Business
Court fines Union Bank N112 million for wrongly selling Ikoyi property below value
A High Court in Lagos has awarded N112,050,000 against Union Bank Plc for wrongly selling a property located at No. 6, Moore Road, Ikoyi, Lagos State, at a grossly undervalued price of N60 million.
Justice I.O. Harrison delivered the judgment in a suit filed by Mrs. Olubunmi Ogunde, Yewande Ogunde, and others, with Union Bank of Nigeria Plc listed as the sixth defendant in the suit marked LD/2624/1999.
The suit, which concerns loan and mortgage issues, commenced in 1999 but was later amended by the claimants in 2017.
According to a copy of the court’s judgment seen by Nairametrics dated May 31, 2024, Yewande Ogunde stated that on September 18, 2018, her deceased husband obtained a loan of N4 million from the bank.
Using the loan, he developed a property consisting of eight four-bedroom flats, a penthouse, a ten-bedroom family house, and a three-story building with three-bedroom flats on a 2.2-acre plot at 6 Moore Road, Ikoyi, Lagos.
She stated that due to friction between the beneficiaries and the executors of the deceased’s estate, the loan was not serviced.
She contended that based on the contract, the bank surprisingly sold their property for N60 million.
Counsel for the claimants, O.V. Ekundayo, urged the court to declare that the sale of the property located at No. 6, Moore Road, Ikoyi, Lagos by Union Bank was conducted in bad faith and at a grossly undervalued rate and award damages.
Priscilla Esede, a staff member of the bank, stated that the financial institution followed due process for debt recovery by entrusting the sale of the disputed property to the law firm of Shade Ogundare & Co.
She explained that the estate department of the bank lawfully valued the property at N60,000,000, and it was eventually sold to Mr. Cletus Ibeto and others at that price.
“When the estate of the deceased failed to liquidate the loan despite numerous demands, the bank, as the legal mortgagee, exercised its right to sell the mortgaged property by private treaty at the request of the executors instead of by public auction,” she stated.
Delivering judgment on May 31, 2024, the judge found that both the sale of Plot 6A and the sale of Plots 6B, 6C, and 6D were grossly undervalued based on market research surveys related to similar properties or locations at the time, according to exhibits reviewed by the court.
“Exhibit C3 states clearly that properties of such a nature should have been sold for N112,050,000 (One Hundred and Twelve Million Fifty Thousand Naira) and not N60,000,000 (Sixty Million Naira) as per exhibits C3 and C4. “
The judge held that to sell a property at a price that is so low is evidence of fraud.
The judge agreed with the claimants’ case and declared that the sale of their property in Ikoyi, Lagos, by the bank was conducted in bad faith and at a gross undervalue.
“The claimants are entitled to an award of general damages for the wrongful sale of Plots 6B, 6C, and 6D at No. 6 Moore Road, Ikoyi, Lagos, and the sale of Plot 6A of the same premises at a grossly undervalued price.
“The court awards the sum of N112,050,000.00, excluding the N60,000,000.00 (Sixty Million Naira) already paid, being the difference in what should have been realized from the sale of the property known as No. 6 Moore Road, Ikoyi, Lagos, and interest on the said balance from 1998 until today (the date of judgment) at the prevailing CBN rate, and thereafter from the date of judgment until the judgment debt is fully liquidated at the rate of 10% per annum,” the judge said.
Nairametrics reports that the verdict of the high court subsists except if it is set aside by the Court of Appeal or Supreme Court following further litigation on the matter.
Business
APPLY: FIRS begins recruitment of senior managers, directors
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.
Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.
The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).
Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).
“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.
“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.
“Applicant must have completed NYSC not later than 31st December 2017.
“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”
The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.
“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.
“Knowledge of business/industry environment within which taxpayers operate.
“Ability to work as a regulator with the courage to ensure full compliance with laws.
“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”
The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.
The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.
Business
UBA GMD calls for public-private partnership to accelerate economic growth
Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.
Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.
According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.
The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).
Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.
“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.
“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.
“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”
Business
Petrol to sell at N935/litre from today, says IPMAN
The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell at N935 per litre beginning from Monday (today) based on the latest arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935,” Garima stated.
The association also stated that over 30,000 of its members are set to commence petrol loading from the Dangote Petroleum Refinery and the Port Harcourt Refining Company following the reduction of the ex-depot price of the product to N899 per litre.
This came as it was observed that the pump price of petrol dropped on Sunday to between N950 and N980 per litre in a few filling stations in Lagos including MRS, BOVAS and NNPC. However, the cost was above N1,000 per litre in many other outlets in the state.
But IPMAN promised on Sunday that the price would drop further, as it said the cost of petrol would reduce to N935 per litre in more filling stations by Monday (today) in view of Dangote refinery’s new arrangement.
Similarly, retail outlet owners under the auspices of the Petroleum Products Retail Outlet Owners Association of Nigeria have begun registration with MRS filling station to lift Dangote petrol at N935 per litre.
The IPMAN National Publicity officer, Chinedu Ukadike, and the PETROAN President, Billy Gillis-Harry, disclosed these during separate exclusive interviews with The PUNCH on Sunday.
The development came after intense pricing competition in the nation’s downstream sector, which triggered a price war between NNPCL and Dangote due to a reduction in the ex-depot price to N899 per litre.
On Saturday, the NNPCL, in a surprising development, slashed petrol prices by 12 per cent, to the delight of Nigerians and marketers.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlet Owners Association of Nigeria in a statement on Saturday.
Before now, petrol prices had consistently increased, causing customers to worry that the price hike might be sustained during the festive season.
The reduction in price to N935 in Lagos confirms projections by marketers and was exclusively reported by The PUNCH last Friday.
Providing further updates on the preparations for product lifting, the IPMAN publicity officer stated that marketers are getting ready to start loading petrol at a reduced price, as the national oil company has updated its pricing on the purchase portal.
Ukadike also said that the competition for market share between NNPCL and Dangote is beneficial for Nigerians because, in the end, it will reveal the true cost of PMS production and the expenses incurred in logistics.
According to him, the price war is central to a deregulated oil sector.
He said, “NNPCL has changed their price at their portal. It means that everyone who has access to that portal can be able to request and pay for products. Once you pay, you will called to the depot to pick up your products. Yes, they have changed the price on their portal.”
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