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Keystone Bank sued for alleged non-remittance of $17 million to TSA

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An Abuja-based lawyer, Johnmary Jideobi, has sued Keystone Bank for alleged violation of the Treasury Single Account (TSA) policy.

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The bank was accused of not remitting $17 million to the TSA.

The bank is among the seven banks the federal government alleged to have connived with CBN some government agencies to illegally conceal $793.2 million meant to have been transferred to the TSA domiciled in the Central Bank of Nigeria (CBN).

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The government had, in the suit, alleged that $17 million out of the said amount was illegally hidden in Keystone Bank.

The fund in Keystone Bank and the six other banks were alleged to be revenues, donations, transfers, refunds, grants, taxes, fees, dues, tariffs etc accruable to the federal government from different ministries, departments, parastatal agencies.

But the Nigerian government, on August 9, 2017 withdrew the suit.

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The application with the suit No. FHC/ABJ/CS/1269/17 has the bank (Keystone), the Attorney General of the federation and President of Federal Republic of Nigeria defendants.

According to the court processes by Jideobi, which was released to newsmen Wednesday, the plaintiff (Jideobi) said on June 13, the 1st defendant in this suit filed its counter-affidavit and a written address dated June 12 in opposition to the plaintiff’s originating summons filed on December 21, 2017.

Jideobi in the papers informed that, in the counter-affidavit of nine (9) paragraphs, the 1st defendant offered mealy-mouthed, tenuous, weak and bare denials of the affidavit of facts that accompanied the plaintiff’s originating summons.

According to Jideobi, the 2nd and 3rd defendants in this suit, despite being served with the plaintiff’s originating summons as far back as February 14 have not filed any counter-affidavit or written address in opposition to the claims which the Plaintiff has tabled before Tribunal of Justice.

Jideobi therefore wants the court to declare that paragraph 4.21 of the guidelines on the implementation of the TSA/ e-collection prepared by the Office of the Accountant-General of the Federation dated September, 2015 is unconstitutional and therefore void in view of the combined provisions of Sections 80(1) and Section 162 (1) of the amended 1999 Constitution of the Federal Republic of Nigeria.

He prayed for an order declaring void the purported approval of the president (3rd defendant) for the exemption of Nigerian Petroleum Development Company Ltd.’s account from the TSA and other approval(s) given to any other ministry, department and agency of the federal government of nigeria same being unconstitutional and ultra vires the powers of the president.

Jideobi also prayed for an order of perpetual injunction restraining both the 2nd and 3rd defendants and every person or authority acting under their command or exercising the executive powers of the federation from further granting or purporting to grant a waiver to any person, ministry, department or agency of the federal government from complying with the peremptory dictates of treasury single account ordained by the provisions of sections 80(1) and section 162 (1) of the amended 1999 constitution of the Federal Republic of Nigeria.

He also sought a mandatory order compelling the 1st defendant to promptly sweep into the treasury single account all the liquid of NPDC and particularly, the unremitted funds being about $17,000,000 and such other unremitted funds belonging to the federal government of Nigeria being unlawfully withheld from the federation account domiciled with the 1st defendant.

November 6 has been fixed for hearing of the case.

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

 

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Upwardly mobile Evangelist, Prophet Idowu Fasola, otherwise known as Broda Woli has launched his inspirational book, ‘Knowing Your Position in Christ’ on Amazon.

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‘Knowing Your Position in Christ’ is an exciting book that uncovers the reader’s identity and purpose as a Christian.

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According to the author, in the book, readers will “learn that, through your faith in Jesus, you’re welcomed into God’s family with open arms. You gain salvation, righteousness, and an incredible inheritance. This book will help you grasp your new identity in Christ and inspire you to live in a way that truly honors God.”

 

Prophet Fasola (Broda Woli) is the Shepherd-in-Charge of Celestial Church of Christ Hirahjahman Parish. He has a deep understanding of the teachings of Christ and a passion for sharing them with others.

In addition to his spiritual gifts, Prophet Fasola is also versatile in many other areas, including Writing, Songwriting, Content
Creation, Video editing, Graphics Design, and using social media to spread the gospel of Jesus Christ.

Through his book, Prophet Fasola aims to inspire and guide others to better understand their position in Christ and to live out their faith in meaningful ways. With his passion for sharing the message of hope and love found in Jesus Christ, Prophet Fasola is dedicated to helping others grow in their relationship with God and to live a life of purpose and fulfillment.

 

Read book here:

 

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

 

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Abayomi Segun Oluwasesan who confessed to have committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System to the tune of $87m has been remanded at the Nigerian correctional service, Suleja Custodian center.

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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The suspect along side his wife, Tijani Anjolaoluwa were unable to perfect the stringent bail conditions given them by the high court. Thus, they were remanded at the Suleja prison till the next hearing.

 

 

 

Meanwhile, two of the major suspects fingered in the allegation of cyber bullying and cyber stalking of the Chief Executive Officer of Afriq Arbiritage System, Prince Humble Eteng and Engineer Fimienye Awajioma have been arrested by the police.

 

 

It would be recalled that the board of directors of Afriq Arbitrage Systems after an emergency meeting last week condemned in strong terms the attitudes of Prince Humble Otu Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against him, his family and organisation.

 

 

 

After due diligence in their investigation, we reliably gathered that the police were able to track the two suspects and are currently being interrogated at the IGP special investigation unit.

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Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

 

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…Over wrongful sale of Intercontinental Hotels

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

 

 

 

 

Milan Industries claims N850 billion damages against AMCON

 

 

 

 

 

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

 

 

 

 

 

 

 

 

 

 

 

 

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

 

 

 

 

 

 

 

 

 

 

 

 

The firm in its statement of claim, said “despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

 

 

 

 

 

 

 

 

 

 

 

 

 

According Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

 

 

 

 

 

 

 

 

 

 

“The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

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