The United Bank for Africa (UBA) Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano.
The bank’s action followed an order of the Federal High Court in Lagos over an alleged N156,026,032,804.84 debt.
Last Friday, the bank’s receiver-manager, Romeo Michael, and court bailiffs, under police protection in the three cities, executed the interim orders delivered by Justice Akintayo Aluko on October 20.
The judge made the order after hearing Temilolu Adamolekun, who appeared with Mohammed Usman, moving the motion ex parte as counsel for the plaintiff/applicants in the suit.
The order subsists pending the hearing and determination of the motion on notice.
The case was adjourned till November 20 for hearing of the Motion on Notice.
The order also affects the defendants’ funds totalling N156 billion in commercial, microfinance and other financial institutions across the country.
The first to fourth plaintiffs/applicants in the suit are: UBA Plc, UBA Cameroon SA, Cote D’Ivoire SA, and Romeo Ese Michael.
The first to 11th defendants/respondents are: Stallion Nigeria Limited (in receivership), Von Automobile Nigeria Limited, Popular Farms and Mills Limited, Havana Nigeria Limited.
The other defendants are: KRBL Food Industries Limited, Qingqi Motorcycle Manufacturing Limited, Stallion Auto Keke Limited, Stallion Motors Limited, The Honda Place Limited, Yokohama Construction Limited, and Mr. Sunil Vaswani.
In granting UBA’s prayers, Justice Aluko also restrained the defendants, their directors, shareholders, employees, officers, and agents, from interfering with or frustrating the receiver/manager from exercising all the powers vested in him or performing his duties as receiver of the mortgaged properties, among others.
According to the affidavit deposed to on October 18 by Mr. Anthony Chilaka, Group Head, Recovery and Remedial Management Department of the first to third plaintiffs’ companies, UBA, in 2014, gave various credit facilities to the first defendant (Stallion Nigeria Limited).
Both parties agreed that the credit facilities could be used and were used by Stallion’s sister companies, that is, the second to 10th defendants, in accordance with the offer letter.
As security for the various loans, the defendants mortgaged their aforementioned assets in Port Harcourt, Lagos, and Kano.
Sometime in 2014, Stallion Motors (eighth defendant) was awarded a contract by the Federal Government to supply 700 Ashok Leyland trucks/Stallion troop carrying vehicles and 50 Falcon-seater buses to be used by the military with the understanding of the parties that the receivables from the Federal Government would be paid into Stallion Account with UBA.
But after delivering the vehicles to the Federal Government, Stallion Motors allegedly directed the government to make the initial payment of $50 million into its Dubai account and also received another N8.2 billion into its offshore account, rather than to its UBA account, as agreed.
UBA alleged that the defendants failed to clear their debts totalling N156 billion.
[Nation]
President of Kingsway International Christian Centre (KICC), Matthew Ashimolowo has urged the Federal Government to create short, medium and long term measures to address the chronic poverty in Nigeria.
He advised the Federal Government to adopt ‘Keynesian economics’ to boost production
The clergyman lamented that Nigerian business owners are constantly harassed by federal and state revenue collection agencies.
He urged the government to support business owners instead of empowering few rich men who cannot employ more than 100,000 people.
Ashimolowo shared his view during an interview with newsmen at the end of a six-day long Christ Compassion Crusade 2023 at the Igbogbo Stadium in Ikorodu, Lagos.
Speaking on palliatives, he argued that it is not the answer to the situation in the economy.
Ashimolowo said, “In the short-term, government should apply ‘Keynesian economics’, which argues that government should encourage industries to overproduce and then buy the excess, that way, there will be production, when government buys off the excesses and gives to the poor.
“In the medium term, the government should take away the power of over-empowering few very rich men that we keep celebrating as multi-billionaires meanwhile they cannot employ more than 100,000 people. Government should rather encourage small and medium enterprises, Nigerians are very entrepreneurial by nature, there is no house that does not have a shop in front of it, government calls them a setback but it is not a setback, those small shops should be empowered.
“In the long term, the government must encourage industries to come up. They say it is easy to do business in Nigeria, it is a lie, I have businesses in Nigeria, it is not easy to do business, if you are doing business in Nigeria, you are harassed by the Federal Inland Revenue Service and the local inland revenue service.
“Palliative is not the answer, I think palliative is short term, we don’t call our own palliative. The dictionary definition of palliative is something you give a man that is sick as temporary reprieve. Ours is not that, ours is to bless, we are here to touch people and show them compassion, we are not government.”
The African Development Bank (AfDB) has finalized the agreement to allocate $618 million to Nigeria through the Investment in Digital and Creative Enterprise (i-DICE) initiative.
