Business
We’ll comply with court verdict on unpaid dividends, Zenith Bank official replies Aquitane Oil
Zenith Bank says it will comply with the verdict of the court on the issue of unpaid dividends allegations made by Aquitane Oil and Gas Limited.
Chinedu Zeph, deputy general manager at Zenith Bank, spoke to TheCable on Tuesday.
On November 7, Aquitane Oil and Gas Limited petitioned Kayode Egbetokun, inspector-general of police (IGP), over the “falsification” of the company’s account statement by Zenith Bank to “conceal” the lender’s failure to pay its dividends.
In the petition dated October 11, 2024 — through Lukman O. Fagbemi & Co., its legal counsel — Aquitane Oil called on the IGP to investigate Zenith Bank for attempting to “conceal the illegalities committed” as it relates to the company’s shares held in the financial firm.
Aquitane Oil said it purchased 10,775,399 shares and 17,425,300 shares in Zenith Bank through its subsidiaries, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, respectively, in 2008 when the financial institution held its initial public offering (IPO).
The oil company said in 2020, Southern Grace and Globular Trading realised the dividends for their shares had not been paid by Zenith Bank since 2008.
Aquitane Oil accused the bank of refusing to pay over N1.4 billion dividends accrued from 10,775,299 and 17,425,300 shares units belonging to its affiliate firms.
The oil firm had said the bank is yet to resolve allegations bordering on forgery of the statement of account belonging to Aquitane Oil and Gas Limited two weeks after police commenced an investigation into the matter.
Also, the company said senior officials like the chief compliance officer and the account officer handling the accounts of Zenith Bank, who were invited for questioning at the Force Criminal Investigation Department, have refused to honour police invitation over the ongoing probe.
In defence of the financial institution, Zenith Bank’s deputy general manager told TheCable that the matter is already in court.
According to Zeph, the police had invited the bank’s official for questioning after the matter had gone to court.
He said since the matter was already in court, it is ideal that both parties await judgment.
“This is a person who was owing the bank, and then he used the money to buy shares and was enjoying dividends in another name,” he said.
“The law set off in Nigeria says when you owe a bank, anywhere you have money in this country can be applied to clear your loan. If he’s not happy with it, we’re already in court.”
Zeph, however, said although several versions of the story are in the media, he would advise that the judgement of the court be awaited “rather than taking sides or giving malicious reports”.
Business
UK launches Africa’s biggest visa application centre in Lagos
VFS Global has announced the opening of Africa’s biggest UK visa application centre (VAC) in Lagos.
The centre commenced operations on November 19 according to a statement.
VFS said Nigerians travelling to the UK can now book appointments to submit their visa applications through VACs located in Abuja and Lagos (Ikeja and Victoria Island).
Marc Owen, director of visa, status and information services at UKVI, said “the opening of our new VAC in Ikeja marks an exciting milestone for UKVI and VFS Global in the provision of a world-class UK visa service here in Nigeria across Africa”.
“In the year to June 2024, we processed more than 225k UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants,” Owen added.
“I’m delighted to be here in person as we celebrate this important moment together with our customers and partners.”
Jonny Baxter, British deputy high commissioner, said: “I am delighted to witness the opening of this, the largest visa application centre in Africa. Nigeria remains one of the UK’s most important partners, and we hope that VFS deliver ever improving services for those applying for visas to the UK.”
Alok Singhal, head sub-saharan Africa, VFS Global, said the company is excited to embark “on this new journey”.
“We have enjoyed a long-standing partnership with UK Visas and Immigration since 2003 and look forward to now bringing travellers from Nigeria our best in-class services,” Singhal said.
VFS Global will also provide VAS for the UK in 31 countries across Africa.
The company said customers can now choose from an array of convenient options.
“These include document upload assistance, prime time for application submission outside of business hours, SMS notifications, document checking service, and courier return of the passport once a decision has been made,” VFS Global said.
“VFS Global’s Keep My Passport While Applying service allows customers to keep their passports once their application is submitted and biometrics have been enrolled.
