclude by the end of 2021.

The tea business that will be separated generated revenues of €2 billion in 2019.
Recent acquisitions

During the second quarter, we completed the acquisitions of the health food drinks portfolio of GlaxoSmithKline in India, Bangladesh and 20 other predominantly Asian markets. Acquiring the iconic brands Horlicks and Boost are in line with Unilever’s strategy to enhance its presence in healthy nutrition.
Beauty & Personal Care

Beauty & Personal Care underlying sales declined by 0.3%, with volume growth of 0.1% and negative pricing of 0.4%.

Skin cleansing saw mid-teens volume-led growth, as we quickly responded to the critical need for hand hygiene to prevent the spread of Covid-19. We rolled out our Lifebuoy hygiene brand to over 50 markets and increased our hand sanitiser capacity by around 600 times across several brands. This helped contribute to double-digit growth for Suave.

Lockdowns in our markets and reduced personal care occasions amidst restricted living led to lower demand for skin care, deodorants and hair care, which each saw volume and price decline. The division’s largest brand Dove remained resilient, with mid-single-digit growth.

Our Prestige portfolio was impacted by health and beauty channel closures in many markets. Consumer oral care demand remained robust. However, the category saw negative volumes related to the disruption caused by lockdowns in key markets.
Home Care

Home Care underlying sales grew 3.2%, with 2.9% from volume and positive pricing of 0.3%.

We saw increased consumer demand for household cleaning products, such as Cif surface cleaners, and our home and hygiene brands delivered high-teens underlying sales growth. Working with environmental health experts, Domestos educated consumers about targeted cleaning of high-touch surfaces in the home to help prevent the spread of Covid-19 and saw strong double-digit growth.

Strict lockdowns in Asia impacted fabric solutions, which declined overall. However future formats such as capsules and liquids continued to grow. Clean and green brand Seventh Generation saw strong double-digit, volume-led growth. Fabric sensations declined low-single digit, driven by Brazil and China.
Foods & Refreshment

Foods & Refreshment underlying sales declined 1.7%, with volumes down 2.5% and positive pricing of 0.8%.

Lockdowns in most markets led to the closure of out-of-home channels. This, together with reduced tourism, led to a reduction in out-of-home ice cream sales of nearly 30%. Similarly, foodservice sales were down around 40% as hotels, restaurants, cafes and bars closed.

At the same time, we saw double-digit growth in our retail foods business with Knorr and Hellmann’s performing strongly.

Sales of ice cream for consumption in-home increased by 15% in the first half and by 26% in the second quarter, significantly offsetting the declines in out-of-home channels. Magnum and Ben and Jerry’s continued to grow strongly.

Source link

Continue Reading

Uncategorized

Fraud: How Bankers’ Committee Covers up UBA’s Diversion of Customer’s N123m

Published

on

By

Wednesday, July 22,2020

The United Bank of Africa Plc allegedly fraudulently diverts N123 million belonging to Lloyds Energy Limited. Banker’s Committee recovers the money, pays it back to the bank which swallows it again, claiming the company is indebted to it thereby leaving the customer crying foul.

KENNEDY Uzorka, group managing director of United Bank of Africa, UBA, has reasons to be satisfied with the banks’ performance in 2017. UBA’s unaudited first-quarter results for the period ended March 30, 2017, shows the group recorded a profit after tax, PAT, of N22.4 billion, showing 32 per cent growth compared to N17.0 billion achieved in the corresponding period of 2016.   On Thursday, July 20, Uzorka met with the board of the UBA to present the egregious profit the bank made in the financial year ending June 30, 2017, and for the board to approve dividend for shareholders. No doubt, the board will be happy with the bank’s performance. But what is not clear is if the group managing director explained to the board how the UBA raked so much profit in what Uzorka described as a “competitive and a very challenging business environment

Realnews investigations uncovered the unsavoury ways through which the UBA makes its profit by cheating customers through diversion of their money and using the same money to offer them loan at high-interest rate. The worse part of it is that when customers complain the UBA threatens to deal with them. It also goes further to connive with the Bankers’ Committee to cover up its alleged fraudulent activities thereby leaving customers who take their cases to the committee in the first place out in the cold grieving their losses. As Realnews investigation uncovers, the bank uses its deep pocket to unleash security agencies against its highly aggrieved customers in a bid to intimidate and silence them and as a result, a lot of customers are afraid to fight the UBA octopus.

