In a landmark judgement, the Tapa Commercial Division of the Lagos State High Court on Wednesday, dismissed a multi-million Naira debt recovery suit filed by United Bank for Africa Plc against its customer, Arueyingho Gbemi Mac, finding that the bank acted in breach of regulatory and fiduciary obligations. Justice A. …
Read More »The Economic and Financial Crimes Commission on Tuesday withdrew its application seeking to stay the execution of a court order which unfroze the Skye Bank account of the wife of ex-President Goodluck Jonathan, Patience with a balance of $5.9m. A counsel for the EFCC, Rotimi Oyedepo, appeared before the Federal …
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The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has expressed concern on the increasing wave of non-performing insider loans in banks. A statement issued by the NDIC said Ibrahim expressed the concern while receiving a delegation from the Chartered Institute of Bankers of Nigeria (CIBN) led …
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The Director,African Development Bank (ADB),Nigeria Country Office, Dr.Ousmane Dore has disclosed that the country lost $83.3 billion between 1960 to 2011 to Illicit financial flows. Dore said the lost was through the over invoicing of imports and under invoking of exports through the inability of the Federal Inland Revenue Service …
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Mr. Gamaliel Onosode is dead. This news was broken by the family in a statement sent to newsmen this morning. Well known for his exploits in the boardroom, Mr. Onosode chaired several private and public sector businesses and initiatives. Onosode He was the Chairman of Dunlop Nigeria Plc (1984–2007), a …
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