“Customers will only need to re-submit their passport when a decision is reached.
“Customers in Abuja can also submit their UK visa applications from the comfort and safety of their home, office, or any other preferred location with our ‘On Demand Mobile Visa’ service.
“In addition, our Premium Lounge service offers personalised submission experience with dedicated staff members.”
Interested customers can make bookings in advance at https://visa.vfsglobal.com/nga/en/gbr or at the visa application centre.
VFS Global also said the services are completely optional and have no bearing on the processing timeline and visa application outcome.
Business
Access Bank completes acquisition of Standard Chartered’s subsidiaries in Angola, Sierra Leone
Access Bank Plc says it has completed the acquisition of Standard Chartered Bank in Angola and Sierra Leone.
In April 2022, Standard Chartered said it would fully exit operations in seven countries in Africa and the Middle East (AME) as part of plans to upscale its businesses.
Standard Chartered, on July 23, 2023, reached an agreement to sell its subsidiaries in sub-Saharan Africa to Access Bank.
Updating investors in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, Access Holdings announced the completion of the acquisition of two Standard Chartered Banks in Sub-Saharan Africa.
“Further to our July 14, 2023 announcement regarding the above subject, Access Holdings Plc (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank Plc (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’),” the company said.
Commenting on the milestone, Roosevelt Ogbonna, managing director and chief executive officer (MD/CEO) of Access Bank Plc and CEO of the Banking Group said the development will expand the company’s earnings.
“We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets,” Ogbonna said.
“The combinations represent another significant step towards our broader vision of becoming the World’s Most Respected African Bank.”
The statement further said both parties “are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania”.
Two weeks ago, Access Holdings announced that Access Bank United Kingdom (UK) had signed an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by assets.
Business
KADIRS seals off facilities of 13 companies over N213.6m land use charge debt
The Kaduna State Internal Revenue Service (KADIRS) has sealed the buildings of five banks over confirmed and accumulated land-based revenue (LUC) liabilities.
In an X post on Tuesday, Zakari Muhammad, head of corporate communications at KADIRS, said the Bank of Agriculture, Chicken Republic, Hamdala Hotel, and Forte Oil filling station were also sealed.
Muhammad said the total LUC debts are over N213.6 million — with Hamdalah hotel having the highest liability.
“Kaduna State Internal Revenue Service in exercise of its powers vested in it by Section 104 of Personal Income Tax Act, and Section 24 sub-sections (1,2,3) of the Kaduna State Tax Codification and Consolidation Law, 2020 as amended has sealed up the following organisations, due to huge established and accumulated land-based revenue (LUC) liabilities as established by the Kaduna State Geographic Information Service (KADGIS),” the statement reads.
“The organisations are as follows: Hamdala Hotel Kaduna with LUC revenue liability of N113,134,272.00k,” he said.
“Hamdala Motel Kaduna with LUC revenue liability of N26,291,384.00k.
“Bank of Agriculture Kaduna with LUC revenue liability of N20,484,641.00k. New Nigeria Development Company (Ten Storey Building) with LUC revenue liability of N20,002,559.00k.
“Unity Bank at Yakubu Gowon Way with LUC revenue liability of N3,886,036.00k. Unity Bank main branch Kaduna with LUC revenue liability of N3,115,920.00k.
“Chicken Republic at Yakubu Gowon Way with LUC revenue liability of N980,911.00k. First City Monument Bank (FCMB) at Yakubu Gowon Way with LUC revenue liability of N11,539,086.00k.
“Zenith Bank at Yakubu Gowon Way with LUC revenue liability of N5,355,229.00k.
“Forte Oil filling station at Muhammadu Buhari Way with LUC revenue liability of N2,238,546.00k. GT Bank parking lot with LUC revenue liability of N622,284.00k.
“A.G. Leventis Building with LUC revenue liability of N3,743,461.00k. Keystone Bank PLC with LUC revenue liability of N2,213,136.00k.”
Muhammad said KADIRS secured a court order for the immediate closure and takeover of all the affected properties until the unpaid land-based revenue liabilities are fully settled.
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