A case in point is the UBA’s sour relationships with Lloyds Energy Limited which had asked for facility from the UBA to enable it import 30,000MT of PMS under the Petroleum Subsidy Fund, PSF, scheme of the federal government and it was obliged with an offer of $25,945,107.48 for a year. In the course of the event, Llyods Energy detected some irregularities in the operation of the accounts with the bank and when contacted over the issue, the UBA rather than resolve same resorted to using Robert Ohuoha and Co, its solicitors, to harass and criminalise the management of Lloyds Energy through a letter dated 14/09/12.

The letter signed by Robert Ohuoha, counsel to the UBA, which is in possession of Realnews  states: “Be advised seriously that if you fail to pay this outstanding within 7 days of receipt of this letter, these following actions shall be taken against you: (1) Publish your names in the newspaper (2)EFCC shall arrest you and persecute you (3) confiscate your assets/properties (4) Send your name names to Credit Bureau of loan defaulters in accordance with the CBN directives to prevent you and your company from accessing loans from other banks.

Consequently, the management of Llyod Energy wrote the inspector general of police in a letter entitled: “Threat to Life and Properties by UBA PLC through Messrs Philips Oduoza and Rasheed Olaoluwa, the GMD and ED of United Bank of Nigeria, Respectively,” seeking protection. The letter dated July 3, 2013, signed by Vincent Ottaokpukpu, counsel to Barry Esimone, president of Lloyds Energy Limited, stated that since the UBA made the threat, his client “has not been at peace as he had continued to notice some strange movements around his vicinity both at home and office as his family members have continued to express fear of being harmed. Specifically, the letter humbly requested the inspector general of police to use “your good office to ensure that our clients life and properties which has been threatened by the bank is given the required protection both for him and his family members who are law abiding citizens of the country and ensure that all persons involved in the threat and any continued threat are investigated and brought to book.

Prior to the letter to the Police, Lloyds Energy had gone to the Bankers’ Committee to seek redress on the nefarious act of the UBA. It was while the Bankers’ Committee was adjudicating the case that the UBA also fled to court and the EFCC apparently in anticipation that the Bankers’ Committee ruling might not be in its favour. After going through the facts of the case between the UBA and Lloyds Energy, Bankers’ Committee found that the UBA actually diverted money from the accounts of Lloyds Energy Limited.

According to the letter of Bankers’ Committee Sub-Committee on Ethics and Professionalism to the president of Lloyds Energy Limited dated October 19, 2015, in the course of its investigation, it among other things observed that the UBA “applied a wrong rate in the purchase of funds on the transaction as admitted by the bank. The applicable rate on the date for the transaction should be the CBN effective rate of N158.62/$1 as against the interbank rate of N162.15. The bank had overcharged the petitioner to the tune of N53,172,903.37. They had agreed with the petitioner to the under charge of N29,097,846.47 on the interest and we support this as settled issue.” The committee’s letter, in possession of Realnews, also stated that the UBA admitted using wrong rate and reverted to the agreed rate.

Details of the Sub-committee’s findings revealed that the Lloyds Energy applied for the opening of the letter of credit through its letter dated 10 December, 2010, which was opened on 24 December, 2010. The Sub-Committee’s letter signed by Seye Awojobi, secretary, Sub-committee on Ethics and professionalism which was copied to the group managing director and chief executive of the UBA Plc after due considerations of the findings of its investigation made a 10-point decision.

It ruled that the UBA should refund the sum of N19,629,076.45 as agreed by both parties; refund the sum of N5,910,227.66 as agreed by both parties; refund N38,003,860.05 as agreed by both parties. Also, the UBA is to refund the excess of the overcharge of N53,172,903.37 due to application of wrong rate of exchange on the transaction and recoup the undercharge of N29,097,846.47 on interest; refund the sum of N24,075,056.90. UBA agreed to refund the sum of N26,310,611.54 as interest payment to the petitioner as agreed and refund the sum of N7,673,517.60 to the petitioner as agreed.

After thorough review of the various documents, the committee found that the invoice paid cover more than the L/C value. “While the petitioner is claiming repayment of a demurrage, there is no evidence of a formal request made to the bank that a demurrage was paid or payable. The invoice paid did not indicate any evidence of the inclusion of DEMURRAGE to confirm that the Bank paid demurrage as claimed by the petitioner. We could deduce that the price increase alluded to by the petitioner was the result of the increase in price of the product as shown in the final invoices submitted for payment to the Bank. There is no evidence of payment of demurrage, hence no refund is recommended.

“Consequently, the bank should refund the sum of N121,602,350.20 (N19,629,076.45+N5,910,227.66 +N38,003860.05+ N24,075,056.90 + N26,310611.54 + 7,673,517.60) to the Petitioner with interest at the prevailing Treasury Bills rates plus 2%p.a penal rate. This translates to N193,973,799.09, according to the attached computation,” the committee said

It was also ratified at the Bankers’ Committee meeting that the above sum (N193,973,799.09) should be credited into the petitioner’s account to reduce its indebtedness pending the resolution of the case in court and forward to the committee the credit advice and statements of account accordingly on or before November 20, 2015, in full and final settlement of the case.

