Business
Court fines Union Bank N112 million for wrongly selling Ikoyi property below value
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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
VAT remains at 7.5%, says Wale Edun
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Wale Edun, minister of finance, says the federal government has not increased the value-added tax (VAT) to 10 percent.
In a statement on Monday, Edun clarified that the current VAT rate, as stipulated in the country’s tax laws, remains at 7.5 percent.
“The current VAT rate is 7.5% and this is what government is charging on a spectrum of goods and services to which the tax is applicable,” Edun said.
“Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.”
Edun said the tax system stands on a tripod which includes tax policy, tax laws, and tax administration.
The minister said all three elements must work together to create a sound system that gives vitality to the government’s fiscal position.
He said the government’s focus is to utilise fiscal policy in ways that promote sustainable economic growth, alleviate poverty, and promote a thriving business environment.
“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that government is out to make life difficult for Nigerians,” he added.
“That is not correct. If anything, the federal government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.
“In fact, it is on record that the federal government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.”
On May 8, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said there is a need to increase the VAT rate.
Atiku Abubakar, former vice-president, on September 8, criticised the proposed VAT increase.
Atiku described the move as “regressive and punitive policy”, adding that its impact could deepen the domestic cost-of-living crisis.
Business
Wike signs agreement with Chinese firms to boost power, water supply in Abuja
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The federal government has signed a memorandum of understanding (MoU) with two Chinese corporations to improve electricity and water supply in Abuja.
Nyesom Wike, the FCT minister, announced the deal in a statement on Sunday.
Wike said the MoU was signed in Beijing on Saturday with the China Civil Engineering Construction Corporation (CCECC) and the China Geo-Engineering Corporation Overseas Construction (CGCOC) Group.
He said the signing ceremony occurred during President Bola Tinubu’s visit to China, where he attended the Forum on China-Africa Cooperation (FOCAC) in Beijing.
The minister said Tinubu advocated for the projects as part of his agenda to renew the hope of Abuja residents in the government through the execution of people-oriented projects.
Wike assured that the projects would be completed in 2025 and inaugurated as part of activities to celebrate the 50th anniversary of the FCT.
“One key project which is very dear to us and one of the reasons why we are here today is to light up Abuja,” he said.
“We want Abuja to be like other cities, like what we see in Beijing. We have gone round, and we have seen light everywhere; that is how we want Abuja to be.
“Therefore, the whole area of Maitama; the whole area of Asokoro, Wuse, Central Business District, and Airport Road, down to Bill Clinton Drive will be handled by CCECC, while CGCOC Group would handle the districts of Mabushi, Katampe and Garki.
“On the need to equally ensure water supply in the satellite areas of the FCT, we are keeping up with the idea that there is a need to have satellite town water supply in Gwagwalada, Kwali and Kuje as directed by Tinubu.
“We have now signed the MoU with CGCOC Group for them to carry out this assignment.”
Wike said the greater Abuja water works project, handled by CGCOC Group, has reached 75 percent completion, expressing confidence that it would be completed by December this year.
Thanking Tinubu for granting the FCT administration approval for the projects, the minister urged the CGCOC Group to ensure quick delivery of the project.
This, he said, would ensure that water supply in satellite towns becomes a reality.
In their remarks, Chen Sichang, president of CCECC, and Lan Meizhong, chairman of CGCOC Group, thanked Wike for his confidence in their companies and promised to deliver the projects on schedule and with high quality.
Other government who witnessed the signing were Adamu Wanki, the permanent secretary of treasury; Mohammed Dan Hassan, executive director of rural water and sanitation agency; Musa Idris, director of procurement; and other senior officials.
Business
10 tips for Plane travel
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Many people experience some form of discomfort or sickness when they travel by plane. Dry mouth, aching limbs, swollen ankles — they’re par for the course on plane rides and they are, in fact, caused by the very environment you’re traveling in.
That means there’s nothing you can do to eliminate these issues entirely, but you can take a few steps in the right direction.
Cabin pressure creates an environment akin to being 8,000 feet high — similar to being on a mountain. As a result, it’s not uncommon for sitting and breathing to feel more challenging, and the low humidity means your body can become dehydrated.
Here’s how to feel your best when you’re in the air:
- Drink more water.
Hydration will help you handle anything air travel sends your way. Water is the most accessible option, and electrolyte-heavy beverages — like sports drinks — can also help in certain instances. Avoid caffeinated beverages (and diuretics) like coffee and soda. You should drink a bottle of water for every hour you’re in the air; the increased bathroom breaks will offer an additional opportunity to stretch your legs. - Drink less alcohol.
Alcohol presents a double threat to airplane wellness. Not only does alcohol make it more difficult for cells to absorb oxygen, which will worsen your altitude symptoms, but it also dehydrates your body faster. So if you’re feeling stressed about flying, opt for a non-caffeinated tea instead of a stiff drink. - Pack for hydration.
Low humidity on planes can be a real problem. While a comfortable indoor humidity is anywhere from 30 to 65 percent, the humidity inside an airplane cabin is only around 10 to 20 percent. As a result, you and your body will feel better if you pack a good moisturizer for dry skin and eye drops like saline solution, especially if you wear contact lenses. Just remember to pack a travel size to get past the TSA. - Prepare your immune system.
Getting a cold on a flight isn’t the result of poor air quality or recycled air; it’s more likely due to a combination of excessive germs and your body’s compromised ability to deal with them. Hundreds of people have touched what you’re touching and everyone is breathing — sometimes sneezing — in the same confined space for multiple hours. You can pack disposable wipes for the tray tables, but your best defense is getting rest and staying hydrated. - Flex your calves.
Immobility can increase the risk of deep vein thrombosis (DVT), sometimes called “economy-class syndrome” in travel talk. It’s still unclear whether flying scientifically raises the risk of DVT, but prolonged (more than four hours) immobility is unhealthy in any context. However, you only need to contract your calf muscles — for example, by tapping your feet, which also moves the shins, thighs and hip joints — to get the blood flowing. Walking to the back of the plane or using the restroom are also easy, inconspicuous ways to keep your blood flowing. - Stretch everything else.
While less crucial than leg stretches, if your body is going to be in one position for a long time, stretching is a good idea. Bring your chest down to meet your thighs to stretch out your back, and reach out in front of you to get your arms, too. For more involved airplane moves, you may need to get out of your seat and find a space — probably near the back of the plane — to stretch. - Sleep near the window.
While you shouldn’t count on restful sleep on the plane, it could be an opportunity to rest during your travel, particularly if you’re facing jet lag. If you plan to catch some shut-eye, opt for a window seat. Not only will you have control over the window shade (and sunlight), but you’ll also be out of the way of climbing seatmates or people bumping into you in the aisle. Also, pack a neck pillow. - Make your own legroom.
Baggage fees encourage most travelers to bring their luggage on board, meaning overhead compartments and space under the seat in front of you fill up fast. If you have the opportunity, pack only the necessities in your carry-on to give yourself the most amount of legroom possible. - Dress comfortably.
Travel attire is an increasingly personal decision, but regardless of how trendy you choose to dress, layers are key. Airplanes tend to be cold, but the ability to add and remove layers will be incredibly helpful as you acclimate to different airports and maybe even climates. - Breathe.
Take a few deep breaths when you’re settled into your seat. Not only will breathing and meditation techniques help if you’re stressed or nervous about flying, but adjusting your breathing rhythm can also help you adjust to a new altitude.
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