Connect with us
Advertisment

Business

REVEALED! LETTER OF LOAN AGREEMENT BETWEEN GTB/INNOSON…….THE STORY OF N559 EXCESS CHARGES

Published

on

GTBank Releases Q1 2021 Unaudited Results...Reports Profit before Tax of ₦53.7 Billion

 

Advertisment

In-depth investigation into the claim by Chief Innocent Chukwuma, the owner of Innoson Nigeria Limited, that the sum of N559,374,072.09 was withdrawn from his account by GTB is appearing to be a far exagerattion of the truth as documents emerging from the court and  law enforcement agents is proving otherwise

It would be recalled that Chief Innocent Chukwuma had claimed that GTB withdrew from his account the sum of N559,374,072.09 in excess charges. It was on the basis of this  claim that Innoson acquired  judgment to the tune of N4.7bn from the Federal High Court Awka. At first glance, one could assume the bank debited funds in Innosons account but in the real sense, the N559m represent the interest portion of the N2.4bn loan that he took from the Bank.

Advertisment

Below is the actual fact of the matter:

The History of the N559 Million Excessive Charge Claim by Innoson

In December 31, 2011, Innoson’s account with the bank was in debit of N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only). This means that rather than having money in his account, Innoson was owing the bank this amount as debt for loan which he had collected. However, the EFCC tried to broker a settlement between the Innoson and GTB, which would involve the settlement of Innoson’s indebtedness to the Bank, in view of the fact that Innoson had fraudulently acquired Imported Goods bought solely in the bank’s name.

Advertisement

During the criminal investigation, EFCC got an independent party to reconcile the accounts of Innoson with the Bank. Upon conclusion of the reconciliation, the independent third party’s view was that the indebtedness of Innoson was N1.09billion and that the sum of … were default interest accrued on the loan. However, in the spirit of resolving the issues amicably, the Bank agreed to forgive Innoson of the default accrued interest, so long as Innoson paid, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Innoson agreed and requested for a letter to that effect. Here is the letter GTB sent to Mr Innocent Chukwuma, owner of Innoson, in September 2012:

“Dear Sir,

INDEBTEDNESS OF INNOSON NIGERIA LIMITED

We refer to the indebtedness of Innoson Nigeria Limited (“the Customer”) to Guaranty Trust Bank plc (“the Bank”), secured by your Personal Guarantee which by our records was N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only) as at December 31, 2011.  In addition, we refer to the reconciliation that has been conducted between representatives of the Customer and the Bank, further to which the sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) was agreed as the reconciled indebtedness of the Customer to the Bank, having deducted alleged excess charges.

As you are aware, the above sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) is the reconciled indebtedness of the Customer to the Bank as at December 31, 2011, and the Bank is entitled to charge interest in accordance with terms indicated in the underlying facility agreements from January 2012 to date.

However, the Bank has decided, in the spirit of amicable resolution, to accept from the Customer, or from you in pursuance of your Personal Guarantee, the said sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) in full and final payment of the Customer’s indebtedness to the Bank, provided that same shall be fully paid not later than thirty (30) days from the date of this letter.

Please note that in the event of failure by the Customer and you, in pursuance of your Personal Guarantee, to fully pay as herein advised, the Bank will be constrained, to reverse the concession herein granted, and charge interest appropriately on the said conceded indebtedness of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) from January 2012, until same is fully paid. The Bank shall thereafter be constrained to commence recovery steps against you as Guarantor, to ensure the recovery of the said indebtedness without further recourse to you”

Advertisment

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Dana Airline: How Long Should We Pamper Death? …Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

Published

on

Dana Airline: How Long Should We Pamper Death? ...Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

Dana Airline: How Long Should We Pamper Death?
…Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

 

Advertisment

 

Every means of transportation poses its own risk and hazards, however, some pose graver risk, especially when the right steps are not taken in the right direction. The fear and the attendant disaster that comes with air crashes are graver than one could imagine. This is why all must be adequately put in place, to avoid unnecessary distrust.

Advertisment

 

Dana Airline: How Long Should We Pamper Death?
...Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

It is no longer news that Dana Airlines experienced yet another flight mishap recently, when one of its aircrafts; with registration number 5N BKI skidded off the runway, at the Murtala Muhammed International airport in Lagos, on Tuesday 23rd of April, 2024, after reportedly returning from Abuja that fateful morning. To say that, the incident was a serious safety concern and threat; that requires swift response, is to say the least.

Advertisement

One must commend the Honourable Minister Of Aviation and Aerospace Development, for his promptness in grounding all Dana Air’s operations within the country. Such should be the alacrity of nations, who have zest and intelligence for the safety of her citizens.

Without much ado, Many Nigerians must have come to a point where they doubt the integrity and technological reliability of Dana Airlines. This is not farfetched from the lackadaisical attitude of the air operator, and certain antecedents that say no otherwise.

Let me take you just a little down the memory lane! Bethnews Media can still recall very vividly, how Dana Airlines wrecked a gruesome havoc on my neighbourhood some 13 years ago,when one of its aircrafts crashed, around Toyin/Balogun Iju-Road claiming the lives of One Hundred And Fifty-nine (159) persons and destroying several persons homes and means of livelihood.

