After several months of legal tussle between Zenith Bank Plc v Real Integrated & Hospitality Limited and State Universal Basic Education Board (SUBEB) Gombe State, a three-man panel in the Court of Appeal sitting in Lagos led by Justice Muhammed Sirajo in Appeal No:CA/LAG/CV/262/2022 – have unanimously upturned the Lagos State High Court judgment of Justice O. O. Abike-Fadipe over claims that; on March 8, 2022, there was a breach of contract because on October 7, 2011, Zenith Bank refused Real Integrated to withdraw from its Account No. 1012465427. In her judgment, she directed Zenith bank to pay an interest of 15 per cent per annum on the N872,780,522.84 from May 17, 2011, when the advanced payment guarantees expired till judgment and thereafter at the rate of 10 per cent per annum until final liquidation
Through Zenith Bank’s team of counsel led by Prof. Fabian Ajogwu, SAN and Mr Sylva Ogwemoh, SAN, the bank challenged Justice O. O. Abike-Fadipe’s decision of awarding N2,500,000 as the cost of the action in favour of Real Integrated. The legal team via valid argument backed by proofs argued and sought an order setting aside the lower court decision on the ground that it acted in full compliance with its contractual obligations in line with the Advanced Payment Guarantee (APG) contract and that the trial court was wrong. The Court of Appeal, in a unanimous decision on November 23, agreed with the bank’s submission and resolved all the issues raised in its favour. It was gathered that; the 1st Respondent, through its Counsel, E.O Jakpa, argued that the bank breached the contract while SUBEB Gombe State did not contest the Appeal.
Apart from the appellate court setting aside the judgment of Justice Abike-Fadipe, the judge also awarded a cost of N200,000 against Real Integrated & Hospitality Limited and in favour of Zenith Bank. The appeal court further stated that the lower court judgment was upturned on the ground that the trial court was wrong to have presumed that the bank withheld the full account statement of Real Integrated in the light of Exhibit C6 (the comprehensive Statement of Account of Real Integrated), which was tendered by the bank for a limited purpose, adding that there was no need for the lower court to have invoked Section 167 (d) of the Evidence Act, 2011 against the bank.
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Inaugural flight: Green Africa begins operation in Ibadan Airport
Green Africa Airline today, 12th of October, 2023 joins the league of other existing airlines operating in Ibadan airport.
The Founder and Chief Executive Officer, Babawande Afolabi officially announced the commencement of operation at the inaugural flight ceremony which was graced the deputy governor of Oyo state, some chieftains and some state house of assembly Honorables.
The airline is scheduled to operate throughout the week except on Wednesdays and will cover Ibadan, Lagos and Abuja.
Storm Exchange Your Trusted Solution For Digital Currency Exchange
Storm Exchange over the years have been confirmed to be one of the most reliable platforms to trade digital currency. The platform has also gained wide recognition due to their reliability and swiftness.
Udeogu Chinedu Paul, CEO Storm Exchange is from the Eastern hemisphere of Nigerian but his platform is known all over the world as of today.
Udeogu Chinedu Paul was born on the 1st of April, 1998 and attended Saint Paul primary school and later attended Ikwodiaku Primary school, Awka before later proceeding to Bishop Chrowther Seminary, Awka.
Speaking to newsmen about his journey to being a successful trader, he explains that his secret is simply fear of God. If you include fear of God in everything you do, success will eventually embrace you.
I have never doubted myself from day one, I have never had any plan to be dubious because I know it won’t end well.
The fuel of my success however, is swiftness, reliability and trustworthiness.
I always mention trustworthiness because what I am enjoying today mostly is referrals. My clients always refer me to their friends and family simply because of my level of trustworthiness.
Going forward, Paul sends a strong message to other trading platforms that the digital world is here to stay, it has rapidly evolved and the sky is wide enough for every trader to trade. He therefore, advises them to invest more in trustworthiness for it is the fuel to being a successful trader.
When Paul was asked where he would love to be in few years time, he said he is not stopping until he becomes the number one trader in the whole world. He plans to have the strongest platform in the whole world and prays that God grants his wishes.
Stock market jumps to 15-year high after Emefiele’s suspension
The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.
According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.
The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.
It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.
The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”
Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.
The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.
Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”
Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.
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