In a recent development, the Imo Accountability for Good Governance (IAGG) has uncovered a conspiracy by Governor Hope Uzodinma, Honorable Innocent Ikpamezie, and the Resident Electoral Commissioner, Professor Silvia Agu, to undermine the recruitment of ad-hoc staff for the Independent National Electoral Commission (INEC) in preparation for the upcoming November 11 Governorship election.
It has come to our attention that Governor Uzodinma has tasked Innocent Ikpamazie with the responsibility of coordinating with INEC’s Resident Electoral Commissioner, Professor Silvia Agu, to ensure that ad-hoc staff positions are predominantly filled by members of the All Progressives Congress (APC) across the state. We have received credible information indicating that the APC government in the state has allocated a significant sum of N100 million for this exercise.
In light of this substantial financial allocation, Professor Silvia Agu and Innocent Ikpamazie have already begun implementing Governor Uzodinma’s directive. They have reportedly called upon Sole Administrators and President Generals of Town Unions to facilitate the recruitment of willing APC members as Presiding Officers or Assistant Presiding Officers within their respective Local Government Areas, beginning on Tuesday.
It is imperative to highlight that this approach contradicts INEC’s established rules, which grant all interested individuals the opportunity to access the Commission’s website and apply online as the sole criterion for being shortlisted as ad-hoc staff members. The IAGG is deeply concerned about the actions of a senior INEC staff like Professor Agu, who appears to be blatantly disregarding the rules of her position due to her affiliations as a possible APC member, effectively jeopardizing the integrity of the electoral process and tarnishing the neutrality of her role.
In response to these alarming developments, the Imo Accountability for Good Governance (IAGG) sternly warns the INEC Resident Electoral Commissioner in the state to desist from facilitating or supporting any actions that constitute a violation of the law while carrying out her duties. Such provocations will not be tolerated, particularly when they involve an individual like Professor Silvia Agu, who is expected to maintain strict impartiality.
Furthermore, we must not overlook the fact that Professor Agu is currently facing legal charges over her alleged involvement in aiding electoral malpractices during previous elections. The PDP Governorship Campaign Organization calls upon the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, the Inspector General of Police, the Director of the State Security Service, and other heads of security agencies to promptly address this situation. The purpose of this call is to prevent any further embarrassment to our nation during this off-cycle election.
The Imo Accountability for Good Governance (IAGG) remains committed to upholding the principles of transparency, fairness, and integrity in the electoral process. We call on all stakeholders, irrespective of political affiliation, to ensure that the upcoming Governorship election in Imo State is conducted in a manner that reflects the will of the people and upholds the rule of law.
A civil society organisation, Imo Accountability for Good Governance (IAGG), has accused Chinasa Nwaneri, the Special Adviser on Special Duties to Governor Hope Uzodinma of Imo State, of profiting from ‘Criminal activities and extensive extortion of Imo residents’.
James Onwubiko, a human rights lawyer and founder of the group, while speaking in Owerri on Friday, said an independent investigation has shown that Nwaneri has so many accountability questions to respond to.
Onwubiko disclosed that his group received reports from a whistleblower that has connected the influential aide to a nearly-completed multi-billion naira mansion.
“The property, sitting on about 6000 sqm is situated at 1st Avenue, Capitol layout, new Owerri behind the Imo state House of Assembly, currently holds an estimated value of about N1 billion. This value is predicted to increase upon its completion.”
He also queried how a government appointee could afford such opulence.
Speaking further, Onwubiko explained that information at their disposal revealed that Nwaneri operates with several thugs, using them for state-wide extortion under the guise of unregistered taskforces.
Continuing, he said; “Further investigations revealed that Mr. Nwaneri’s ally is a figure known as ‘Pape’, a recognised cultist who terrorises individuals, transporters, and traders that fail to pay mandatory monthly protection fees. Recently, Pape and his gang, operating with government house police officers and two Hilux vehicles, engaged in a violent encounter with Bathos Nwadike, a politician who had fallen out of favour with the administration.”
