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.
News
NECO accredits more foreign schools for SSCE, BECE
The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).
The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.
The newly accredited schools are in Niger Republic and Equatorial Guinea.
“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.
“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.
The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.
“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”
In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.
“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”
NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.
News
Guardiola suffers worst defeat of career as Tottenham hammer Man City 4-0
Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.
The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.
James Maddison scored twice in the first half to set Spurs on their way to a sensational win.
Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.
The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.
Guardiola takes his men to Anfield next weekend.
News
FUOYE Re-Marks Exam Papers of Student Failed By Lecturer Over Sex-for-Grade Scandal, Secures Justice
The Federal University, Oye Ekiti, Ekiti State, has cleared a female student, Ramota Olahanloye, to graduate following the re-marking of her final-year examination scripts.
Olahanloye had alleged that a lecturer, Dr. Anthony Agbegbedia, demanded sexual favours from her, and when she declined, he deliberately failed her in two final-year courses.
In a statement issued on Friday by the Special Adviser on Media to the Vice-Chancellor, Dr. Wole Balogun, the university confirmed that Olahanloye’s allegations were investigated, and her scripts were re-marked.
“The young lady’s scripts were re-marked, and she performed fairly better than the scores initially awarded by Dr. Anthony Agbegbedia,” the statement read.
According to Balogun, the university management approved Olahanloye’s revised results, which qualified her for graduation.
“The university management has given executive approval for her results to be processed. She has since commenced her final clearance from relevant units of the university,” the statement added.
Balogun also disclosed that Agbegbedia had been sanctioned by the institution for his misconduct.
Olahanloye expressed her joy over the resolution of the case, saying, “I am happy that I have gotten justice, and I really appreciate the university Vice-Chancellor for setting up the committee that investigated the matter.
“I was shown my entire results, including the graduation list with my name on it. I have started my clearance as a graduating student of the university, and I am truly happy.”
Her father, Rasaki Olahanloye, also lauded the university for its commitment to justice.
“I can confirm to the world that FUOYE has served justice to my daughter. I was shown her upgraded results after her scripts were re-marked, and it is clear that she passed.
“The university fulfilled its promise to ensure fairness, and I appreciate the VC, Prof. Sunday Fasina, and the committee members for ensuring my daughter gets justice,” he said.
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