Mr Lamin Barrow, the Country Director-General for Nigeria at the AfDB, shared with the News Agency of Nigeria (NAN) in Marrakesh, Morocco, on Sunday that the Nigerian government is currently in the stages of hiring a fund manager for the project.
Nigeria launched a 618 million-dollar technology fund for young investors under the iDICE programme on March 14.
The fund, introduced by ex-Vice President Yemi Osinbajo, sought to assist investors grappling with fundraising challenges in Nigeria’s technology and creative sectors.
The AfDB plans to contribute $170 million, the Agence Francaise de Developpement is set to contribute $116 million, and the Islamic Development Bank will invest $70 million.
Barrow said the implementation of the project was staggered because of Nigeria’s government transition.
- “We were caught up by the transition of government and you have to allow the new government to settle in.
- “The steering committee, chaired by the vice-president with membership from the Ministries of Finance, Trade and Investments, Communication, Science and Technology, Information and Culture, met and received a briefing.
- “We are now at the point of disbursement and the team has assembled the necessary procurement work.
- “This has to do with the recruitment of the transaction adviser and the Expression of Interest for firms that want to manage the DICE funds,’’ he said.
Collaboration with the French Government
In addition, the project also got the French government’s approval, with a financial commitment of millions of dollars.
Recall that the French Minister, Catherine Colonnade, who visited Nigeria last week pledged support to the programme, noting that it can create 65,000 startups in the country.
Barrow, the Country Director-General for Nigeria at the AfDB, also agreed with the minister, saying there is a collaborative effort between the bank and the French government in investing in the project.
- “Last week, the French minister that visited Nigeria signed the agreement for the co-financing as DICE is being co-financed by the French Development Agency and the Islamic Development Bank. All the processes are now virtually completed.
- “The important thing is that the fund and the recruitment processes for a fund manager will soon occur.
- “The fund will be independently managed by the fund manager who will also contribute to the fund by supporting start-ups,’’ Barrow said.
[Nairametrics]
Spiritual Father and Chairman of the Cherubim and Seraphim Movement Church Worldwide, Prophet Samuel Adefila Abidoye, has died.
Naija News reports that his death was confirmed by the Secretariat of the church headed by the Secretary-General, Special Apostle Ademola Odetundun.
The Secretariat disclosed that the Spiritual Father died Sunday morning at about 10:00 am at the age of 103 in his Ilorin home, the Kwara state capital.
Narrating how he died, Apostle Odetundun said that the late spiritual father had his breakfast, almost dressing up to prepare for service, when he said that he wanted to rest for a while.
“He passed on peacefully, thereafter”, he said, adding that burial arrangements would be announced later.
Baba Aladura, Dr. Prophet Samuel Adefila Abidoye was born on June 26 as a Prince at Omu Aran, Irepodun Local Government of Kwara State. His father was Odetundun Abegunde, who was Oba Olomu of Omu Aran, which was in Ilorin Province at the time. His mother’s name was Tinuade Tinuola, daughter of Niniola, a princess of Oponda in the present Isin Local Government of Kwara State.
He started schooling at N. A. Primary School, Omu Aran in May 1934. He lost his father on the Valentine’s day of 14th February 1938 which made the Lovers’ Day especially memorable to him personally. Around 1938, a Reverend Man of God, Senior Apostle Prophet Peter Oyinloye from Rore near Omu Aran, introduced Baba Samuel Abidoye to the Cherubim and Seraphim Church. Meanwhile, just as other converts in other folds, this new convert and others were made to memorize the catechism, which they had to recite before baptism. Thereafter, he was given the grace of seeing our Lord Jesus Christ in his dreams and in a trance in 1958.
Xabi Alonso the coach of German side, Bayer Leverkusen has cried out over the timing of the 2023 Africa Cup of Nations (AFCON)
The next edition of AFCON will run from January 13 to February 11, 2024 in Cote D’Ivoire.
Leverkusen will be without five regular stars during the period.
Two Players, Victor Boniface and Nathan Tella could miss playing for Leverkusen for the period of AFCON if called to camp by Super Eagles of Nigeria coach, Jose Peseiro.
Moroccan forward Amine Adli, Burkina Faso centre-back Edmond Tapsoba, and Ivorian defender Odilon Kossounou are the other players Leverkusen could miss during the AFCON finals.
Alonso said it is a situation his team has to deal with.
“It is a concern for January and February, perhaps not having five players. It is a reality. We have to accept that,” Alonso told Transfermarkt.
[Newsguru]
Johnny Drille, the Nigerian singer, has detailed how he met Rima Tahini, his wife.
Born John Ighodaro, Drille tied the knot with Tahini, Mavin Record director of A&R and a senior associate of Kupanda Capital, on January 5, 2022.
In a recent interview, Drille revealed Tahini was not just his first girlfriend but also the first woman to hear him say ‘”I love you”.
