News
415 Court Cases: Stanbic IBTC Litigation Portfolio Grows to N268bn
With 415 litigation cases hanging around its neck, Stanbic IBTC has stated that its exposure has come up to more than N268 billion in addition to other large foreign currencies in contingent liabilities at the end of the first quarter of 2024.
The Group litigation portfolio as at 31 March 2024 consisted of 415 cases and aggregate value of monetary claims against the Stanbic IBTC Group was N268,273,907,895.42 USD$4,468,675.78 and £74,284.64.
This amount, according to explanatory note provided by Stanbic IBTC Group in its first quarter of 2024 unaudited financial statement happened in the course of the financial service normal business.
On Monday, Stanbic said the group would have a date in court with the Asset Management Corporation (AMCON) for debiting its account with the apex bank.
In the note to its account for the period, Stanbic Bank said it had in December 2012 entered into an agreement with AMCON to purchase the Eligible Assets (non-performing loan) of a client, which the Bank had classified as “doubtful”.
The financial services group said AMCON confirmed its willingness to purchase the proposed Eligible Assets at a total consideration of about N10 billion, which sale/purchase was concluded in December of 2012.
As a precondition for the sale, Stanbic IBTC said AMCON unequivocally stated that the pricing of the Eligible Bank Assets was subject to adjustment within twelve (12) months in line with the bad asset buyer’s guidelines after due diligence on information the Bank had supplied to AMCON.
According to the explanatory, AMCON by a letter dated October 4, 2017 informed the Stanbic Bank of its intention to reprice the loan and claw back the sum of N5.7 billion, being what was alleged to be excess overpaid consideration, as a result of what was felt was an overvaluation.
Details obtained from its regulatory filling reads that the Bank in its response, emphatically denied the allegations and provided evidence to AMCON to the contrary. The Bank noted that AMCON’s attempt to reprice the sold Assets, were outside the 12-month claw-back period provided in AMCON’s guidelines.
Notwithstanding all the clarifications made by the Bank, AMCON proceeded to apply to the Central Bank of Nigeria (CBN) to debit the Bank’s account with the sum requested to be clawed back, plus possible accrued interest.
Sequel to this, the CBN wrote to Stanbic IBTC on 31 July 2019, informing the Bank of AMCON’s request to debit the Bank’s account. Accordingly, the Bank instructed its lawyers to institute a Legal action against AMCON, pursuant to which it obtained an interim injunction (ex-parte), restraining AMCON and the CBN from debiting its Account for the alleged claw-back sum.
However, the Bank subsequently discovered that AMCON had earlier filed a suit at the Federal High Court, Lagos Division on the same subject matter. Consequently, the Bank discontinued its suit against AMCON and filed a Counter-Claim against AMCON in its suit. It said the case is currently adjourned to 29 April 2024 for settlement of issues.
“The claims against the group are generally considered to have a low likelihood of success and the group is actively defending same. Management believes that the ultimate resolution of any of the proceedings will not have a significantly adverse effect on the group.
“Where the group envisages that there is a more than average chance that a claim against it will succeed, adequate provisions are raised in respect of such claim”, the Bank said in its unaudited report for Q1-2024 explanatory note. #415 Cases: Stanbic IBTC Litigation Portfolio Grows to N268bn Naira Suffers Big, CBN Goes Ballistic Against FX Whales.
The Speaker House of Representatives, Rep. Tajudeen Abbas, has stated that despite the 205 colleges of education which included federal, state, and privately owned is insufficient to address the country’s educational needs.
Speaking at a public hearing in Abuja on Tuesday, the Speaker emphasised that the rising demand for education in Nigeria makes it necessary to establish more colleges of education.
The Speaker who noted that human capital is the foundation of any society’s development, explained that while material resources are valuable, they remain untapped unless harnessed through human knowledge, skills, and innovation to drive national progress, social mobility, and economic growth.
He further stressed that education was central to human capital development, and a key way to sustain the education system was by continuously producing well-trained and highly skilled teachers for primary and secondary schools.
“To achieve this, we must strengthen teacher education in Nigeria by expanding access to quality institutions that will equip the next generation of educators,” he said.
Speaker Abbas added that the bills under review demonstrate the lawmakers’ collective commitment to ensuring that all regions of the country have fair access to quality teacher education.
According to Abbas, public hearings are a crucial part of the legislative process, giving opportunity for stakeholders to refine proposed bills, and that the discussions would help lawmakers better understand the education sector’s needs and expectations.
He reiterated the commitment of the House to inclusive governance and values stakeholder engagement, and encouraged policymakers, education experts, community leaders, and the public to actively participate by offering insights that could shape policies to strengthen Nigeria’s education system.
Chairman of the House Committee on Colleges of Education, Rep. Adamu Tanko, reaffirmed that education remains the foundation of national development, and assured that the House was committed to ensuring that every Nigerian has access to quality teacher education.
Tanko further highlighted that establishing new federal colleges of education is key to addressing gaps in teacher training, improving the education sector, and building a skilled workforce to drive national development.
He noted that the public hearing provides a platform for policymakers, education experts, and community leaders to engage in meaningful discussions.
House Leader and sponsor of ten related bills, Rep. Julius Ihonvbere, expressed concern over the shortage of qualified teachers in many schools across the country. He stressed the urgency of establishing more teacher training institutions to meet the demand for skilled educators.
Rep. Anamero Dekeri, who is sponsoring a bill to establish the Federal College of Education (Technical) in Ogute-Oke, Okpella, highlighted the importance of technical education in driving national development. Representing Etsako Federal Constituency in Edo State, he stated that the proposed institution would harness the area’s potential and contribute to workforce development.