After the rulings of the Banker’s Committee, Realnews learnt that the Central Bank of Nigeria, CBN, deducted the sum from the UBA at source and still went ahead to pay the money into the Lloyds Energy Account with the UBA which the bank pounced on claiming that the company was indebted to it.

This prompted Lloyds Energy to write the Bankers’ Committee again requesting the sub-committee on Ethics and Professionalism to make categorical statements covering  the justification for N121,000,000 loan of established manipulations (by UBA Plc) of its account by N123,864,473.47 between 31/03/2011 and 30/01/2012 as the amount would have provided the credit balance to pay the PEF fee of N120,247,825.80 on February 3, 2012, when the transaction ended with the release of the SDN payable on that date. The company wanted to know justification for the UBA PLC to retain 27.5% compounding interest on the account of Lloyds Energy Limited which had been accruing in the customer accounts since February 3, 2012; the justification for the Sub-committee to continue to rely on the UBA Plc to pay the expected balance of N80,163,573.51 on its account if the bank had been professional in applying the various rulings and directives of the sub-committee.

Lloyds Energy stated that it had via several letters justified the basis of its claims and to its surprise the sub-committee had not made any pronouncement on it, perhaps, in anticipation that the UBA Plc would be honourable and professional in its dealings with the sub-committee. It pointed out that committee inadvertently omitted N2,262,124.10 in petitioner’s principal refund as pointed out in the letter dated October 27, 2015 and that such should be effected.

In UBA’s reply to the sub-committee, it stated that in compliance with its decision, the CBN had debited UBA. The bank had also written off all the debit balances outstanding after compliance, adding that after crediting Lloyds Energy Limited account with N102,595,315.95 on November 23, 2015, a debit balance of N1,084,690.47 was outstanding and grew to N2,311,097.73. The UBA said it wrote off this amount on October 2016, claiming it was transferred to a memorandum account. It also stated that after crediting Lloyds Energy Limited account with committee sanctioned amount of N91,378,483.14 on 30 September, 2016, a debit balance of N321,318,290.19 which grew to 329,318,202.55 was outstanding. The bank claimed that it wrote off this amount on October 4, 2016, as it was transferred to a memorandum account. Both accounts were nil, UBA said.

However, the Bankers’ Committee sub-committee in its final ruling conveyed to Lloyds Energy ignored its prayers. In its summary of findings, the sub-committee said that it reviewed its previous decision on the case on the workings of its technical team and observed that the petitioner had been refunded the total amount of the N193,973,799.09 based on its petition to the sub-committee. “Consequently, the sub-committee, had dwelt with the case and resolved the matter that brought the petitioner to the sub-committee which led to the realisation of the sum of N193.9 million from UBA as excess charges on account. After due consideration of the above, the sub-committee came to the conclusion that Lloyds Energy petition has been dealt with as conveyed in our letter with reference ODA/FMA/BUA/1288 dated October 19, 2015.

“Our investigation led to the refund of the sum of N193,973,799.09 (inclusive of interest) to Lloyds Energy Limited by United bank of Africa Plc. In the Light of the above, the Sub-committee sees no further basis to continue to adjudicate on the case given that your initial petition had been dealt with and refund made by the bank as directed by the sub-committee. Therefore the case is considered closed,” the letter to Lloyds Energy signed by Awojobi said.

It appears the Banker’s Committee is covering up for one of its own. For one thing, UBA’s group managing director is a member of the committee. Secondly, Lloyds Energy is still alleging foul play and that justice is yet to be served as can be seen in its letter to the sub-committee on March 6. 2017.

In the letter addressed to the registrar, Bankers’ Committee through Awojobi, Lloyds Energy stated that it only presented one petition on June 25, 2013, and did not know where the idea on “initial petition” the committee referred to in its decision suddenly came from. “We also did not appeal your decision on the total refund under their corresponding headings. All we said was that the statement produced after the purported credit refund does not represent our banking relationship with the UBA Plc.

“You will recall that we had vehemently protested to the Bankers’ Committee through various correspondences not to transfer the proceeds of the direct debit of N92,292,267.97 to UBA because it contained our balance in the sum of N80,163,573.51 as at the end of our transactions with UBA which we feared we would not be able to access from UBA considering their antecedent with our account. Despite our protest, Bankers’ Committee in its decision via letter dated 23 August, 2016, transferred the N92,292,267.97 to UBA with the assurance that “Lloyds Energy was free to come back to the sub-committee if UBA does anything unprofessional.”