“The first time I saw her was at one of my shows in 2018. She was sitting in the front row next to a white woman. At some point, I thought both of them were white. She is mixed race,” he said.
“So, when I was working on another show in Abuja, we got talking. We met in October and by January, I knew I was going to marry her. And I told her I was going to marry her.
“For me, it was deep conviction. A lot of people will not believe this but she was my first girlfriend. I never had a girlfriend before her. I married the first woman that I said ‘I love you’ to.”
Tahini shared a video earlier in the year to celebrate what appeared to be their first wedding anniversary.
“Exactly a year ago yesterday – the most beautiful day, and it’s been the most beautiful 1st year of marriage. I am filled with gratitude to God everyday and look forward to forever by his grace!” she wrote.
[TheCable]
LeBron James claimed 32 points and 11 rebounds as the Los Angeles Lakers ended a three-game losing streak with a 122-119 win at the Phoenix Suns.
Kevin Durant scored a game-high 38 points for Phoenix in what was both teams’ in-season tournament opener.
The Suns led 96-89 at the end of the third quarter after Durant scored nine points in a span of 71 seconds.
But the Lakers opened the fourth quarter with an 11-0 run to take the lead and ultimately held on.
After missing Wednesday’s game at Houston with a hip injury, Anthony Davis added 18 points for the Lakers, who won on the road for the first time in six tries.
Both teams now have a 4-5 record this season, with the Suns having played without Devin Booker (calf) for the seventh time in eight games.
There were a total of nine NBA games played on Friday, all part of the league’s new in-season tournament.
Luka Doncic scored 44 points on 17-of-21 shooting as the Dallas Mavericks beat the visiting Los Angeles Clippers 144-126. Kyrie Irving added 27 points for Dallas, who are now 7-2.
The Philadelphia 76ers enjoyed a seventh straight win as Joel Embiid had 33 points and 16 rebounds in a 114-106 win at the Detroit Pistons.
Jaylen Brown scored a game-high 28 points to help the Boston Celtics end a two-game losing streak with a 121-107 home win against the Brooklyn Nets, with Jayson Tatum adding 23 points.
Antetokounmpo scores 54 points but Bucks defeated by Pacers
Karl-Anthony Towns scored 29 points as the Minnesota Timberwolves came from behind for their fifth straight win, beating the San Antonio Spurs 117-110, despite 29 points from number one draft pick Victor Wembanyama.
Fred VanVleet drilled two late three-pointers as the Houston Rockets rallied from a 10-point deficit in the fourth quarter to win 104-101 at home to the New Orleans Pelicans.
Mark Williams had 21 points and a career-high 24 rebounds as the Charlotte Hornets won 124-117 at the Washington Wizards.
Elsewhere, the Sacramento Kings won claimed a 105-98 home win against the Oklahoma City Thunder while the Utah Jazz recovered to win 127-121 at the Memphis Grizzlies.
[Leadership]
Experts at the 2023 Africa Retail Congress harped on how retailers across Nigeria and Africa can leverage the rise of data analytics and big data to drive a better understanding of the industry, consumer and market in general.
During the panel discussion featuring industry giants from diverse niches such as e-commerce, banking, fintech, FMCG, etc, not only the importance of data was emphasized but also the kind of data and how to interpret them for better performance.
Bankers need the application of retail knowledge in their business
On his part, Olu Akanmu, the former CEO of Opay said not only retailers in the FMCG or e-commerce need the application of retail knowledge but bankers too.
He compared the retailing of goods and services to banking and its products.
He said bankers should deviate from the conventional approach they judge performance but instead look into individual customer data and how they transact with the bank.
- In his words, “If we take a retail mindset to look at the business of the branch and granulate it and pass it from the foundation. How many customers have we got in this branch? How many of them come in to do transactions every 30 days? …how much are you making per customer? You can begin to form that into the revenue you make on a monthly basis. What will be the incremental value in revenue if the customer uses more products or services of the bank?”
He opined that people who do their retail banking business this way are bound to be better retail bankers than the traditional way people do branch banking and further advised the alignment of data architecture to the retail business model.
Data whether big or small should be contextualised
Bayo Adekanbi, the CEO of Data Science Nigeria, deviated from the emphasis on big data and opined that there are tons of small data retailers can use to better understand their business.
He also said there are a lot of disjointed data that retailers cannot make sense of through contextualisation.
- He said, “There is so much that we have all over the place that we need to have a way of touching the data so that they can speak to themselves because data is only powerful when disparate, disjointed data are aligned together so that we find common patterns in margins and this is critical because people are not statistics, they are bundles of emotions and it is in aggregating data that we begin to segment people and outcomes”
Customers’ online experience should be seamless
On the strategies traditional brick and mortal businesses can use to make a seamless transition into the digital era, Jan Tucker said retailers should design the online store to be similar to the physical in look and feel.
