Court To Decide Business Mogul's fate Tomorrow

A High Court of the Federal Capital Territory (FCT) in Jabi will rule Thursday on the application by businessman, Ifeanyi Ubah seeking the vacation of its earlier order granting the Department of State Services (DSS) permission to detain him.

Justice Haliru Yusuf gave the date while adjourning proceedings in the case earlier today after listening to lawyers representing parties argued for and against the application.

Ubah, who was arrested by the DSS, is being detained by the agency upon an order for detention for 14 days (in the first instance) granted it on May 10 this year, by the court.

The businessman is being detained over allegation of his involvement in acts amounting to economic sabotage by purportedly diverting petroleum motor spirit (PMS) stored in his tank farm by the Nigerian National Petroleum Corporation (NNPC), estimated at over N11billion.

Details later…

Source: The Nation Newspaper 

BDC operator Hailed CBN

A Lagos-based Bureau De Change (BDC) operator, Alhaji Nasiru Ibrahim Gulma has hailed the Central Bank of Nigeria (CBN) interventions in the foreign exchange market, saying it has helped in stabilizing the market.

He said one dollar would have been exchanged for N1000 if the CBN had not intervened by supplying dollars to the operators.

Gulma, an indigene of Kebbi state and licensed BDC operator, in a chat with Daily Trust said the CBN policy would further rub off on those who genuinely need dollars to import their goods and concomitantly bring about reduction in prices of goods.

He blamed the instability in the forex market on speculators in the market. He urged the CBN to be courageous enough to deal with unscrupulous speculators.

While he pledged the commitment of BDC operators to support government efforts in bringing about stability in the forex market, the businessman who is the Managing Director of Asarara BDC Limited asked the CBN to sanction any operator that is not ready to play by the rules.

He said CBN had been supplying over 3000 registered BDC operators with $20,000 a week, which is a huge intervention and this has gone a long way in easing pressure off commercial banks.

According to him, if the interventions continue, the dollar would crash further.

He said, "I believe if everybody can follow the normal procedure, I think the market would come down more than what we are witnessing.

"I believe the policy is good and we hope it (dollar) would soon come down to N340. I think it is a great achievement to the nation and people of the country. It will help in reducing the cost of goods and services. It will really favour the people doing business."

Source : Daily Trust

Traders lament Lagos market fire losses

Shops belonging to clothe sellers at Broad street, Lagos Island, were on Tuesday razed by fire.

Witnesses told this newspaper that the fire, which started at around 2 a.m. in the night, erupted from a nearby electricity transformer.

Most of the affected traders are clothe sellers, PREMIUM TIMES learnt.

“The fire started around 2:00am but I was called at around 3:am,” said a trader who identified herself simply as Folasade.

“We tried to put it off, with the help of people around here but many of the goods had been destroyed,” she added.

PREMIUM TIMES’ attempts to speak with some of the affected shop owners were rebuffed, as they wept uncontrollably outside their shops.

Others who were busy evacuating the remains of their goods from their respective shops, said they were too sad to speak.

A trader who did not want her name in print disclosed that when the fire broke out, some of her fellow traders could not be reached on phone in the middle of the night, adding that most of their goods were consumed by fire.

“When I heard about the fire around 2:30 a.m., I tried to call the trader beside me but her phone wasn’t reachable,” she said.

“Now almost all her goods have been consumed by the fire. That’s why we often tell people to always put their phones on,” she said.

Many traders, including a secondhand clothe seller, Ugochukwu, told PREMIUM TIMES that the fire started from a nearby electricity transformer, then spread to other shops around the area.

But another witness, who declined to have his name in print, said the fire started from one of the shops in the market before spreading to other shops.

“They only want to use the ‘transformer story’ as a cover up; the fire started from one of the shops opposite here before it spread to other shops,” he said.

PREMIUM TIMES could not independently confirm his account as other traders around the market declined to speak.

Source : Premium Times 

AMCON takes over Delta billionaire’s company, properties over N5bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over the companies and personal properties of Chief William Oki, a Delta State-based businessman.

AMCON moved in and took over all the assets of Wokson International Limited and that of its principal, Oki as ordered by the court through Mr. Robert Ohuoba, the receiver who also received protective orders from the court.

The assets, which are now under AMCON include asphalt plants, hotels and several houses belonging to Wokson International Limited and Oki.

Justice Babs Kuewumi of the Federal High Court Lagos Division had granted an injunction against Wokson International Limited in Asaba and Warri in Delta State on the application of AMCON. The order therefore mandated AMCON to take over all the assets of Wokson International Limited and Chief Dr. William Oki, the promoter of Wokson International Limited over an indebtedness of over N5 billion.

The court order also froze all accounts of Wokson International Limited and Chief Dr. William Oki anywhere and in any financial institution in the name or belonging to the duo.

According to the order, “…all financial institution served with the order hereby made shall comply by filling at the Registry of the Federal High Court affidavits showing cause and serving same on the Claimant’s Legal practitioner and in the event that money is found in any account standing in the credit of the defendant to transfer such sum to the nominated account of the Claimant forthwith.”

The Court also directed the Inspector-General of Police and the Commissioner of Police, Delta State Police Command to assist and protect the Bailiffs of the Federal High Court and the Receiver, Mr. Robert Ohuoba.

Confirming that AMCON had already taken over the assets and properties as directed by the Court, Jude Nwauzor, Head, Corporate Communications, AMCON said, “We saw it coming because the said debt is long overdue. I want you to understand that before we get to this stage with any of our obligors; we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Wokson, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive. If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against Chief Oki the promoter of Wokson International Limited as ordered mandated by the Court and as provided under Section 49-52 of the AMCON Act.”