“Pape’s group reportedly murdered two commercial motorcyclists who fell behind in payment of their two-month arrears of the monthly N300,000 protection fee, despite the government’s prohibition of okada operations in the city. We learnt that community leaders intervened, preventing potential riots and bloodshed in Owerri between Okada operators and the Taskforce in April of this year.”
“Apart from these grave incidents, Mr. Nwaneri has allegedly established over six illegal Task Forces, each generating at least one million naira daily.Bank records reveal that one of the accounts used to receive daily transfers contained payments from the criminal task forces, as well as from government agencies like Owerri Capital Development Authority (OCDA) and Imo State Government’s Environmental Transformation Commission (ENTRACO).”
“Careful examination of PAPE’s account showed an accumulated sum of over N576,000,000.00 (Five hundred and seventy-six million Naira) received from 2021 up to the present time. Additionally, one of the multiple accounts employed for these activities is held in UBA and belongs to ‘Chinwuike Uche Chikwere’ with account number 2127182467.”
“Other accounts include Chinasa’s Domiciliary account and another belonging to ‘Orufe Investment Ltd’, a forex dealing company owned by a friend of Mr. Nwaneri. The identities of individuals managing two other accounts discovered during this investigation remain unknown.”
Meanwhile, the anti-corruption activist urged the Governor and relevant security agencies to disclose Mr. Nwaneri’s statement of accounts to the public.
He also demands that anti-graft agencies initiate a financial investigation into Mr. Nwaneri’s affairs and the Uzodinma-led administration.. “If he has nothing to hide, he should willingly cooperate with the agencies.”
Several Nigerians have taken to social media to criticize the Governor of Imo State, Hope Uzodinma over the state of Education in Imo State.
Trouble began for Uzodinma after a photograph of Students of Emmanuel College, Owerri sitting on the floor to take lectures emerged online. The Photograph, seen below, has since gone viral.
Prior to this development, Uzodinma has faced severe criticisms in recent months following his failure to address Insecurity and the numerous Economic problems of the state.
In the twilight of Former President Muhammadu Buhari’s administration, presidential spokesman, Garba Shehu said the outgoing President was above scandal and did not operate any bank account stashed with proceeds of corruption.
The same, however, cannot be said of some of the cabinet members who served in the administration with allegations of misappropriation of public funds and other corrupt practices hovering around their neck.
Civil society organisations and anti-corruption campaigners have, however, asked President Bola Tinubu to beam a searchlight on some ministries and the former ministers.
Top on the list is the former minister of Humanitarian Affairs, Sadiya Farouq; former Justice Minister, Abubakar Malami; former minister of aviation, Hadi Sirika; and the former minister of finance Ahmed Zainab.
Chairman of the Nigeria Accountability Rights Initiative (NARI), Solomon Adamu,while calling for the probe and arrest of these ministers, stated that it has to be done with expediency as some of the former ministers may leave the country to evade probe.
"We have cases of many ministers who have either been accused of corruption or indicted but the President turned a blind eye. This is not good for a democracy like ours. We, as a group, will like to point the attention of the President to some of these cases that are of interest to Nigerians. It is our hope that he would look into it."
"The Humanitarian Affairs Minister and Minister of Finance still have questions to answer on the multi-billion naira feeding scheme and other social intervention programmes," Adamu added.
Anti-corruption groups, in 2022, submitted corruption allegations against the Attorney General of the Federation and Minister of Justice, Abubakar Malami to former President Muhammadu Buhari, which he refused to act on.”
Amongst other allegations of impropriety, Malami was accused of auctioning sea vessels holding crude oil seized by the Federal Government, in violation of Section 31(2) and (4) of the EFCC Act 2004.
“The AGF also authorized the sale of these vessels by companies under EFCC prosecution for similar offence of illegal bunkering and this action was admitted by the AGF through his media aide pleading presumption of innocence on the part of the accused, in the case being prosecuted by the Federal Government through EFCC,” Adamu stated.
Another anti-corruption advocate, Adebayo Bello,pointed out that the President must arrest and probe the former minister of Aviation, Hadi Sirika over the ‘fraudulent’ launch of the controversial national carrier, Nigeria Air.
The Lagos-based lawyer said Sirika, having spent billions of naira, launched a national carrier that was yet to get the necessary approval. Likewise, the allegations of Sirika spending billions of naira on the project have prompted the nation’s call on anti-corruption agencies to investigate and arrest him.
The calls for his arrest followed the damning revelation by the Acting Managing Director of Nigeria Air, Captain Dapo Olumide, that the aircraft reportedly brought into the country as belonging to the national carrier was actually a chartered plane from Ethiopian Airlines.
“The billions Hadi Sirika used to chatter the Ethiopian plane and paint it before flying into Nigeria can be used to better the lives of Nigerians. There should be consequences for spending taxpayers money in a fraudulent manner. Do you know how many classrooms blocks or boreholes or healthcare facilities that the money can provide? That’s a lot!” Bello opined.
More Photos Of BUA Sugar Plantation Dangote, Coumantaros Wanted To Shut Down
Below are Photographs of the Massive BUA Sugar Plantation and Refinery in Lafiagi, Kwara State.
The Project which is line with the Federal Government's Backward Integration Policy is running and it is the only one of the 3 BIP players that has invested anything significant.
As it stands, the project has two parts working independently but together - a technical component (with a 10,000tcd sugar mill under construction (68% complete with q1 2022 delivery), 220,000mtpa sugar refinery (under construction - q1 2022 delivery), 20 million litres per annum ethanol plant (completed and awaiting commissioning) and 35mw power plant - 80% completed) as well as a plantation component which is 20,000 hectares (Lafiagi had only 5,000 hectares as at acquisition and final handover in 2014) with 6,000 hectares already cleared and about 2,000 hectares under cane (that is, planted).
The Port-Harcourt refinery on the other hand is export-focused and governed by the NEPZA Act. The BUA BIP is the only one with a 3 KM Airstrip capable of landing a Boeing 747 aircraft.
Whilst banker turned TV analyst, chika mbonu was busy spewing lies about satellite imagery reminiscent of the infamous iraqi weapons of mass destruction saga, unbeknownst to him, journalists were on an unpaid media tour of the BUA Sugar Lafiagi plantation to see for themselves and also take pictures and videos that completely debunked his fake, clumsy claims of nothing being on ground. Lol. The truth was far different from what Mbonu was saying on TV.
The plantation is being developed, the ethanol plant is completed and awaiting commissioning, construction of the sugar refinery is at 68percent and shoould be completed alongside the sugar mill in Q1, 2021. Nigerians begin to wonder why the continued onslaught by Flour Mills and Dangote Sugar against BUA Sugar through the use of influencers analysts.
Nigerians online began to ask questions: what does it take to be an analyst? Only chika, his likes can answer.
The public saga around the return of the Paris Club loan funds has taken a strange twist. It seems a coterie of individuals and companies are trying hard to pinch much of the $419 million from the government’s coffers. This is the tale within the tale.
These businesses claim they are due handsome commissions for helping to procure the Paris club paybacks. These claims are dubious and backed by contracts in need of the most ardent scrutiny. The EFCC and the Association of Local Governments of Nigeria (ALGON) scorn most of these claims and cast significant doubt on others. However, the powerful claimants who have swiftly obtained judgments based on these claims are not without their allies. Amassed on their side purportedly stand several ministers and senior members of the president’s staff.
Into the fray insert Governor Kayode Fayemi of Ekiti State. Governor Fayemi, as the Chairman of the Nigeria Governors’ Forum, has publicly called for a moratorium on payment of the controverted amounts so that a forensic audit of the claims can be had.
Having thus set the cat amongst the pigeons. Governor Fayemi has asserted that those trying to pilfer government funds had twice offered him bribes, the first of US$40 million and the second doubling the original temptation. All he had to do was drop his insistence on an audit so that the funds could rapidly pass to the shady claimants. Governor Fayemi says he refused the bribes. That he did not take the bribe is welcome but Fayemi is not to be lauded; for his obligation to the people is only half done. Here we come to the tale within the tale within the tale.
Fayemi is right to call out the crime. However, he is half wrong by naming the crime but not calling forth the criminal. For him to be offered a bribe, not only the amount of the inducement must be known but the identity of tempter as well. Fayemi cannot brag about refusing the bribe yet claim not to know the cut and gait of the would-be briber. Such a scenario is unrealistic. But how can Fayemi in good conscience maintain silence in this regard? The crime charged is not a minor infraction. We are talking about thievery in the hundreds of millions of dollars or billions of naira. This is an attempt to defraud the nation of funds needed to build infrastructure, create jobs and reduce poverty for many. The crime is not simply robbery. It is nothing short of the economic sabotage of a nation already in economic peril.
Given the severity of the crime and the severity of the moment, Fayemi is actually encouraging bribery by refusing to name the culprits. There is no crime without actual criminals and Fayemi cannot claim to be forthright without bringing for the names of those who wanted to bribe. He knows his was not the only the bribers would knock. By failing to expose them, he is tacitly encouraging them to continue their turbid craft.
As the head of the Governors’ Forum and a potential presidential candidate, Fayemi cannot go half way forward and halfway back. Not only does he lay claim to national status due to his position with the governor’s forum, he is also his state’s chief law enforcement officer. By failing to name the culprits, he betrays the essence of his role as governor. He has a moral and legal obligation to report the attempted bribe in all of its details to the law enforcement authorities and to work actively with those authorities to bring the crooks to justice.
If Governor Fayemi wants people to believe that his claim is not merely an empty boast to attract publicity, he needs to say more. He has pledged to serve Nigeria and his state in truth and in honesty. He has a clear and compelling duty to expose corruption. If he does not do so, he but a slick and less than honest politician. He cannot pretend to represent a new generation of politician or a new way of politics if he covers up for those who would do such strong injury to the nation. If he did not kiss the bribers there is no prohibition keeping him from telling us who they are. This will prevent them from doing more harm.
Governor Fayemi, if you want to be president now is the time to show the people that you are made of that timbre. How can anybody support you if you claim to have witnessed an attempted rape of the nation’s coffers yet you fail to name the rapists although you reportedly saw them, face to face.
Time for Fayemi to face the truth. Either he reveals the attempted bribers or he is hiding something he would rather be kept hidden. Governor Fayemi has danced himself into the middle of this controversy. The only way to extricate himself is to disclose all he knows about the tawdry affair. If he does not, then we now his half-disclosure is complete hypocrisy.
The news of last weekend’s presentation to the National Assembly’s Joint Committee on the Petroleum Industry Bill, (PIB) by the Dangote Group, whose members visited the company, sent shock waves to the marrows of the Nigerian oil sector.
In the presentation, the Dangote Group had made a demand that oil import licence be given to only companies with active refinery licences. Chief Strategy Officer of the Group, Aliyu Suleiman, was quoted to have highlighted several recommendations by the company to the committee, among which was this ground-shaking demand.
“Nigeria is exceptional in being a major oil producer with near zero capacity. Though the Dangote Refinery will help address this, there could be periods when petroleum products may need to be imported, such as when the refinery is undergoing turnaround maintenance or if demand grows to exceed capacity. To support this, licence to import any product shortfalls should be assigned only to companies with active refining licences. Import volume to be allocated between participants based on their respective production in the preceding quarter. Such import will be done under the DSDP scheme,” Suleiman said.
The Dangote Group has had an octopodal hold on the Nigerian entrepreneurial and indeed, business sector. From sugar, cement, food items production and to its recent foray into oil production, the Group controls the major artery of entrepreneurship and business as a whole in Nigeria.
With this as background, it would be senseless to ignore whatever contributions the Group makes to the theoretical underpinning of any venture in Nigeria. Added to this is the group’s hold on the governmental class and its ability to blithely swing issues to its sides.
Today, Dangote’s in-road into the oil sector, with its Dangote refinery, is a phenomenal project that the Nigerian government and the people look forward to with baited breath. A 650,000 barrels per day (bpd) integrated refinery and petrochemical project, it is currently under construction at its location in the Lekki Free Zone near Lagos.
By projection, the refinery, upon completion, is primed to be Africa’s biggest oil refinery and indeed, the biggest single-train facility in the world. Its initial completion schedule was 2020, until time put spanners in its works and projected completion time currently indecipherable. There is yet to be an official communication of reasons behind the inability to meet this scheduled date and communication of the sure date that the project would begin to refine petroleum products.
The oil refinery, brainchild of the famous richest man in Africa, Aliko Dangote, is an estimated investment that is worth $12bn and a projected jobs generation of 9,500 direct and 25,000 indirect employments. Part of the oil productions that the Dangote Refinery will bring to table is the production of a variety of light and medium grades of crude. This will subsequently lead to the production of Euro-V quality clean fuels which also included gasoline, diesel, jet fuel and polypropylene.
In the roulette of epileptic fuel supply, the considered inappropriate importation of fuel products shipped abroad as crude, the Dangote Oil Refinery offers a binge of excitements to the Nigerian government and Nigerians in general. Upon completion, it was primed to hold the hope of rescuing Nigeria from the travails of refining petroleum products abroad and shipping same back to the country.
The Nigerian government had looked forward too, to the completion of the Dangote Oil Refinery as a way of ending this roulette of importation of petroleum products and shoring up its foreign exchange earnings. In December 2019, after a four-hour tour of the refinery, the CBN Governor, Godwin Emefiele, said that the federal government would soon start sourcing foreign exchange (forex) from the Dangote Group, after the completion of its refinery, petrochemicals and fertilizer projects are completed. He undertook the tour in company of the President/CE of the Dangote Group, Aliko Dangote; Deputy Governor of the CBN, Aishah Ahmad; Group Managing Director, Dangote Industries Limited, Mr. Olakunle Alake; Group Executive Director of Dangote Industries, Mr. Devakumar Edwin; and the Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje.
In the euphoria of its huge financial leap expectations to Nigeria from the oil refinery business, the project was given very generous concessions by government, one of which is waivers and free access to foreign exchange from the Central Bank of Nigeria (CBN). Though this concession agreement violates the free enterprise rule of the Free Trade Zone policy of the Lekki Free Trade Zone where the Dangote Refinery is expected to operate, government and the FTZ looked the other way.
The strict rule that was manifestly pursued in respect of all ventures operating at the zone is that, every enterprise therein must raise forex by itself and such forex was free from excise duties, as well as nil restriction to the repatriation of the investor’s money if and when the investor deems it necessary. Literally, by getting waivers from the CBN, Dangote Refinery violated this major FTZ operational code but the Group enjoyed this exceptional treatment from the Nigerian government due to expectations from its completion of the refinery.
A few months ago, indications emerged from the Department of Petroleum Resources (DPR) that the Dangote Group might have made an application to the DPR to begin retail trading of petroleum products. In the oil and gas sector, retail trade involves the marketing and distribution and sale of petroleum products purchased wholesale or directly from retail outlets. If this application was granted, the Dangote Group would then have a dual involvement in this sector, or abandon one for the other as the two are not mutually inclusive.
Industry watchers had looked at this sudden veer into petroleum products trade as a huge digression from the known and advertised plan of the Dangote Group which is currently involved with the construction of a petroleum products refinery at the Lekki Free Trade Zone. There were strong indications that the Dangote Group’s veer into marketing and distribution of petroleum products might generally affect the local market and cannibalise it. Why oil products trading should be an agenda on the Dangote Group’s limitless entrepreneurial cravings baffled. If approved by the DPR, this about-turn by the Dangote Group could totally redraw the map of Nigeria’s petroleum products, foil expectations of the people and government and bring the country back to status quo ante.
This latest demand by the Dangote Group from the National Assembly’s Joint Committee on the Petroleum Industry Bill (PIB) beggars explanation. By this demand to have oil import licences given to only companies with active refinery licences, Dangote is seeking to consolidate on its advantageous position in the Nigerian business environment. Having secured huge concessionary from the federal government to build a refinery, the Dangote Group again seeks the bid of same government to monopolise the importation of fuel into the country. If this is granted, there would be a cloning of the same business model that has set the Dangote Cement in a rat race squabble with other producers in the cement sector.
Recall that only recently, BUA Group, a key player in the cement, through its founder, Abdul Samad Rabiu, had been involved in a spat with the private sector-led CACOVID for the purchase of one million AstraZeneca doses of COVID-19 vaccines for Nigeria via the AFREXIM bank for which it paid at the agreed rate of US$3.45 per dose totalling US$3,450,000,000.00 which translating to N1.311billion. However, CACOVID’s clarifications, BUA believed the uproar was due to petty politics, which watchers translated to fallout of the cement industry war.
With its backward integration policy application to the downstream petroleum sector, watchers of the industry wonder what then happened to Nigerian investors who have voted billions of naira into the same venture which the Dangote Group wants devoted to itself alone?
With a refinery construction project in process, why does the Group need to again dominate the importation of fuel business? This is because, its alibi of a periodic Turn Around Maintenance (TAM) of the refinery as reason why it should also superintend over fuel importation lacks cohesion and logic. This is because, TAM is a periodic process and when that happens, modular refineries in Nigeria could fill the gap to cushion the effects of the fuel supply disruption that may be trigger by the TAM.
Monopoly and Dangote Group, it will appear, are Siamese, with all its indications of anti-trust and done in conjunction with successive Nigerian governments when, in fact, it should compete with others. In specific terms, the submission of the Dangote Group on the National Assembly’s Joint Committee on the Petroleum Industry Bill, if incorporated into the PIB that is eventually passed, may not ensure equity and level playing field in the oil and gas industry.
To be honest, I really think Tinubu is the only southern politician that can hold this country together. In as much as no politician is perfect, I strongly believe he has the political toughness to be independent in thought and action.
Been watching this guy for a while, he is a true model for businessmen in Nigeria. Very kind, Compassionate and professional to the core. during the pandemic...the man singlehandedly saved a lot of lives through his donations.
The Nigerian Communication Commission (NCC) have ordered immediate suspension of sale and Activation of new sim cards on all telecommunication companies in Nigeria. This means new SIM CARDS can't be purchased until further notice.
As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt
The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd
Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.
As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte Orders made by the Court granting Innoson leave to enforce the judgment and to issue the processes of executing same.
Whilst resfusing GTB’s application and staying further proceedings the court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; also that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.
GTB however rushed back to the Supreme Court and applied for an order setting aside the Supreme Court’s judgement dismissing its appeal against the above judgement. However, the Supreme Court struck out the motion on Tuesday, November 3rd, 2020.
While Innoson Nig Ltd awaits GTB to come up with a payment plan for it’s over N32Billion Judgement debt, GTB resorted to a scheme of de-registering itself as a public limited liability company and re-registering itself as a private limited liability company and a financial holding company as well. Innoson Nig Ltd, as its creditor, has as a result sued GTB at the Federal High Court and therein seeks the following order of perpetual injunctions:
(a) restraining the 4th Defendant (Corporate Affairs Commission) from deregistering the 1st Defendant (GTB) as a public limited liability company and or re-registering the 1st Defendant (GTB) as a private limited liability until it-GTB- pays the outstanding judgment debt of N32, 875, 204, 984.38k arising from Suit Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in appeal Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd;
b. an order of perpetual injunction restraining the 4th Defendant (Corporate Affairs Commission) from registering or re-registering the 1st Defendant (GTB) as a holding or financial holding company whether as a public or private limited liability company until it- the 1st Defendant(GTB) -pays Innoson Nigeria Ltd the outstanding total judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
c. An order cancelling the 1st Defendant’s (GTB’s) special resolution and or any other of its resolution that it should be deregistered as a public limited liability company and or be re-registered as a private limited liability company and or a holding company until it -the 1st Defendant (GTB)- pays Innoson Nig Ltd the total outstanding judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
d. an order setting aside the 3rd Defendant’s (Security and Exchange Commission) No -objection to 1st Defendant’s proposal to be re-registered as a private limited liability company and as a holding or a holding financial company:
e. an order setting aside the 2nd Defendant’s (Central Bank of Nigeria) approval -in- principal granted to the 1st Defendant (GTB) to operate as a holding or a holding financial company.
f. an order of perpetual injunction restraining the 2nd Defendant (Central Bank of Nigeria) from granting the 1st Defendant (GTB) a financial holding company license and or a final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st Defendant(GTB )pays the Plaintiff(Innoson Nig Ltd) the total outstanding judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-Five Million, Two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.
Cornel Osigwe Head of Corporate Communications and Affairs IVM Innoson Group
Despite the fact that GTBank is restricting the access its customers have to foreign exchange, including their own foreign exchange in their own personal and corporate accounts, and in addition to the general economic downturn which has led to increased layoffs, salary reductions, and general economic hardship, CEO of GTBank (rumored to be the incoming chairman of GTBank Holdings), Segun Agbaje has splurged on a $180,000 Mercedes S560 Maybach edition in Magnetite Black Metallic colour.
Converted to Naira, this vehicle costs a whopping N82 million and after shipping and Customs duty payments, would be well more than N120 million.
Certainly bank MD’s must move in style but this opulent display of wealth in a period of economic downturn, especially when employees are being asked to stomach austerity measures is a bit lacking in empathy.
The stunning Mercedes Benz motorcar with personalized license plates “S007” was spotted outside one of Lagos most expensive brunch café’s close to GTBank HQ in Lagos. S007 is a fitting name for the vanity plates, as even James Bond who uses an Aston Martin DB9 from time to time would be blown away by such a wonder on wheels as is the Mercedes Maybach.
Mr. Agbaje’s S560 comes with Vanity Plates James Bond will identify with.
According to carbuzz.com, some of the luxurious features of this vehicle include: 4.0-liter Twin-Turbo V8 Gas engine, The front apron also features chrome inserts, and the multi-element LED headlights feature Maybach’s signature Stardust effect.
Each and every 2020 Maybach S is fitted with all-LED interior lighting (three-zone 64-color to be exact), four-zone automatic climate control, heated and ventilated 12-way power front seats with memory and massage functions, as well as heated and ventilated rear seats with heated armrests. Basically, both the front and rear seats are full house. The windshield is heated, and those in the back get power sunshades. There’s a HomeLink garage door opener, a head-up display, and inductive wireless charging with NFC pairing. Optional interior features include folding tables for the rear seats, heated and cooled rear cupholders, a refrigerator box for the rear cabin, and even a set of handcrafted silver champagne flutes.
On the bright side, the car which goes from 0 to 60 In 4.8 seconds, will help ensure that the outgoing bank CEO is never late to meetings.
GTBank customers are unable to spend more than $200 monthly using their Mastercard. This is hardly enough for entrepreneurs who have to pay for staples like server, software and other subscriptions online.
Also banking customers are unable to withdraw foreign exchange over the counter, if the funds were transferred into their account. Restricting customers access to their funds for frivolous reasons would normally lead to a run on the bank in saner climes but Nigerians are after all, very used to suffering and smiling.
Politics / CSO Raises Alarm As Uzodinma, Agu, Ikpamezie Register APC Members As INEC Staff by AlphaSentinel: 8:31am On Oct 03, 2023 
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