Business
Briton, Indians accused of defrauding Ecobank $42m lose bid to stop arrest, extradition
A federal high court sitting in Lagos has dismissed the applications filed by three foreigners to quash a bench warrant issued for their arrest and extradition over a $42.48 million fraud allegations.
The foreigners are two Indian nationals, Prem Garg and Devashish Garg and a Briton, Marcus Wade, chairman of Wilben Trade Limited.
BACKGROUND
On October 7, 2022, Ecobank petitioned the department of public prosecutions (DPP) over $42,485,900 fraud allegations against the foreigners and their companies; Wilben Trade Limited, Dubai, and Agrico Agbe Limited.
The trio were charged before the court by the office of the attorney-general of the federation (AGF) for allegedly defrauding Ecobank Plc of $42,485,900 million.
They had requested a loan facility from Ecobank for the importation of rice in 2015.
In the charge marked FHC/L/562C/2022, counts one and four against the defendants showed that the plaintiffs had collected money from the bank but never showed up.
“That you, Prem Garg, Devashish Garg both of Iand ndian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Ecobank Plc, Lagos within the Jurisdiction of this honourable court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004,” the charge reads.
“That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos thin the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Ecobank Plc to deliver monies to the tune of $42,485,900 which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilised the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”
However, while the charge is pending, the defendants did not appear in court to take their pleas on the charges.
The development made the office AGF, through its lawyer, Pius Akutah, to file applications before the court for issuance of a bench warrant and possible extradition against them.
The application was granted by Akintayo Aluko, the presiding judge in November 2023.
But the defendants, through their lawyers, Dele Belgore and Dada Awosika, filed applications to quash the orders for their arrest and extradition.
‘NO MERIT IN APPLICATION FILED’
Unsatisfied with the application, Kehinde Bode-Ayeni, the lawyer representing the AGF countered the application.
Bode-Ayeni took over the case file from Akutah who is now the executive secretary and chief executive officer (CEO) of Nigerian Shippers Council.
Delivering his ruling on Monday, Aluko said the proceedings before the magistrate court in Delhi India, can not operate as a “stay in criminal proceedings” in Nigeria.
The judge said the matter is not “purely a criminal proceeding,” and that it is a proceeding in a Nigerian court as constituted by the Nigerian constitution.
Also, Aluko said an order of status quo granted by another court can not violate the criminal charge pending in this court.
He held that “there is no merit in the applications filed by the defendants”.
Aluko also held that the two applications “lack merit and same are dismissed”.
The judge, therefore, adjourned the case to October 24, for further proceedings.
On August 7, a statement circulated online alleged the Central Bank of Nigeria (CBN) is investigating Ecobank over claims of abusive proceedings and communications against Wilben Trade Limited and Wade.
However, CBN denied probing Ecobank.
Business
Air Peace Lagos-bound flight disrupted by bird strike in Abuja
Air Peace Lagos-bound flight was disrupted by a bird strike shortly before takeoff in Abuja on Thursday.
A bird strike is a collision between a bird and an aircraft which is in flight or on a takeoff or landing roll.
According to a statement by Ejike Ndiulo, its head of corporate communications, Air Peace said the flight from Abuja to Lagos took off around 6:30am.
“We wish to inform our esteemed passengers that our Abuja-Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally,” the airline said.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
A passenger, Inibehe Effiong, a Lagos-based human rights lawyer, took to his Facebook page to share his experience on the flight.
Effiong said the development threw some passengers into panic with the attendant screaming.
“While taxing on the runway and just before takeoff, our Air Peace flight from Abuja to Lagos scheduled for 6:30 AM today was stopped forcefully, resulting in panic and screams by some passengers,” he posted.
“The captain attributed the incident to a bird strike. We have been deboarded to await either a replacement or repair of the aircraft.
“Thankfully, whatever happened did not occur after takeoff. It would have been scarier.”
A few minutes later, Effiong posted that the faulty aircraft had been replaced and the passengers were already boarding preparatory to the Lagos trip.
On November 4, one of Air Peace’s flights heading to Abuja from Benin could not continue the trip due to a technical snag the aircraft encountered shortly after takeoff.
Business
Access Bank UK acquires majority stake in Mauritius’ Afrasia Bank
Access Holdings has announced that Access Bank United Kingdom (UK) has signed an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by assets.
In a statement on Thursday, Olakunle Aderinokun, head of media relations at Access Holdings, said Mauritius holds a strategic advantage, with the financial sector contributing 13.4 percent to the country’s gross domestic product (GDP).
He said the acquisition will provide Access UK with a robust platform to grow its personal and corporate banking operations.
“Furthermore, Access Bank will utilize Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond,” Aderinokun said.
“The transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise.
“At the end of its fiscal year ended June 30, 2024, Afrasia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.”
Roosevelt Ogbonna, chief executive officer (CEO) of Access Bank, said Mauritius offers immense potential as an international financial hub.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” he said.
“Mauritius offers immense potential as an international financial hub, and through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”
On his part, Jamie Simmonds, managing director of Access Bank UK, said Afrasia Bank offers the financial institution a sustainable platform for long-term profitability due to its strong balance sheet and reputable brand in Mauritius.
Simmonds said the deal aligns with the bank’s strategy to diversify and future-proof its earnings while enabling clients to access global markets easily.
On October 29, during a media parley, Ogbonna said the bank will continue to invest in other African economies as part of its growth strategy.
Business
NRC increases daily train trips on Abuja-Kaduna route to six
The Nigerian Railway Corporation (NRC) says it has increased the daily trips of its rail operations to six on the Abuja-Kaduna route.
The NRC spoke in a statement on Wednesday, signed by Yakub Mohmood, deputy director of public relations.
The corporation said the expansion is aimed at meeting the growing demand for train services on the route.
“The Nigerian Railway Corporation (NRC) in reaffirming its commitment to responding to customer demands, improving customer satisfaction and tackling complaints of ticket racketeering has increased the number of train services from 4 services to 6 services from Friday to Monday when demand tends to peak on its AKTS Route,” the statement reads.
“According to the Ag. Managing Director of the Corporation, Mr. Ben Iloanusi, a trend analysis over a five month period revealed a significant increase of 22% in the number of new passengers registering on the ticket platform to use the Abuja-Kaduna Service, signifying a surge in the number of Nigerians turning to the use of train services as a comfortable, reliable and safe option of commuting.
“NRC has observed similar trends on the Lagos-Ibadan, Warri-Itakpe and Port Harcourt-Aba routes and efforts are already ongoing to beef-up services along these routes as well.
“The Ag. MD assured Nigerians of the increased presence of Senior Management of NRC across all the train service routes to drive continuous efficiency and tackle the issue of ticket racketeering head-on.”
The corporation also encouraged customers to use its online ticket platforms to take advantage of the increased services and shun the patronage of ticket racketeers.
-
Celebrities6 days ago
AY Makun, Basketmouth discuss their 17-year feud
-
Education5 days ago
Keystone Bank Renovates Schools In Zamfara, Says Governor Lawal’s Feats In 17 Months Surpass Over 20 Years Of Previous Administrations
-
Business3 days ago
No November salary for workers without valid residents registration number, says Kwara state government
-
World1 week ago
Trump claims victory over Harris in US presidential election
-
Special Features5 days ago
Bodex Media Announces Frank Edoho as Host for Bodex Social Media Hangout (BSMH) 5th Edition
-
Entertainment1 week ago
Davido under fire for participating in US election
-
Celebrities5 days ago
Why would you post pictures in your underwear? – Portable out calls Tiwa Savage
-
World1 week ago
Trump will bring the world closer to peace, says Tinubu in congratulatory message