By Gloria Ikibah
The Chairman House of Representatives Committee on Disability Matters, Rep. Bashiru Dawodu, has called for tax exemption for Persons With Disabilities (PWDs), insisting they should not be required to pay taxes.
Speaking at the signing of a Memorandum of Understanding (MoU) by PWDs in Abuja, Rep. Dawodu also urged the government to grant tax relief to companies employing PWDs and those manufacturing facilities for their use.
The Chairman who acknowledged the need for tax reforms identified loopholes in existing bills, and stated that the committee would push for tax credits and waivers for companies producing equipment for PWDs.
Dawodu also advocated scholarships for teachers involved in special education and the establishment of a disability trust fund to protect the interests of PWDs.
He expressed concern over the poor implementation of the 2018 Disability Act, which has a five-year moratorium, stating that both government agencies and the private sector have not diligently enforced its provisions. He revealed that the House was working on amendments to impose stricter penalties for non-compliance.
The lawmaker highlighted some key provisions of the Act, including accessibility to public buildings, transport terminals, education, and healthcare facilities. He noted that despite the creation of the Disability Commission, only 22 states have domesticated the Act, urging others to follow suit.
Dawodu criticized the inadequate budget allocation of about N2 billion to the Disability Commission, describing it as a sign of the government’s neglect of PWDs. He stressed the need for collaboration with NGOs and other organizations, noting that with over 35 million Nigerians living with disabilities, the country must do more.
Director of the PWD’s Potential Unhinged Project, Valentine Ugochukwu Zion, stated that the MoU includes a nationwide medical access support initiative for PWDs in underserved areas. He added that it also covers talent discovery, a reality TV show showcasing the resilience of PWDs, and an inclusive musical concert.
News
Transporter Frowns At PTD Strike, Says Union Will Force Govt To Use Rail As Mobility Alternative In Lifting Petroleum Products
By Kayode Sanni-Arewa
A prominent transporter in Oyo State and convener of a pressure group, “Know Your Right”, Kehinde Adebeshin a.k.a “Baba Ibeji” has cautioned the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and its Branch, the Petroleum Tanker Drivers (PTD) not to force the government of Nigeria to see the Nigerian Railway Corporation (NRC) as a preferred mobility alternative across the country for lifting Petroleum products.
This surprise call came in the wake of industrial action by the PTD in Lagos State to protest the “persistent harassment” of tanker and petroleum product drivers by police officers attached to the Task Force and LASTMA officials in Lagos State.
Although the strike has been called off by the Union’s leadership on Wednesday, February 25, 2025; however Adebeshin decried the ripple effects of the hardship the action of PTD had caused Nigerians since Saturday, February 22, 2024, he described the Union’s decision as an act of economic sabotage. He maintained that it was unfortunate and regrettable that the union flagrantly failed to comply with the existing Lagos e-call-up enforcement which was aimed at regulating truck activities and for maintaining orderliness in the already congested metropolis.
Adebeshin blamed PTD and its parent body, NUPENG’s overzealousness and highhandedness on leadership gap, incompetence, lack of tact and administrative indiscretion. He also expressed disappointment on the implications of the strike on Telecom operators who also raised an alarm over an impending service disruption within Lagos and Ogun states, as diesel supply to their service locations were blocked for three consecutive days when the strike was on.
Adebeshin’s statement on Tuesday reads in parts:
“For lack of tact, competence, administrative discretion, and leadership gaps in operations, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and its Branch, the Petroleum Tanker Drivers (PTD) have openly given opportunity for the government of Nigeria to see the Nigerian Railway Corporation (NRC) as a preferred mobility alternative across the country for lifting Petroleum products and put a total stop to transportation of products through the road.
“The Union must be able to properly measure situations critically before down tooling, unfortunately, NUPENG and PTD have created room for business owners and Nigerians as a whole to label them economic saboteurs who stand the risk of being invited by the DSS. The Union brazenly failed to do its background check whether trucks arrested by Lagos State Task Force and LASTMA officials have not flaunted the existing Lagos e-call-up regulations which was designed to regulate truck activities and for maintaining orderliness in the already congested metropolis. Standing as an encumbrance to the government’s well intentioned program and policy is an affront which should never be tolerated.
“The circular by the Lagos State government to all stakeholders to streamline and regulate truck activities along Lekki-Epe axis of the state, effective March 1, 2025 did not exempt NUPENG or PTD, therefore all violators would be apprehended and made to face the full wrath of the law.
“NUPENG should note that the Nigerian Railway Corporation (NRC), has already collaborated with APM Terminals (APMT) to kick start container traffic service on the standard gauge railway, connecting Lagos to the Moniya Freight Yard in Ibadan. This milestone can be replicated in the downstream sector of the Petroleum industry to enhance Petroleum products lifting and distribution activities, and providing a more efficient and convenient mode of transportation and ultimately help to reduce or put into a total halt, petrol tanker accidents which have claimed many lives and destroyed properties.
“It is good news to hear that NUPENG had eventually swallowed its pride by calling off the 3-day strike, they should engage more in peaceful dialogue with the government of Lagos State in the larger interest of Nigeria so as to foster symbiotic industrial harmony and prosperity. The Union should also try to fix the PTD leadership crisis in the nick of time and give room for people with vision, experience and positive direction to take charge of the PTD Branch and restore its old glory and dignity,” he said.
Reps Push for More Colleges Of Education to Strengthen Nigeria’s Education Sector
Reps Advocate Tax Exemption, Better Support for Persons With Disabilities
Transporter Frowns At PTD Strike, Says Union Will Force Govt To Use Rail As Mobility Alternative In Lifting Petroleum Products
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