That is the customer experience and journey should be similar to what obtains in the physical store.
The CEO of Konga, Nnamdi Ekeh said financial inclusion goes beyond connecting people to the financial system, but the bigger problem is “financial colonialism” with the prevalence of USD in the economy and payment difficulty being experienced by small businesses when trying to make international payments.
Other speakers at the event spoke on privacy and security of data and why retailers should ensure customers’ data is used for what it is stated for.
[Nairametrics]
Grammy-winning Nigerian singer, Ayodeji Balogun, popularly known as Wizkid, shone at this year’s British Photography Awards, BPA, held in London at the weekend.
The Starboy’s performance picture at Glastonbury Festival earlier this year won the Event Category Award at the 2023 British Photography Awards.
The iconic picture was taken by London-based freelance photographer and graphic designer Nick Haill.
Wizkid has now become the first Nigerian celebrity whose image won a British Photography Award.
The Recording Academy, organisers of the Grammy Awards, have postulated that there is no Afrobeats star or African artist who is “bigger” than Nigerian singer Damini Ogulu, aka Burna Boy.
The Academy made the assertion in a statement published on its website on Saturday, congratulating Burna Boy and other nominees for the newly created Best African Music Performance category at the 2024 Grammys.
The Grammys said Burna Boy is “firmly in his imperial era” havimg collaborated with “global stars such as Ed Sheeran and Justin Bieber,” and also earned his first UK No. 1 album this year with “the classic hip-hop influenced I Told Them…, featuring appearances from 21 Savage, J. Cole, RZA, and GZA.”
The Academy said, “There’s not a bigger star in Afrobeats, or even the whole of Africa itself, than Burna Boy. He nabbed two consecutive Best Global Album GRAMMY nods for his albums Twice as Tall and African Giant, and he’s also collaborated with global stars such as Ed Sheeran and Justin Bieber.”
DAILY POST reported that Burna Boy’s ‘City Boys’ was nominated in the maiden Best African Music Performance category at the 66th Grammys.
‘City Boys’ will contest the award with Davido and Musa Keys’ ‘Unavailable,’ Ayra Starr’s ‘Rush,’ Asake and Olamide’s ‘Amapiano, and Tyla’s ‘Water.’
Burna Boy also bagged nominations in three other categories; ‘Sitting On Top of the World’ featuring 21 Savage – Best Melodic Rap, ‘I Told Them’ – Best Global Music Album, and ‘Alone’ – Best Global Music Performance.
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Arsenal head coach Mikel Arteta has hailed Leandro Trossard following his side’s Premier League win over Burnley on Saturday.
Arteta said Trossard connects everyone, adding that the Arsenal forward is so intelligent.
He was impressive for Arsenal against Burnley at Emirates Stadium.
The Belgian scored a goal as Arsenal defeated Vincent Kompany’s side 3-1.
Speaking about Trossard’s display, Arteta said at his post-match press conference, “That is the word – I think he connects everybody. He’s so intelligent.
“I think he moves in ways that attract people that generate spaces and options for people.
“Today he did that really good because it was so difficult and the spaces were so small to attack. He gave us a lot of threat and possibilities to connect and find spaces for us.”
[DailyPost]
Award-winning Nollywood actor, Emeka Ike is in a state of mourning as his mother, Mrs. Comfort Ike has died.
The movie star announced the passing on of his mum via hia official Instagram page on Saturday, November 11, 2023.
Comfort at the at the time of her death was 90 years old. Emeka Ike who addressed her as his hero, said she touched lives and accomplished a lot as a preacher and Christian.
Sharing a black video, he wrote; “My hero is gone, RIP world Mother. We will hold on to the love you showed humanity”.
Former Big Brother Naija housemate Leo Dasilva, has tied the knot with his lover, Maryam Laushi.
The marriage traditionally took place on Saturday in Kaduna State.
Congratulatory messages have been pouring in from his colleagues and friends .
DAILY POST recalls that Leo and Maryam got engaged earlier this year.
Leo rose to fame after his appearance on season three of the reality show show in 2018.
Leo’s wedding comes at about the same time when another BBNaija star, Chizzy Francis, tied the knot with his lover in Anambra State.
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Media
Former Big Brother Naija season 7 housemate, Chizzy Francis, has tied the knot with his lover.
The traditional wedding of the reality star took place on Saturday in Anambra State.
In a viral video on social media, Chizzy’s wife could be seen kneeling to offer him a drink as part of their tradition.
Chizzy, who is yet to announce the news, shared a picture of himself via his Instagram page.
He captioned it, “it is not how far, but how well”.
Some of his colleagues who congratulated him include Doyin, Groovy, Phyna, Amaka, Christy O, Allyson and Modella.
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