“Expectedly, UBA, was highly unprofessional in applying the reversals and produced a zero balance account statement for us. We immediately came back to the sub-committee and complained that the statement produced for us does not reflect our relationship with UBA, and presented our version of what our statement should look like. We thought the Sub-committee would ask UBA to react to our position and justify their zero balance position ostensibly arrived at by fathom ‘write-off’. All we got is the recent letter of the sub-committee informing us the matter had been closed without addressing our prayers especially the status of the purported ‘loan’ and the attendant spurious interest accumulation on our account. The narrative on the account should be called what it is: Reversal/Cancellation of wrong debits and not write-off!” Lloyds Energy said.

According to the company, the sub-committee’s conclusion also ignored the outcome of its “investigative Technical Panel held on December 7, 2016, that established UBA’s reckless and unprofessional management of the relationship, when it concluded that the IFF term has sufficient room for the payment of the PEF without additional loan. Additionally this account reconciliation process also unequivocally established that a total illegal debit on our account of N123,864,474.30 occurred before the N120,247,825.80 PEF payment request date! The loan and the accrued interest therefore NEVER existed. We have been vindicated in our persistent claim that the ‘loan’ was forced on us,” it said.

The company said that “UBA’s claim of voluntary application and acceptance of the loan by Lloyds Energy, as their reason for retaining the loan and the ‘interest’ cannot be further from the truth, considering our reluctance UBA insisted, in writing, that we did not have sufficient funds for the PEF payment and that a loan application was the only way the payment could be made. This was pure blackmail!”

Lloyds Energy reminded the sub-committee that the magnitude of injustice it has suffered from the UBA on the issue in the last four years which could not be wished away. “This is a bank that demonstrated the highest degree of unprofessionalism by diverting to itself, without justification, the whopping sum of $233,500.61 from our account in one of the instances. We do not think that asking for our balance is an additional petition. All we have said were issues that would eventually be faced by UBA in producing our statement and do not amount to additional petition. We also maintain that our balance is not ZERO as presented by UBA. This is to put the records straight.” it said.

The Lloyds Energy letter which was signed by Esimone was copied to Yinka Adeola, chairman, Bankers’ Committee on Ethics and professionalism; Prof. Segun Ajibola, president, Chartered Institute of Bankers of Nigeria, Umma Dutse, director, Consumer Protection Department, CBN; Godwin Emefiele, governor, CBN; Umaru Ibrahim, managing director, Nigeria Deposit Insurance Corporation, NDIC; Kennedy Uzorka, group managing director, UBA Plc, and Tony Elumelu, chairman of UBA Plc.

It highlighted that the approved refunds of the sum of N2,262,124.10 which UBA expressly admitted but was inadvertently omitted by the Sub-committee in its computation and consequently, was not added. “By extension, this amount could not enjoy the interest and penalty which other debits enjoyed. This would have amounted to N1,186,984.95 and in total become N3,449,109.05,” it said, stressing that the company pointed this out repeatedly in its various correspondence with the Sub-committee.

Also, Lloyds Energy said that the credit of N102,478,852.97 and N91,378,481.14 by the UBA were applied by the bank at the dates convenient to it and not as directed by the committee, a fact which it pointed out severally to the committee.  “The soft landing ‘write-off’ of the residual balances on our accounts was a unilateral decision by UBA, apparently to escape producing the correct statement of account of the customer. Unfortunately, nobody has directed UBA to justify the zero balance position till date,” it said.

Based on the facts presented, Esimone argued that the “closure of this case in this matter will only protect and promote injustice, illegality and criminality in the banking industry and the destruction of the entire values of the banking profession. Also, the decision will mean that UBA misappropriated/diverted our money; the money was recovered by the Bankers’ Committee and was given back to UBA. This is what has happened to Lloyds Energy Limited as all its principal, interest refunds and penal charges have been given to UBA and the customer, a zero balance. We do not believe the Bankers’ Committee should stand for this act of impunity. We have also justified the calculation of our expected balance.”

Consequently, he reiterated that the statements produced for his company did not reflect its relationship with the UBA and that its balance was the sum of N90,712,770.73 as at 31 January, 2017 (which is still accruing interest) was trapped in UBA and should be transferred to its account earlier advised.

“We believe that the Bankers’ Committee can still resolve this problem especially when monumental misappropriation of funds, account manipulation and injustice are involved like our case, in order for the committee not to be seen as condoning these acts of unprofessionalism and criminality at a time our banks are operating globally and the Institute is show casing the nation and the banking industry by hosting the 22nd World Conference of banking Institutes,” Esimone said.

