Sunday, July 21, 2019
NNPC: Petrol will continue to sell at N145 per litre

NNPC: Petrol will continue to sell at N145 per litre

Despite increased landing cost of petroleum products, Premium Motor Spirit will continue to sell at N145 per litre, the Nigerian National Petroleum Corporation has...
Petrol landing cost now N180 per litre, says Kachikwu

Petrol landing cost now N180 per litre, says Kachikwu

The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister...
IMF ranks Nigeria second worst in the world in use of sovereign wealth fund

Nigeria’s economy slipping – World Bank

The World Bank has said that the Nigerian economy has been slipping since 1995 and this continued till 2018. The bank, in its latest report...
We may start selling petrol above N145 – IPMAN

We may start selling petrol above N145 – IPMAN

The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners...
GTBank refutes judgment ‘ordering’ Innoson to take over its properties

GTBank refutes judgment ‘ordering’ Innoson to take over its properties

The Guaranty Trust Bank has refuted the news that a Federal High Court in Awka, Anambra State has granted Innoson Nigeria Limited leave to...
The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the Bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal - SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division. The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division. Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt. Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal's decision. However in an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment. The Judgment debt of N2.4B has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 Billion. Based on the Supreme Court's decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court. Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution - the Writ of Fifa. Cornel Osigwe Head of Corporate Communications Innoson Group

BREAKING: Innoson Takes over GTB over N8.7 Billion Judgment debt; as Supreme Court Dismiss...

The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and...
FG Considers 50% VAT Hike From 5%

FG Considers 50% VAT Hike From 5%

The Federal Government on Tuesday revealed its plan to increase the Value Added Tax (VAT) up to 50 percent. This is even as the upper...
Buhari has not sacked Godwin Emefiele as CBN governor

Buhari has not sacked Godwin Emefiele as CBN governor

Godwin Emefiele remains the governor of the Central Bank of Nigeria, TheCable can report. Some media outlets had reported that Emefiele received a letter from...
Presidential election result: Nigeria Stock market loses N196 billion

Presidential election result: Nigeria Stock market loses N196 billion

Trading on the Nigerian Stock Exchange (NSE) on Thursday continued to react negatively to the outcome of the presidential election with the market capitalisation...
Buhari not our owner – Keystone Bank

Buhari not our owner – Keystone Bank

Keystone Bank Limited has denied allegations that President Muhammadu Buhari has a stake in the bank. The bank, on Tuesday, stated, “The fact of the...

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