On that fateful Sunday afternoon of June 3, 2012, at about 2:00pm. Publiser of BethNews Media, Oluwaseun Fabiyi had just returned from church, and because of the hot weather, I sat at the balcony after my meal, only to see an aircraft that swung across my rooftop, as if to perch on it. Gripped with fear, since we had never seen a plane flown so low in our area, we decided to follow up.

Myself and others understood that, all was not well the the aircraft that just past, especially seeing it with that very black fume, and preceded by a very scary screeching and deadly roar. Before we could say Jack Robinson, it happened, a Dana Airlines aircraft had just crashed! Everywhere around Toyin Balogun street, off Iju Ishaga road, was already in disarray. Everyone scampered for safety in the unfortunate community.

When an occurrence of this magnitude occurs, sometimes it is excusable to attribute it unforeseen hitch(es), however, such excuses are hardly tenable in airspace operations, since most of the flight activities are strictly monitored via utmost sophistication and near-perfect technical accuracy.

Few months after the Lagos state government had organised a mass burial for the victims of the unfortunate controversial Dana air mishap,the operator was suspended, and directed to show kind gestures to families and businesses affected.

Guess what! Dana Airlines is alleged to have refused, to show concerns, nor put any mechanism in place, to alleviate the sufferings of those who lost lives, properties and millions to the crash. Rather, they clamoured to resume operations.

Surprisingly but not strangely, Nigeria Civil Aviation Authority (NCAA) heeded Dana Airlines’ plea,to resume operations. Nigerians must understand and also remember that, the Dana air crash of 3rd June, 2012 remains the deadliest; after that of 1973,where 193 died in Kano.

Imagine what would have happened again, if the last incident resulted in a crash aground or mid air. God forbids, like we always say in Nigeria’s parlance! However, the reality is that, God wouldn’t forbid, if we leave what God has given us abilities to avert back to God. It doesn’t work that way!

As a matter of urgency, Dana Airline needs to be completely ban from flights operations, since crashes and air mishaps are becoming regular and normal occurrence in their services to Nigerians. We can’t continue to handle the safety of the populace with laxity and levity.

As far as I and many Nigerians are concerned,if the authorities involved continue to play politics, Dana Airline would continue to underestimate Nigerians for long, and the outside world wouldn’t take us seriously.

Advertisment
Continue Reading

brands/telecom

Dana Airline’s Troubled History of Scandals and Safety Concerns

Published

on

Dana Airline’s Troubled History of Scandals and Safety Concerns

 

Advertisment

 

In the turbulent skies of Nigeria’s aviation industry, Dana Airline has become synonymous with controversy and scandal. From regulatory violations to financial mismanagement, the airline’s history is marred by a litany of transgressions that have raised serious questions about its commitment to safety and integrity.

Advertisment

One of the most alarming issues plaguing Dana Airline is the recurrent violation of flight crew duty regulations. Reports have surfaced indicating pilots flying over their allowed hours, raising concerns about fatigue and compromised safety standards. Such breaches not only endanger passengers but also erode trust in the airline’s operational integrity.

Financial misconduct further tarnishes Dana Airline’s reputation, with instances of fake telexes being sent to suppliers and staff to deceive them into making payments. In one egregious case, an engine was reclaimed by a lessor due to non-payment, only for Dana Airline to find the supplier bankrupt upon attempting to settle the freight costs. This pattern of defaulting on payments extends across all suppliers and includes the non-payment of staff salaries, painting a picture of financial instability and irresponsibility.

Safety is paramount in aviation, yet Dana Airline’s management has been accused of prioritizing profit over passenger welfare. Instances where the Managing Director overrules safety protocols set by management, coupled with weight and balance miscalculations due to cargo and excess baggage fraud, underscore a disturbing trend of negligence.

Advertisement

Moreover, the airline’s questionable practices extend to its maintenance operations, where falsified records and quick fixes by Indonesian personnel have compromised safety standards. The turnover of directors in the maintenance department reflects the dire financial constraints preventing proper maintenance procedures.

The lack of proper financial management and qualified personnel exacerbates Dana Airline’s woes, with the Chief Financial Officer’s association with Dana Group, under scrutiny for financial fraud, raising further red flags. Suppliers coerced into lying about amounts due during audits and the circumvention of regulatory payments only add to the company’s litany of transgressions.

Despite previous groundings and regulatory scrutiny, Dana Airline has persistently managed to evade accountability, with reports of political influence being used to circumvent regulatory actions. However, a thorough financial audit, if conducted, would likely reveal the airline’s precarious financial position, potentially rendering it unfit to operate.

In conclusion, Dana Airline’s track record of scandals and safety breaches raises serious doubts about its commitment to passenger safety and regulatory compliance. Unless substantive changes are made to address the underlying issues plaguing the airline, its continued operation poses a significant risk to the flying public.

 

Dana Airline's Troubled History of Scandals and Safety Concerns

Advertisment
Continue Reading

Business

Fidelity Bank Commends Air Peace’s Performance

Published

on

Fidelity Bank Commends Air Peace’s Performance

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

. Celebrates Airline For The Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

Advertisement

She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream.

 

 

 

 

 

 

 

 

 

Advertisment
Continue Reading

Cover Of The Week

Trending