Contacted, Nasir Ramon, spokesperson of the UBA Plc, admitted that Lloyds Energy Limited is a customer of the bank and that there was an infraction on its account with the UBA. According to him, “the company petitioned the Bankers Committee (Sub-committee on Ethics & Professionalism) on alleged excess charges on its accounts and demanded for refund of N502.07Million from the bank.

“The complaints were investigated and discussions were held with the customer (and his consultants), but due to inability of all the parties to reach a consensus, the Sub-Committee stepped in and mediated on the case. After their review, the Sub-Committee ruled that the bank should refund the total sum of N193.97Million to the customer’s account. This amount comprised of total excess charges of N121.6Million plus penal interest ofN72.37Million.

“The total refund of N193.97Million has been credited to the customer’s account” he said, adding that: “Part of the sub-committee ruling was that the recommended refund should be credited into the Petitioner’s account to reduce its indebtedness pending the resolution of the case in court. Hence the total refund ofN193.97Million was credited to the customer’s account with UBA.

“Since the account was in debit, the fund was used to reduce the company’s liability to the bank, hence the reason the refund was not made available to the customer as he has alleged. No money was diverted by the bank as alleged,” Ramon said.

He said further that: “The customer later approached the Bankers’ committee that the refund should be backdated to Jan 2012 when the infraction occurred. With the backdating, the customer would not have requested for a certain loan of N121million that created the debit in the account in the first place. The request was turned down as the committee ruled that penal interest had been awarded to the customer, which was to compensate for loss attributable to the overcharge by the bank.”

Besides, he said that UBA sued the customer for recovery of the outstanding balance in the account. “This case is still in court. He was never threatened by the bank using the court or EFCC as alleged by you.”

Contrarily, we found out that the UBA Plc petitioned the EFCC alleging fraudulent and criminal diversion of N121 loan given to Lloyds Energy. Also, UBA Plc filed suit No: FHC/L/CS/886/2014 at Federal High Court for recovery of delinquent debit against Lloyds Energy Limited and Engr. Barry Esimone.

“In the petition to EFCC, we were invited by EFCC on May 17, 2013, made our representations and cooperated with investigation as directed by EFCC. During the last conference between UBA Plc representative and us, the Commission confirmed that the debit of N121m was transferred to PPPRA Account in line with the IFF term and therefore amounted to no diversion. All CIBN proceeding have been forwarded to the Commission. Yet UBA Plc did not inform EFCC that they have made refunds base on CIBN mediation,” Esimone told us.

On the Federal High Court, FHC, Case, “we filed our statement of defense immediately we were served, but the case is yet to be heard since 2014 till date due to frequent request by UBA Plc for adjournments. The last two attracted severe rebuke by the presiding judge and awarded costs against UBA Plc,” Esimone said. The next adjourned date for the case is Nov 2, 2017.

On prejudice, the UBA Plc is actually the party to worry, he said adding: “while the matter was subsisting in court and yet to be heard, and the CIBN administrative mediation found the bank guilty of infractions and ordered UBA to make refunds, the bank went ahead to publish our names in two national dailies as debtors and also sent the names to Credit Bureau, when we have not be found guilty in any of the platform the matter was being considered. Our statement of defence and counter claim were properly filed and served on the bank.”

On the insinuation that the matter in court is for recovery of balance on account after crediting the judgment debt, Esimone said nothing could be further from the truth. “UBA has been in court before refunds were ordered by CIBN and no amendment of claim has been served on us, therefore it is not true that the balance is what UBA is seeking to recover in court. The suit  was filed in 2014, while refund was ordered in 2015.

“It is important to note that Lloyds Energy Limited and Engr. Barry Esimone have maintained due process of Law in pursuing their right in spite of the obvious determination of UBA Plc to use their resource weight, connection and devious machination to destroy our entrepreneurial programme. We will stop at nothing in extracting justice in this matter using all legal means available to us in law and in equity. If a bank will commit infractions from one customer in excess of N123 million, in about 18months of relationship, then what other customers are suffering in their hand is better imagined.

We shall, at appropriate time unleash to the world, an avalanche of documentary evidence gathered during this process on UBA Plc.’s modus operandi.  The divine law of God and Nigerian Law are our source of strength. The biblical case of David Vs Goliath Shall Prevail because one with God is majority,” Lloyds Energy said in a reply to email from Realnews seeking its reaction to UBA’s allegation against it.

Contacted, Awojobi said he has been on a two-week vacation and would not comment on a case that is in court.

Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.

%d bloggers like this: