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Bank stocks: Shareholders lose N93bn in August



Bank stocks: Shareholders lose N93bn in August


Impressive earnings results and dividends being released by most lenders in the sector fail to impact positively on shares



nvestors of banks quoted on the main board and premium board of the nation’s stock market reported a cumulative loss of about N93 billion during the month of August 2019 following sustained sell off.



The stocks recorded the loss despite impressive earnings and dividends being released by most lenders in the sector.



Checks by New Telegraph revealed that the stocks recorded a loss of N93 billion or 3.93 per cent to close at N2.273 trillion in market capitalisation on the last trading day of August 30, as against opening figure of N2.366 trillion at the beginning of trading on August 1.



Market analysts believe bargain hunters especially foreign portfolio investors, who dominate the equity market, have continued to trade cautiously in the short to medium term, as selloffs persist, amidst growing political and security tension that arose from the delay in constitution of new cabinet by the Federal Government.



The Securities and Exchange Commission (SEC) had said that the major contributory factor to the current downward trend of the market was the outflow of foreign investment.



Acting Director General of SEC, Ms. Mary Uduk, while responding to questions from journalists recently, said the outflow had led to sell pressure accumulating into depressed prices.



This, she said, was one of the reasons the Commission is mapping out strategies to build confidence in the market and encourage more retail investors.


The Nigerian Stock Exchange (NSE) also said that there are currently about three million retail investors in the Nigerian capital market, representing only three per cent of the total adult populace in the country.



The Divisional Head, Trading Business, Mr. Jude Chiemeka, disclosed this recently at the maiden edition of Retail Investor Workshop tagged ‘Investment Masterclass; Making your money work’ organised by the NSE.



According to Chiemeka, “Nigeria has a population of over 190 million people and is the second largest economy in Africa.



“However, the current Financial Inclusion indices of 48 per cent leave much to be desired. Financial Inclusion is a priority of stakeholders in the capital market, and the Nigerian Stock Exchange makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are financially excluded to 20 per cent in the year 2020.”



Chiemeka noted that the exchange recognised the need to improve investor participation, and is leveraging recent initiatives such as the Tiered KYC requirements for capital market investments, as well as promoting the introduction of globally competitive investment products with low entry thresholds, to achieve financial inclusion goals.



“These initiatives have begun to yield positive results as the market had in recent times witnessed an upturn in retail investor participation.



Market data from 2019 shows that retail investors outperformed institutional investors by eight per cent in January, and again by two per cent in March 2019.



“The Retail Coverage Department of NSE will be rolling out measures directed at encouraging retail investor involvement in the capital markets.



“Over the next few years, various investment workshops will be held across the country, starting with this one here in Lagos. Investors can look forward to regular engagements targeted at promoting financial literacy, building investor confidence, as well as the introduction of innovative and technology driven solutions to stimulate investor participation,” he said.



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FG committed to effective ballast water mgt –Dakuku



FG committed to effective ballast water mgt –Dakuku


…as IMO advocates harmonised enforcement 




he Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has reiterated Nigeria’s commitment to the Ballast Water Management (BWM) Convention, 2004. He also said that NIMASA remained determined to ensure cleaner oceans and a safe, secure and environmentally sound maritime sector.

Dakuku stated these in his keynote address at the opening of a three-day regional workshop on Ballast Water Management for Anglophone West and Central African Countries, hosted by Nigeria in Lagos from Monday to Thursday. He said growing concerns about the adverse effect on the marine environment of invasive alien species produced by ballast carried by ships gave rise to the BWM convention of the International Maritime Organisation (IMO).

He said: “Since the advent of the Convention, efforts have been made to ensure effective implementation of its provisions, among which is this Regional Workshop.”


The NIMASA helmsman also said that Nigeria, being among the earliest countries to ratify the Convention, had taken steps to ensure its effective implementation. Such steps, according to him, include: the development and gazetting of regulations on Ballast Water Management, pursuant to the Nigerian Merchant Shipping Act, 2007; development of an enforcement and implementation manual on ships’ ballast water; and development of guidelines with reference to relevant IMO documents for ballast water reception facility and exchange areas.


Others are: development of guidelines for enforcement of violations of the regulation on ballast water management; establishment of a globally recognised and integrated ballast water testing laboratory; and development of a home-grown concept of Ballast Water Management and Ports with Acceptable Risk (PWAR), which was presented by Nigeria to the Marine Environment Protection Committee (MEPC) 74, in May 2019, among other initiatives.


Also speaking, the Secretary-General of IMO, Mr. Kitack Lim, who was represented by the Technical Officer, Sub-Division for Prospective Measures, Marine Environment Division, Dr. Megan Jensen, noted that the marine environment and marine resources were vital to the global economy and sustainable economic growth. He said that there was an urgent need for implementation of a harmonised ballast water management regime around the world, with special focus on compliance, monitoring, and enforcement.

The Ballast Water Management Convention was adopted in 2004 to minimise the risk of species invasions through ballast water. The Convention entered into force on September 8, 2017, and, currently, 81 countries have ratified it, including Nigeria, which was among the first five countries to endorse the treaty.

The workshop had in attendance delegates from Guinea Bissau, Sierra Leone, Sao Tome and Principe, Ghana, Equatorial Guinea, Gambias and Liberia.

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Meristem: Food inflation to spiral over border closure




nalyst at Meristem has said that the current mandate for the complete closure of all land borders will further pressure the prices of foods items in the coming periods. We are of the opinion that the envisaged increase in food prices could set the progress of the Monetary Policy Committee’s (MPC’s) growth strategy a step back.

Meristem disclosed that the Nigerian equities market, with a P/E ratio 7.00x, remains favourably priced relative to its peers in emerging markets.


“With the uptick in inflation, coupled with the border closure which could incite further rise in the inflation figure, we expect foreign investors to price this into their risk assessment for the market, dampening their confidence in the space.

“…However, at the current inflation level and outlook for a further rise, we expect investors to demand a higher yield as the macroeconomic landscape remains a strong determinant of investment decisions in the year.


This is coming after three consecutive months of decline, Nigeria’s headline Inflation rose to 11.24 per cent in September. The Consumer Price Index (CPI) rose by 1.04 per cent on a Month-on-Month basis (vs. 0.99 per cent in August 2019). On a year on year basis, the food inflation rose by 13.51 per cent (vs 13.17 per cent in August 2019) and the core inflation also rose by 8.94 per cent (vs. 8.68 per cent in August 2019) apiece. “We expect an uptick in inflation to be considered at the upcoming Treasury Bills primary market auction this week,” Meristem analysts said in report made available to Sunday Telegraph.



They disclosed that the jump in inflationary trends was not unconnected to the recent regulations in the domestic economy which “has begun to weigh in on inflation figures.”

They stated that the partial closure of land borders in August inhibited the free movement of goods, resulting in an uptick in the prices of food items such as frozen foods, rice, vegetable oil and fruits, amongst others. “In September, the food price index rose by 13.51 per cent as against13.17 per cent in August, mirroring the pressure on the aforementioned items. Core price index walked a similar path, trending upwards by 8.94 per cent year-on-year, on the back of price increase in hospital services, cleaning, clothing, footwear and household appliances, amongst others.

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2018: Nigeria lost N39bn to tanker, trailer accidents –FRSC



2018: Nigeria lost N39bn to tanker, trailer accidents –FRSC


he Federal Road Safety Corps (FRSC) has revealed that Nigeria lost over N39 billion in 2018 alone to trailer and tanker-related road accidents.


This was disclosed during the week in Lagos by the Corps Marshal of FRSC, Boboye Oyeyemi.

He said: “Nigeria lost N39 billion to trailer and tanker crashes in 2018 alone, with about 650 articulated vehicles involved, while over 90 per cent of them had been used for haulage transportation for over 30 years.


“Haulage has become the most utilized way of inter-city movements of goods and services, while the country consumes an estimated 60 million liters of refined petroleum products per day.’’

Oyeyemi also revealed the major challenges that FRSC believes to be the causes of the fatal tanker and trailer accidents in Nigeria. Some of them include: Neglect of the use of retro-reflective type of tapes (for night visibility), use of unnecessary additional lights, indiscriminate parking especially along main corridors on streets, Lane indiscipline and use of unlicensed drivers (motor boys).


In a general overview, Oyeyemi concluded that adhering to the new “safe-to-load” programme in the distribution of all major oil products by trailers and tankers in Nigeria will curb this depressing rate of accidents. This programme had been structured such that it only allows large vehicles in approved good condition to transport dry and wet cargoes on Nigerian roads.

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Toyota cuts CO2 emissions in new Yaris hybrid




he styling of the new Yaris, with its prominent wheel arches and wide grille dominating the front, gives it an appealing, “ready to go” character, according to Toyota.

The new Toyota Yaris hybrid pairs a three-cylinder engine with a lithium ion battery for the first time to reduce CO2 emissions by more than 20 percent compared with the outgoing hybrid, the automaker says.

Toyota Europe will offer its latest-generation Yaris small-segment car with gasoline and full hybrid powertrains. There will be no diesel version, as with the current model.

The new small car will initially be launched as a hybrid only, with gasoline versions arriving later, Toyota said in a news release on Wednesday.


A 20 per cent improvement over the current Yaris hybrid would reduce CO2 emissions figure to 67 grams per km, meaning its emissions would be closer to a plug-in hybrid than a standard full hybrid.

A switch to lithium-ion from nickel metal hydride has cut the battery’s weight by 27 per cent, Toyota said. Toyota did not give a figure for battery capacity.

The new Yaris is the first car to be built on Toyota’s new modular small-car platform, a variant of the TNGA platform that underpins the new Corolla compact and CH-R and RAV4 crossovers. The new platform, called GA-B, is said to improve handling thanks to increased rigidity and a lower center of gravity.


The platform also allows designers to create visually distinctive models with appealing proportions, Toyota said.

The styling of the new Yaris, with its prominent wheel arches and wide grille dominating the front, gives it an appealing, “ready to go” character, according to Toyota.

The new car is 5 mm shorter than the outgoing Yaris, which is 3,950 mm long. The new car is also 15 mm lower and 50 mm wider.

Toyota is strongly promoting the safety benefits of the new Yaris, describing it as the safest in its segment. The company said it is the first small car to use a center airbag, which deploys between the two front seats.

Active safety equipment includes adaptive cruise control, which can brake the car automatically to a complete stop, and a lane-keeping assist. Both are standard.

Toyota will continue to build the Yaris at its Valenciennes plant in northern France. The automaker has invested 300 million euros ($330 million) to bring the TNGA platform to the plant, a move that Toyota said would increase capacity to 300,000 cars annually. The company added a third shift at Valenciennes in 2014 to bring production to 220,000 cars annually.


Equipment inside the Yaris includes a touchscreen mounted high on the dashboard and a 10-inch head-up display that projects information such as satellite navigation directions onto the windscreen. A heated steering wheel is also available.

Toyota describes the materials used in the interior as high quality and highlights the use of a felt trim finish on the door panels. The company said its aim was to give the interior “a sensory quality” that places more importance on colors, operation of the controls, interior ambient lighting and graphics.


The size of the steering wheel has been reduced slightly as part of a design layout that Toyota calls “eyes on the road, hands on the wheel” because of its intention to reduce distractions for the driver.

The hybrid version of the Yaris has become a successful model for Toyota since it was first launched in Europe in 2012. Almost half of the 130,967 Yaris models sold in the first six months of this year in the region were hybrids, Toyota Europe said.

The model has had few electrified competitors in the segment, but the new Yaris will go up against the new Honda Jazz, which arrives next year as a hybrid model only. Like the Yaris, the Jazz will be powered by a 1.5-liter engine boosted by an electric motor.

Deliveries of the Yaris hybrid will start in the second half of next year.

Toyota will launch 1.0-liter and 1.5-liter three-cylinder gasoline models at a later date but only in selected markets, the automaker said, without giving more detail

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IMB reports 30% piracy drop on Nigerian waters




he International Maritime Bureau (IMB) has reported a drop in piracy attacks in Nigeria in the third quarter of 2019. IMB said in its latest report, “Nigeria has reduced Q3 piracy attacks from 41 in 2018 to 29 in 2019,” which represents nearly 30 per cent year-on-year reduction.

This is as the Deep Blue Project, a comprehensive maritime security architecture initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with the military and other security agencies, comes into operation.

The global maritime security watchdog also said there was a decrease in worldwide piracy incidents during the first nine months of 2019, compared with the corresponding period in 2018, in a fall to a five-year low.

Director of IMB, a specialised division of the International Chamber of Commerce (ICC), Pottengal Mukundan, said: ‘’119 incidents have been reported to the IMB Piracy Reporting Center in 2019, compared to 156 incidents for the same period in 2018. Overall, the 2019 incidents include 95 vessels boarded, 10 vessels fired upon, 10 attempted attacks, and four vessels hijacked. The number of crew taken hostage through the first nine months has declined from 112 in 2018 to 49 in 2019.”

However, according to IMB, piracy and armed robbery attacks remain a challenge in the Gulf of Guinea.

The decline in piracy and armed robbery attacks on vessels came as the Deep Blue Project, Nigeria’s Integrated Security and Waterways Protection Infrastructure, began to yield results. The project is handled by an Israeli firm, Homeland Security International (HLSI). It involves the training of field and technical operatives drawn from the various strata of the security services and NIMASA as well as acquisition of assets to combat maritime crime, such as fast intervention vessels, surveillance aircraft, and other facilities, and establishment of a command and control centre for data collection and information sharing to aid targeted enforcement.

The Deep Blue Project aims at building a formidable integrated surveillance and security architecture that will broadly combat maritime crime and criminalities in Nigeria’s waterways up to the Gulf of Guinea.

The timing of the IMB report also coincides with the conclusion of the Global Maritime Security Conference (GMSC 2019) hosted by Nigeria, and coordinated by the Federal Ministry of Transportation and NIMASA, under the theme, “Managing and Securing our Waters.”

With the stated objective of, among others, defining the nature and scope of coordinated responses to maritime insecurity in relation to interventions, the conference enabled global maritime leaders to review the progress made in the fight against maritime crime while charting strategies for the future.

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Fresh crisis looms at Ladipo Market over N48m debt



The relative peaceful business environment that has reigned at the popular Aguiyi- Ironsi International Market, Ladipo, Mushin, Lagos State, appears set to be shattered as the leadership crisis that has bedeviled the market union over the years is rearing its ugly head again.

Sunday Telegraph learnt that this looming crisis might not be unconnected to an alleged N48 million unsettled account due to a past chairman of the union and alleged bias in the report of a Peace Committee which though not approved by the General House of the union has been reportedly forwarded to the Economic and Financial Crimes Commission (EFCC), knowledge and approval of the general assembly of the union.


Sunday Telegraph investigations revealed that subsequent protests over the alleged biases contained in the report by many of the shop owners and traders, is causing division and disaffection among the traders along their loyalty lines.

Recall that the auto spare parts market has been enmeshed in crisis since 2006 which at various times, led to riots and attempted murder by thugs fighting for different factions in the market.                       

Indeed, issues arising from the leadership tussles in the market are pending in various courts in the country, police formations and the EFCC.


An aggrieved trader who identified himself simply as Francis, regretted what he called a worrisome fact that majority of the gladiators in the looming crisis do not own any shops in the market and are not traders in the market .                        

He said: “They create crisis, intimidate and do unlawful things to win elections just to rule us, force incalculable huge levies on the powerless traders, while our businesses bleed into bankruptcy, whereas they escape to their various states of origin to build hotels and buy property”.                                                                                          Sunday Telegraph learnt that the fresh crisis brewing in the market emanated from alleged move by a leader in the market to shut out some of his election sponsors.

Other burning issues Sunday Telegraph further learnt, were the alleged N48 million debt and repairs or replacement of two cars belonging to a former leader of the market said to have been damaged during the factional wars as well as the said reluctance of the proponents of the committee report to condemn the alleged unprovoked assassination attempt on the former market leader, which took place on April 12, 2017, inside the market.

Also alarming, according to the traders, was the alleged fraudulent submission of the contentious report to EFCC and courts, without following constitutionally laid down procedure of adoption of such reports by the general house of the market union in an open meeting.

Like the case of brothers against one another, the stage appear set now for a show down between these traders who are mostly from Imo, Abia, Anambra, Enugu and Ebonyi states; fighting for the soul of Aguiyi Ironsi International Market union.

However, speaking in an interview in his office, chairman of the market union, Mr. Emmanuel Mbamara, disclosed that his executives and the union were not responsible for giving out the said copy of the committee’s report to the EFCC and court. He blamed the opponents of the former chairman for passing the report to the court and EFCC.


Sunday Telegraph learnt that the situation is degenerating by the day as the traders become and more factionalised. Concerned traders said that the last time there was a similar situation; it was bloody, turning the market into a sort of theater of war, where unbelievably, different kinds of dangerous weapons including ‘ Juju’, were deployed, thereby paralyzing business activities in the ever busy market.

Former chairman of the union, Chief Cyril Onyemaechi in a telephone chat, told our correspondent that he did his utmost best to ensure that peace returned to the market before handing over to Mbamara.

He enjoined the warring factions to exercise restraint and resolve the brewing crisis. He expressed concerns, as according to him, Mbamara was Okolies choice candidate during the election that ushered the new regime.

Speaking on the contentions report, Market Youth Leader, Remigium Tochukwu said:” We must always say the truth no matter what or who is involved. The report was presented to the general house but was not adopted because the former chairman, Jonathan Okolie traveled to Japan, even the incumbent chairman shifted the adoption until the person indicted is around”.


Other traders in the market who agreed with Remigius that the report was not adopted were, Emeka Eze,Sam Akachukwu,Amaobi and Obi.

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Chartered Customs Brokers Bill ready for NASS consideration –Nwabunike




he President Association of Nigerian Licensed Customs Agents (ANLCA), Hon Tony Iju Nwabunike has disclosed that the leadership of the Chartered Customs Brokers of Nigeria Bill proposed by the association is ready and would be submitted to the National Assembly for consideration soonest.

Hon Nwabunike, who was the pioneering chairman of Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), dropped this hint in Lagos this week during an interview at the monthly Association of Maritime Journalists of Nigeria (AMJON) Roundtable.

He said he has completed work on the bill and would soon submit it to the National Assembly. “The bill is ready. All I am waiting for is for the 9th National Assembly to settle down fully, and we will submit it to them for consideration.”

According to him when the bill becomes law it will enable Nigeria Customs Brokers to be properly trained be able hold their own and defend their profession anywhere in the world.


Hon Nwabunike further expressed his support for Nigerian Shippers Council’s capitalisation policy of the freight forwarding profession in Nigeria, saying its benefits to practitioners is enormous and cannot be overemphasised.


“It a good thing Shippers’ Council is doing for us. It will enable us to be able to handle capital intensive projects jobs. Too many project jobs come into Nigeria which many of our people cannot handle.  It will bring about consolidation.

Hon Nwabunike regretted that for the about one year he took off his leadership duties in the association, to contest for the Federal House of Representatives seat for Nnewi North/South and Ekwusigo Federal Constituency of Anambra State in the 2019 general elections, under the All Progressives Grand Alliance (APGA), created some vacuum.


He, however, assured that in the remaining period of his administration, he will give his all to ANLCA.

He stated that he is working assiduously to reconcile all members of the executive and members of the association who took opposite directions because of the dispute over the chairmanship of the board of trustees of the association, saying he favours the exit of Mr. Henry Njoku and Taiye Oyeniyi as chairman and secretary of the BOT of the association respectively, for ethnic balancing.

He disclosed that despite distraction by his participation in the Anambra politics, he had within the about one year of his administration got the Nigeria Customs Service to unblock over 300 members’ licenses that were block before he assumed office as the president of the association.

He also disclosed that the ANLCA House in Amuwo Odofin area of Lagos State is no longer just a mere magnificent edifice it was when he assumed office, “it is a digital and fully IT compliant and all compliments of a modern office.

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Border closure: IMF backs Nigeria, urges speedy resolution of issue



Border closure: IMF backs Nigeria, urges speedy resolution of issue

The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington.

He was responding to a question on whether the closure negates the African Continental Free Trade Agreement (AfCFTA).

Selassie said although free trade was critical to economic growth of the continent, it must be legal and in line with agreements.

`On the border closure in Nigeria which has been impacting Benin and Niger, our understanding is that the action reflects concerns about smuggling that has been taking place.

“It is about illegal trade, which is not what you want to facilitate,’’ Selassie said.

He said the IMF was hoping for a speedy resolution of the issues as the action was already taking a toll on the economies of the country’s neighbours.

“We are very hopeful that discussions will resolve the challenges that this illegal trade is posing.

“If the border closure is to be sustained for a long time, it will definitely have an impact on Benin and Niger which, of course, rely quite extensively on the big brother next door,’’ he said.

On Wednesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the borders were closed to curb illegal trading activities by Nigeria’s neighbours.

Ahmed said the closure would remain in force until the country secured the commitment of its neighbours to trade agreements and treaties signed with them.

Meanwhile, the IMF director said the AfCFTA was one of the most exciting policy developments in the region in recent months.

Selassie said analyses by the Fund showed that the initiative had a “tremendous potential to facilitate higher economic growth’’.

The News Agency of Nigeria (NAN) reports that the IMF projected a region wide economic growth of 3.2 per cent in 2019.

Selassie said the “hard task’’ before African nations was making sure the AfCFTA was fully implemented “to facilitate the trade that we need to see between countries in the region’’.

The IMF director also commented on the continent’s high debt burden, especially from China, resulting largely from borrowing to balance budget deficits.

He explained that the Fund was not particularly wary of China, which he said “has been a very important development partner for many countries in sub-Saharan Africa’’.

“There are some counties that have borrowed extensively, and this is not just from China but from all other sources of financing either through Euro bond, domestic markets or other sources of capital.

“Yes, there are countries that have borrowed beyond what they can quickly pay, but it is important that we get this story straight.

“China has been a very important partner for many countries and remains so.

“Our concern really is more about overall debt level, not just about debt but some other things.

“One is, once you have borrowed money to invest in infrastructure, health and education, it is important you are able to capture the rate of return on that investment so that the debt can be serviced.

“What you put the debt to and how effective the investment projects that you are undertaking is really the important part of the equation,’’ Selassie said.

He added that it was also important for countries to address their “tremendous development needs avoiding debts becoming unsustainable’’.

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Forex intervention: CBN injects $325.5m into retail market



Forex intervention: CBN injects $325.5m into retail market

The Central Bank of Nigeria (CBN) has injected 325.5million dollars in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenured forwards segment of the inter-bank foreign market.

The bank’s Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor explained that the dollars intervention was for agricultural machineries and industrial raw materials.

He said the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed optimism that the stability in the forex market would be sustained.

He assured the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The director disclosed that the bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100million dollars.

According to him, the Small and Medium Enterprises (SMEs) and the invisibles segments received the sum of 55 million dollars each.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.00.

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Firm files bankruptcy action against AITEO



Firm files bankruptcy action against AITEO

Charlietam International Services Limited a Port Harcourt-based company has filed an action before the Federal High Court in Lagos to commence winding-up proceedings against the oil giant for its prolonged inability to pay a debt of N259,068,753.00 owed the company for various services rendered to AITEO between December 2017 and March 2019.
The petition was filed by the company through its Solicitors, Anthony Enyindah, Victor Okezie and Dr Dickson Omukoro of Ntephe Smith & Wills.
According to the petition made available to New Telegraph at the weekend in Yenagoa, the petition prayed the court to wind-up the company on grounds of insolvency pursuant to sections 408 and 409(a) of the Company and Allied Matters Act.
In a six paragraph affidavit verifying the petition, Mr Unye Sunday Micah, Managing Director of Charlietam International Services Limited, the petition affirmed that between December 2017 to March 2019, his company rendered services valued at ₦265,068,753.00 and was only paid the sum of ₦6million without payment advice, leaving an outstanding balance of N259,068,753.00.
The petitioner maintained that several demand letters, including those from the petitioner’s solicitors were sent to the Company’s Abuja and Lagos addresses, but AITEO refused or/failed to respond to any of the letters.
The final demand letter dated August 28 2019, was sent by the petitioner pursuant to sections 408 and 409 (a) of the Companies and Allied Matters Act.
In the said letter, the petitioners demanded to be paid the amount owed him and informed AITEO of an impending legal action.
The petition, accordingly read in part: “More than 21 days have since elapsed from the last demand without the Company making good the moneys owed as aforesaid.”
The petition further stated that the Company is insolvent and unable to pay its debt and your Petitioner therefore humbly prays as follows:
“That the Court, under the provisions of the Companies and Allied Matters Act, 1990, winds-up AITEO EASTERN E & P COMPANY LIMITED; and for such further or other orders as this Court may deem fit to make in the circumstances.”
Reacting to the petition, a source at the oil company said: “I have done my investigations and he is one of our contractors but what I’m doing is to make sure that I invite him here so that everything will be sorted out.”

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